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"The majority of Airbnb listings now come from professional managers. Individual hosts have shrunk from 47% of all listings as recently as March 2018 to 37%. Small property managers (between 2 and 20 listings) comprise the largest portion of Airbnb supply, but larger property managers are also growing fast.”
I note this graph is based on number of listings, not number of hosts, so the hotel chains and property management companies are over-weighted accordingly.
I wonder if the data is skewed from making assumptions. For example, hosts that have multiple listings for the same property. E.g. shared-space hosts with 2 or more independent spare rooms or a hosts with one whole-place property that has multiple listings to support different configurations. Should they really be grouped with the “2 to 20 Properties Owner”? I suspect both of those are small, but there maybe other situations I’m not thinking about. I know that AirDNA has published data in the past that made poor assumptions that drastically skewed data.
My ability to add a second property is really constrained by regulation. In my DC metro area county, STR can only be done in one’s primary residence. And in my second home location, I would literally have to get a positive ruling via a public zoning hearing requiring submission of letters of no objection from all my neighbors.
Most individuals with more than one property in my area of operations, therefore, are likely violating something. I would like to see the stats for multiple properties excluding hotels and property managers.
I think my only realistic legit option would be to buy a property in a resort area where seasonal or year round short term rentals are common practice, and hire a management company. I’ve thought about but not researched what would happen if I incorporated myself and sort of lived nowhere and everywhere. I assume I would be subject to all sorts of B&B or hotel-type regulations.
Depends on where you buy. North Myrtle Beach, Myrtle Beach, Horry County, South Carolina are reasonably regulated. The closer to Charleston you get the more the regulation increases. North Carolina coasts tend to be reasonable except close to Wilmington.
You can nip down I-95 and be at any of these coasts with a reasonable drive.
I think the newer property management companies are less than efficient. Of the 4 owners I know previously using Vacasa & ——(will fill in when I remember name), all feel the only the Management company made money. If you go with an older proven property management company, you will be fine.
The “redder” states are aggressively protecting the private property owner’s rights over competing rights. Texas is one of them. Until the pendulum swings back the other way it’s a good time to own STR property in TX. Even HOA’s have lost their cases against STRs.
This will be sold tomorrow unless they hold it until Monday to get maximum bids. I sent it to a friend but she wants 2 BR. This one is oceanfront, residential (not 20 story mega resorts), reasonable HOA fees, STR allowed.
Sharing to help @dpfromva thoughts going about having another rental.
6000 N Ocean Blvd Unit 103, North Myrtle Beach
$234,999 · 1beds · 1baths
Here’s what I tell my kids: Rent oceanfront, buy lakefront. Property values oceanfront will tip at some point given the rise in water levels.
Not to say you couldn’t make some benjamins in the interim, but I personally wouldn’t take the property devaluation risk. YMMV.
@Annet3176 Thoughts on what? If it would make a good Airbnb? Or if the price is good?
I have no idea what prices are like in the area, but I’d get rid of almost all the furnishings if it were mine, so that would be an added expense. The decor is an ugly hodgepodge to my eye. (And the living room curtain rods are hung incorrectly- the supports are supposed to go all the way out at the ends, right next to the finials, so the curtains don’t block the windows when they are pushed back out of the way).
Sigh. It is a great location. The price is exceptional for the location. Yes the furniture is a bit of a hodgepodge but it is serviceable for the short term.
After purchase the goal would be to get it rented for peak season 6/1-9/15. After 9/15 take the proceeds from summer and renovate it. This is a stand alone rental, not part of a home so the owner chooses whether to decorate it in a personal style or decorate it to look like the decor of other highly rented condos to be competitive.
@dpfromva was pondering short term rental investment options, I was sharing one I saw today. They aren’t interested which is fine. It was no big effort to share.
Thanks to being pushed to over explain this, I’ve spent more time on trying to be helpful & supportive than it was worth.
Perfect. Very reasonable rules that should eliminate the remote investors. Probably take awhile for all the illegal strs to get reported and shut down, though.
Some jurisdictions buy software that runs listings against license numbers. Still, it takes resources to enforce any regulation and the powers that be have to see the benefit in doing so.
