Any Maine Kennebunk/Wells/Ogunquit/York STR owners out there?

[Katherine Waddell]

We own an STR in North Conway, NH that gets about 80% occupancy, being a winter and summer destination. We're looking to branch out to the Maine seacoast, but the rental management company we are working with says you're lucky to get 8 weeks in high summer and then hope to rent monthly (at a much lower price) over the winter. HOWEVER, AirDNA says Maine seacoast gets about 80% occupancy. Does anyone out there own STRs in Kennebunk/Wells/Ogunquit/York? What are your occupancy rates like? Do you think it matters how close you are to the beaches (for occupancy, not nightly rates)? Any words of wisdom and advice are really appreciated. I am dreaming of a seacoast home, but the numbers don't work out at 8 weeks a year. TIA

[Garret Getch]

Good Evening Katherine,

Although the area that you are describing is a little south from me (I tend to stick to the Bar Harbor, Harpswell, Freeport, Yarmouth, Portland coastal areas) I can tell you that year round occupancy at 80% is a fair amount, but definitely will go down during winter.  Since beaches aren't extremely common in the sense of white sand and surf but tend to be rocky, it's not all about being on shore front; however, close to coastal attractions like Bar Harbor, downtown Freeport, and other tourist areas like Kennebunk Port will drawn in larger crowds in the summer months.  That being said some of the areas do drop down a lot during the winter just due to lack of services running, restaurants closing for the seasons, and lack of events going on; so staying in areas near the year round attractions will be very important.  I would suggest looking closer to places like Freeport (LL Bean alone attracts a lot of folks), Portland (where the Old Port is always going plus the added benefit of renting to people coming in or going out on the airline), and near Kittery (near the Naval Base where again folks coming in and out will tend to stay) if you are wanting year round high occupancy.  Another odd place that is kind of hidden as far as great short term rental opportunities is in and around Bath due to BIW (Largest employer in the state) needing to hire sub-contractors to come in and work.  I have some clients that own a house with two connected apartments that have been rented out at a $1,000 a week each for the last 2 years thanks to BIW...and I have been there...I wouldn't pay $1,000 a month to live there, but it works.  So keep in mind that places like Saco, Kennebunk, and Bar Harbor tend to shut down during the winter as we all bundle up and try not to freeze to death for the 3 early months of the year, but during the summer time they are very attractive places to rent for short term rental, but there are other more creative opportunities to those who look outside the box.  Reach out if you have any more questions or need help.