Getting started with short term opportunities in VT, NH & ME

[Randy Willson]

New member here and interested in short term rental opportunities in the northern New England market.  I'm currently living in Atlanta, but would like to move back to New England to begin this new venture.  I'm looking for advice and insight on getting started in VT, NH, or ME?  Is Killington the most profitable?  How about Lake Winnipesaukee or the coast of ME?  If anyone has experience in these areas, I'd love to hear your thoughts.  Thank you.

[Cliff H.]

Hi @Randy Willson another vote for @Richard Dale-Mesaros, who was critical in working through some complications with a NH STR myself. Expanding into VT this year so should more to share on the differences between two states soon. Initial impressions based on market data I've seen:

NH: great 3 season (summer, fall, winter) occupancy. July, August, October top months for summer vacations and fall foliage. Winter rents by the weekend, summer by the week. 

VT: vacancy rate seems higher than NH, but that’s just what I’m tracking on data dashboards like AirDNA/others. Night rates generally higher than NH, likely due to higher rates of NY/NJ guests and larger resort-class mountains like Killy, Okemo, Stowe, etc. 

Keep in mind: VT in mid-2020 is being overwhelmed by NY/NJ buyers looking to buy 2nd homes outside the city. It’s no exaggeration to call it unprecedented. Perhaps partly due to COVID-19 concerns, but more so new organizational pushes for great flexibility and work from home arrangements which have allowed NYC dollars to buy 5x the property one could buy in VT vs NY. 

Happy to chat more about my experiences in the local NH market if you want to send me a PM.