All Forum Posts by: Reid Matthews

@Jacob D Adamczak west Ashley is close enough to downtown to be including in the rebounding strong market. Rene was talking about Airbnb’s north of North Charleston. Hanahan, Summerville, Ladson. I would skeptical that those areas would have good Airbnb’s right now or ever. But I don’t currently operate any in that part of the world. So I could be wrong.

That’s awesome to hear that to you are crushing it! Good to know how other parts of town are doing! 

Hey Rene,

I am with King & Society here in Charleston! We do lots of STR and Long Term management in the area. I would be very cautious about investing in STR right now! If you do so, make sure you have someone give you a strong analysis (which just means their best guess) of the next 12 months. Outside of the beaches, downtown, and certain areas of Mt.P, the STR market is fairly soft.

If you want to talk further, please let me know!

Is it certainly a tough time and a tough decision. We have been able to rent a few STR rentals as multi-month stays (2-4) months. Obviously, we had some reservations still on the books for June, July, and beyond. We called those guests, told them that we were taking it to a longer term rental and why. The guests 100% understood and i assisted them in finding comparable airbnb to book. THEN I ask the guest to initiate the cancellation on airbnb and when they do, I offer a full refund. This by-passes AirBnB punishing the superhost. The most important thing is to have an honest and open conversation with the guest that is having their reservation cancelled.

Do you know someone else who has an airbnb at a comparable location and value.  If so, maybe you could send your cancelled guests to that person.  It does create a lot of extra work but it may be necessary for the cash flow you need.

I have not heard anything about banning of STRs right now. If that's true, a lot of people are in trouble. I do know that they banned people from NY, NJ, and CT staying at any SC hotel or STR. There is a lot of information out there and it is definitely hard to stay up to date.

Hayden,

Chris makes a great point on that form.  If he wants to stay longer than 30 days, i would get him on a lease like any other tenant.

The 20 year tenants need to be at market rent or do not renew lease at end of term.  Especially if you can get a couple hundred more a month.

I am here locally in Charleston if you want any advice on the market!