Asheville Market for Long/Short term rentals

Asheville Market for Long/Short term rentals

Member since 2021 · 4 posts · 1 vote

Hello!

We've been looking to purchase a 2-3 unit property in Asheville, NC. We will be living in one unit for a year while renting the other(s) out. I hear a lot of people renting out the units for short term rather than long term. I would love to hear your experience with either in this area. 

I'm also looking to find average rents for 1,2, and 3 bedroom properties. Both short and long term. I've looked on Rentometer and it tells me a very different number than the rents I'm seeing listed on homes for sale. Would love to get a better idea of the market to make my analysis of the properties I'm looking at more accurate. 

If anyone has any recommendations for a realtor in Asheville that has experience working with investors specifically and is willing to work with someone out of state please let me know! I'm not convinced the one we found has worked with investors before despite saying she has. I know it's a tough market, but everything we've seen is leaving us with minimal cash flow and a low return. 

Thanks so much!

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  • Rental Property Investor · Hendersonville, NC · Member since 2016 · 446 posts · 412 votes
    4y
    Quote from @Jordon Doddy:

    Hello!

    We've been looking to purchase a 2-3 unit property in Asheville, NC. We will be living in one unit for a year while renting the other(s) out. I hear a lot of people renting out the units for short term rather than long term. I would love to hear your experience with either in this area. 

    I'm also looking to find average rents for 1,2, and 3 bedroom properties. Both short and long term. I've looked on Rentometer and it tells me a very different number than the rents I'm seeing listed on homes for sale. Would love to get a better idea of the market to make my analysis of the properties I'm looking at more accurate. 

    If anyone has any recommendations for a realtor in Asheville that has experience working with investors specifically and is willing to work with someone out of state please let me know! I'm not convinced the one we found has worked with investors before despite saying she has. I know it's a tough market, but everything we've seen is leaving us with minimal cash flow and a low return. 

    Thanks so much!

  • Rental Property Investor · Hendersonville, NC · Member since 2016 · 446 posts · 412 votes
    4y

    @Jordon Doddy - happy to chat and help however I can.  It will depend on a lot of factors, such as specific location, property condition, etc.  We work with a lot of out of state investors and would be happy to chat further.  We can discuss also doing 30 day plus rentals that are furnished  which offers a happy medium and works well depending on Homestay rules within the city limits.

  • Kit SerrellBusiness Member
    Investor · Member since 2021 · 157 posts · 218 votes
    4y

    Hi Jordan - Just an FYI Asheville has very strict restrictions for short-term rentals and isnt allowing them in many areas anymore. They only allow them in the "resort" zoning district. I would make sure to reference the city guidelines before going down the rabbit hole further. Keep in mind, lenders wont lend for short-term rentals where the city regulations explicitly state that isnt allowed.

    Happy to connect and share my perspective as lender.

    See government website for point of reference.

    https://www.ashevillenc.gov/se...

    Kit Serrell NMLS ID# 2349806

    https://alcova.com/kserrell/

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