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September 20, 2016

Short-Term Rentals are Reshaping Real Estate Market in Some Cities

MarketPlace.org: Short-term rentals are reshaping real estate market in some cities
In a few ways, the McMillin Court in Nashville, Tenn. looks like a vintage motel. It is yellow-and-gray, two stories tall, and in the shape of a horseshoe. All 16 units have their own doors to the outside. The kicker is the neon sign in blue and yellow. It even touts “no vacancy,” although that’s kind of a joke. Since these are former apartments, there’s no front desk to inquire about a room. Guests like Luke Graham, of London, England, book online. “It ticked all the boxes really,” said Graham, 33. “A good rate. It’s easy to book … For me, it’s like, as long as you can get in and secure, that’s all you need.”...Read more