Real estate has long been a vital diversification strategy for investors seeking healthy returns. However, a new category of real estate has been gaining prominence in recent years: short-term rental or Airbnb properties.
These are rented out for short terms, typically 3-7 days, and can bring in greater returns than a conventional long-term rental property. While these types of properties require more hands-on management than long-term rentals, an increasing percentage of investors are purchasing short-term rental properties in Nashville. Below are 5 reasons why.
Within the “Uber radius” of downtown Nashville, annual income for short-term rental properties routinely exceeds the income for long-term rentals. This comes with plenty of caveats, as owners need to consider wear and tear, seasonality, management fees, saturation and other factors that can affect their rental income. But there’s no doubt that most short-term rentals in Nashvile have the capability of out earning long-term rentals when purchased in the correct area.
Moreover, it’s possible to turn short-term renters into recurring revenue. Statistically, vacationers who enjoy their stay in a Nashville Airbnb are 3 times more likely to return to the same Airbnb within 12 months and are 7 times more likely to refer a friend.
Travelers demand a rental experience that allows interaction with neighborhoods and residents as well as the opportunity to discover aspects of their destination they would never encounter at a hotel. Here within lies a distinct advantage for short-term rentals in Nashville over traditional hotels.
Short-term rentals are often more affordable, especially for larger groups. Many groups find they prefer the practical comfort of a residential property over a commercial hotel and enjoy the unique ability to continually interact with their group throughout their stay. This could not be truer than for Nashville’s #1 rental demographic: bachelor and bachelorette parties.
The Right Real Estate Agent for the Job
With more than 8,000 licensed Realtors in the greater Nashville area, it can be a real challenge to find representation who not only understands the Airbnb short-term rental market, but one who also knows where to find the highest performing off market properties. As a real estate broker who has represented more than 71 short-term rental properties this year alone, I am in the unique position of not only understanding this investment category, but also knowing of properties prior to the market.
Additionally, I represent several developers who are in the process of building correctly zoned non-owner occupant short term rentals. I know the management companies, the insurers and builders. Let me put my experience to work for you and your group and help build your investment property portfolio. I can be reached via phone/text or fill out the following form.
Available Short-Term Rental Airbnb Investment Properties
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This Real Estate IDX is (c) Diverse Solutions 2019.