My wife and I are starting to look into SFH and condos to purchase as an investment property used as a short-term rental (Air BnB) in Columbus, OH. We have a unique work set up where we will live in Lexington, Kentucky, but I will come to Columbus a few times each month for work. I will stay in the property during those few days then we will rent it out the rest of the time.
I am trying to create a model to run numbers on potential properties, but I'm not sure what to use for expected vacancy. I know vacancy is a function of hundreds of factors, but in general, a property in close proximity to Ohio Stadium, downtown, the Convention Center, etc, - what is a conservative overall vacancy estimate for the year when used as an Air BnB type rental?
Thanks for your input!
Aaron, I don't know the details because I have no interest in short-term rentals but Columbus just passed an ordinance that will govern what you can do. I know what they originally proposed (and that was onerous) but I don't know what they actually passed. It is strongly in your best interest to read it.
My girlfriend AirBnB's a 1 bedroom apartment in Grandview and she has to block days just to keep up. Of the days she has available, I'd say it's rented 80% of the time. She makes excellent money, but if you aren't up here you'll have to find someone to change sheets every day, wipe down, etc. She does it because we're local, but it'd be a real PITA if you don't find the right company.
Ed W - thanks for the heads up. I'm trying to look up what the actual ordinances/regulations are but from what I can tell, they don't go into effect until 2019 and there is no official documentation detailing the regulations.
Thanks for the insight Brad! Having someone change sheets, clean, organize, etc makes a lot of sense. We are early on in the research process. Has your girlfriend been impacted by the new regulations? Looks like nothing comes into play until next year but the articles I've read are not clear on when the new rules will be implemented.