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

With short-term rentals offering lower prices than hotels, investment properties are popping up in popular areas that are close to local hotspots. The boom in short-term rental properties has caused some concern across the United States because there’s a fear that these properties will drive up housing costs by taking away from the supply of long-term housing options. However, short-term units in cities like Nashville drive tourism and bolster the local economy. They’re also an ideal way for homeowners to increase their income, for example, a single unit at McMillin Court in Nashville, with TurnKey Vacation Rentals as its preferred property manager, “can bring in $4,000 in a month, instead of…$1,200 in rent.” Short-term rentals will likely continue to transform the real estate market as demand for an affordable alternative to hotels grows.

Source: Short-term rentals are reshaping real estate market in some cities