Get The Facts on Short-Term Rental Properties
Short-Term Rentals create jobs and support our local economy
Vacation rental properties have been part of the accommodations market for decades in some of North Carolina’s most popular tourism destinations, especially in the Buncombe County region.
Increasingly, short-term rentals have become an important part of this market, especially in light of the COVID-19 pandemic.
In fact, the direct spending from short-term rental guests yielded a total impact of over $657 million in economic activity in our county and almost 18,000 jobs last year.
Tourism tends to generate a high proportion of tax revenue compared to other industries. So, this activity also supports state and local governments in the form of taxes assessed on direct spending by these guests, as well as revenues generated by the ripple effects of that spending.
There has been concern that short-term rentals impact the housing supply in our county. But, a recent study conducted on this issue shows it accounts for only a minor share of the housing stock and does not affect either housing prices or inventory levels.
In fact, these rental properties account for less than 3% of the total housing stock in the County, and many of these properties are larger and more expensive homes that may otherwise sit vacant on the market as vacation homes.