Considering locations for STR Asheville NC?

Question

Hello all,

My wife and I are considering several cities to invest in short term rentals. We are looking at areas where we would also enjoy to take our family yearly.

Can you provide some insight on Asheville NC?

Is Asheville the best option for STR or are there surrounding cities/Suburbs that have better views/rates?

I know it all depends on our personal goals.

What’s your occupancy rate? I’m not looking to achieve 80-90%.

Any other helpful info would be great

Thank you to all who participate in the forums

Ted

Jordan Lockaby · Answer

@Ted Davis, @Matt Payne is right - the surrounding area is very beautiful and appeals to folks who don't need what downtown Asheville has (mostly breweries and jay-walking hippies, lol). There are tons of little towns within an hour of here that have a cute strip with a few restaurants & pottery studios. Other hot spots would be;Black Mountain, Montreat, Weaverville, Burnsville, Spruce Pine, Little Switzerland, Marshall, Mars Hill (also stronger rental possibilities here because it's a university town), Maggie Valley, Brevard, Cashiers, Highlands, Chimney Rock & Lake Lure (pretty concentrated with STR already), Hendersonville, Flat Rock, Saluda, Tryon. Regarding occupancy.. Can't give any numbers, but the market here for STR is definitely hottest in the fall. Leaf Peepers and the jay-walking hippies duel it out for space on the hiking trails. XD

Chris T. · Answer

@Ted Davis - I don't know all the details, but I believe there are STR restrictions, at least in the downtown areas of Asheville. Some of the basic Asheville STR rules

Account Closed · Answer

@Ted Davis, I'm no expert and am just trying to get some things started in that area, but from my initial research and conversations: You definitely want to stay out of the city limits of Asheville if you are looking for a true STR situation for your family. Check out the link @Chris T. posted on the Homestay rules. If you're not going to be owner occupying the property, the regulations are pretty limiting. There are a number of areas that would be just outside city limits that you could look.

Joseph Bafia · Answer

I have a STR and LTR in Mars Hill. Its about 45 mins north of Asheville. Its very quiet and remote where I'm located but yet driving distance to get to Asheville and other attractions. We do exceptionally well with occupancy....all year long. worst month is Feb and we still book close to 65%+ that month. We've been JAMMED solid since May 15th when covid restrictions lifted. Love the area enough that we just got a 3rd property under contract last Friday. I also believe that the city limits of Asheville could be tricky to navigate with STR rules, but enough opportunities just outside of limits to get value and STR opportunities. @Jordan Lockaby mentioned all the other great surrounding areas!

Matt Payne · Answer

@Ted Davis Yes, city limits of Asheville have STR restrictions, but many have been grandfathered in. If you peruse airbnb you will see there are quite a few options out there for existing STR that are in the city limits and also spread out from downtown. I do not have a personal investment in STR, but I am working with a few investors now that are looking. What we are focusing on is a unique product that could separate itself from the existing hundreds and hundreds of options already available. The surrounding small towns all throughout Western NC are desirable for STR for many reasons, not everyone that comes to the area even wants to do downtown Asheville. And long story short with the relatively high prices of properties that are close to downtown, it only makes sense that investors are transitioning to the surrounding "less expensive" areas.

Oliver Doxtater · Answer

@Joseph Bafia do you have a manager that you use? I'm interested Brevard and other areas in WNC and hoping that a good STR manager in the region would be able to put me in touch with contractors.

Jonathon T Howard · Answer

Ted, any results on your search? Interested in the market myself.

Jordan Lockaby · Answer

@Oliver Doxtater, I know a few great property mgrs. A good agent will also be able to connect you to tons of vendors and contractors.

Devante Malloy · Answer

How you know if it’s in city limits

Mitch Davidson · Answer

Hi @Devante Malloy. If you use Asheville's GIS site, there's a city limits layer. It's quite hard to see the borders though, unless you click the ... shown below and reduce the transparency. Also, if you're unsure about a specific address, this site is very helpful.