Providence AirBnB vs Long Term
The topic of AirBnB in Providence has been brought up in previous discussions but I wanted to revisit and see if anyone had comparison numbers between their long term rental and AirBnB revenue. I live in a two family on the East Side and the unit above mine is a newly renovated 4BR 2BA townhouse which I currently rent for $2400/month. With Providence recently passing the law requiring AirBnBs to either be owner occupied or outside residential zoning districts, I wanted to explore the option since the supply of STRs should be shrinking to see if it would be worth the added turnover and management. Anyone have experience in the area to give real world occupancy numbers and feedback on the Providence STR market?
I was going through the AirDna data and it seems promising but I believe their numbers may be over inflated. Their "Rentalizer" predicts I could earn $98k/year in revenue. Seems optimistic but even half that would be an improvement.