STR Market near Shenandoah in Virginia

[Olivia Tati]

Hi there,

I am currently looking at some STR properties in the Bentonville, VA market and would convert them to STRs. Already talked to the Warren County office and they said it's a 3 month process to get STRs approved but in general the process seems to be pretty straight forward if you aren't in a HOA or in town.

I have a property in the area that is a smaller 2bed/1bath that does really well and I feel very comfotable with the 3 bed numbers, but once we get to the higher range properties 3-4 bedrooms and properties that I would consider to be luxury stays for large groups, I am finding it hard to make the numbers reallyyyy make sense at a $300 ADR. And I am not sure if that's because luxury property rentals just don't have the same ADR here in comparison to other markets - in a lot of other markets even as far as West Virginia in harpers ferry you can easily charge $800+ in those markets, whereas in

We haven't purchased the area in Airdna or Pricelabs as we are just looking at the data at a high level right now before we commit to that one area since we are looking at a couple of other properties too. But does anyone else have any other luxury short term rentals in the area? how has your property performed? would love to chat with you more!
Thanks!

Olivia

[Olivia Tati]

@Erik Stenbakken @John Underwood That totally makes sense! I do like the smaller properties because occupancy tends to stay pretty high and consistence and costs generally are low, but I know we are also missing out on the really great returns on some of the larger properties. There is reason to have some of the larger properties particularly near the wineries for bachelorettes, girls weekends, and such, and it isn't really being done. Will look into it further though!! Thanks so much for the input