Short term rentals Murphy NC
I have some property in Murphy NC (10 acres). I was thinking about building and doing a short term rental. I am not sure how to find out how saturated this market is or if this would be a good investment idea. I do not live in the area. If anyone has any tools on short term rentals in this market please advise.
Thank you
Short term rentals are always popular in the mountains. I'd first make sure you know what the STR regulations are in the county/city. Then talk to builders and look at costs. With 10 acres you could easily build several homes.
For the mountains, I would say don't reinvent the wheel. People go to the mountains for a cabin feel, the views, the outdoors. A view or a creek near the build would be great and give you better rental rates. Or something niche like a 'treehouse' or tiny cabin. Just some thoughts!
If you want to dive deeper into the numbers, AirDNA, Rabbu and other sites have rental data either for free or you can purchase more in depth data. For the record, I've never used them or have any affiliation to those sites. That's just the general consensus of where to find data.