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Updated over 2 years ago on . Most recent reply

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3
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Colin C Barrett
  • Property Manager
  • Chicago, IL
3
Votes |
8
Posts

Asheville or Charlotte suburbs: where to invest for AirBNB?

Colin C Barrett
  • Property Manager
  • Chicago, IL
Posted

I don't have a lot of money but can reno kitchens & bathrooms myself.  What are the advantages / disadvantage of Charlotte / Asheville markets?  I am choosing one soon!

Most Popular Reply

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67
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62
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Christian Longacre
  • Rental Property Investor
  • Asheville, NC
62
Votes |
67
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Christian Longacre
  • Rental Property Investor
  • Asheville, NC
Replied

Hi @Colin C Barrett!

First, if you don't have a lot of money but can reno kitchens and bathrooms, why not focus on house hacking?  That should be the biggest and safest bang for your buck.

I like @Mitch Davidson's points about some of the differences between Asheville and Charlotte, and about using AirDNA or PriceLabs to guide your research. Both Asheville and Charlotte have grown a lot in recent years, and I think both will continue to grow ... there's just a lot to like about NC. I think you need to consider what type of investment you want to make first (who is your ideal client, what is your ideal property, ideal sub-market, which city do you want to visit on your personal vacation, etc.) because these cities have some very big differences. Also remember that the key to making profit in an STR is excellent operations, not just the acquisition. Here's my take as an agent and investor in the Asheville area:

Asheville pros for STR/MTR: Asheville is a great place to live and vacation! We have so much to do outdoors (hiking, mountain biking, kayaking, skiing is a short drive away, etc.), there are pretty views almost everywhere, and all these things are easily accessible (Asheville is still a relatively small city). The people here are very laid back and friendly. We have 4 nice seasons of equal duration -- we get a few light snowfalls in the winter, springtime is mild, temps are moderate in the summer due to the elevation, and the fall season is especially enchanting. There are so many good options for food and drinks both in Asheville and the surrounding towns. The Asheville Regional Airport makes flying super easy, you're just a quick connection to ATL and you can get anywhere in the country easily. All these things make Asheville a great location to visit, both on STR or MTR timelines (for travel nurses, digital nomads, etc.). There are also affordable areas just outside of Asheville that can make good STR investments.

Asheville cons: Since Asheville is still a relatively small city, the economy just doesn't compare to Charlotte in many ways. If you want to target STR guests who are traveling for conferences, business trips, sports tournaments, etc. you won't find as much of that here as in Charlotte. If you want big-city nightlife, Asheville will probably disappoint. Asheville attracts some big-name musicians and comedians from time to time, but probably not as much as Charlotte. Asheville also has mostly banned STRs within city limits (homestay only, but there are a few exceptions), but the surrounding areas are mostly STR-friendly.

If I had to sum it up in one sentence:  Asheville is a small-but-growing mountain town, while Charlotte is the big city.  You should visit both before picking one!

  • Christian Longacre
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