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20 Best Cities to Airbnb Near Charlottesville, VA

best cities to Airbnbb near Charlottesville

best cities to Airbnbb near Charlottesville

Key Takeaways:
  • Charlottesville is a chic town that is popular for its world-renowned universities like the University of Virginia. It has been a haven for property investors who cater to student accommodations as well.
  • Don’t be swayed by your gut feeling. Use short-term rental data analytics as you look for profitable Airbnb investment properties in Charlottesville and nearby cities.
  • Learn how much you can earn from each Airbnb market in Charlottesville and neighboring areas before making a big financial decision.

Introduction:

They say in matters of love, you should follow your heart. While this may not cover real estate investments, the good news is success in the game is within reach because it can be learned with ease. To prove a point, Charlottesville is home to the renowned University of Virginia. But fortunately, you do not have to earn a degree from this institution to kick-start your property investment. 

Read this blog to know about the tools that you can use like Cupid’s arrow to hit your real estate investment goals in Virginia – the Lovers State.

best cities to Airbnbb near Charlottesville

How do I start looking for an investment property?

Choosing an investment property should be easy as long as you have the necessary data to back up your decision. Businesses often fail when owners act without caution. And when Airbnb investors rely on a powerful short-term rental analytics platform like Airbtics, they are sure to find profitable Charlottesville investment properties.  If you are an up-and-coming Airbnb investor who still cannot afford to own a property, Airbnb Rental Arbitrage is always an available option.

Airbtics can also show them viable investment properties in Virginia as well as other neighboring states. This only widens their horizon and leads them to their perfect Airbnb market. 

Is Virginia a good place for Airbnb?

Yes! Based on data from Airbtics Insights Tool, there are currently 458 listings in and around Charlottesville. Using the city as an Airbnb market in Virginia, the annual revenue that you can expect to gain from a Charlottesville property is $50,208 with an occupancy rate of 74%. 

best cities to Airbnbb near Charlottesville

best cities to Airbnbb near Charlottesville

best cities to Airbnbb near Charlottesville

20 Best Cities to Airbnb near Charlottesville VA

Here is the list pulled out of Airbtics Discovery Tool showing the best Airbnb cities to invest in with key metrics to help you narrow down your choice: 

1. Charlottesville
  • Best bedroom size: 2 bedrooms
  • Median property price (2 bedrooms): $295,388
  • Airbnb annual revenue: $61,998
  • Gross rental yield: 20.99%
2. Lynchburg
  • Best bedroom size: 1 bedroom
  • Median property price (1 bedroom): $148,628
  • Airbnb annual revenue: $22,979
  • Gross rental yield: 15.46%
  • Distance from Charlottesville: 58 miles
3. Richmond
  • Best bedroom size: 2 bedrooms
  • Median property price (2 bedrooms): $79,176
  • Airbnb annual revenue: $46,740
  • Gross rental yield: 18.3%
  • Distance from Charlottesville: 65 miles
4. Alexandria
  • Best bedroom size: 1 bedroom
  • Median property price (1 bedroom): $65,751
  • Airbnb annual revenue: $45,625
  • Gross rental yield: 16.4%
  • Distance from Charlottesville: 93 miles
5. Baltimore
  • Best bedroom size: 3 bedrooms
  • Median property price (3 bedrooms): $192,977
  • Airbnb annual revenue: $52,518
  • Gross rental yield: 27.21%
  • Distance from Charlottesville: 134 miles
6. Virginia Beach
  • Best bedroom size: 5 bedrooms
  • Median property price (5 bedrooms): $390,546
  • Airbnb annual revenue: $124,675
  • Gross rental yield: 31.92%
  • Distance from Charlottesville: 139 miles
7. Durham
  • Best bedroom size: 3 bedrooms
  • Median property price (3 bedrooms): $448,365
  • Airbnb annual revenue: $48,962
  • Gross rental yield: 13.08%
  • Distance from Charlottesville: 143 miles
8. Norfolk
  • Best bedroom size: 2 bedrooms
  • Median property price (2 bedrooms): $170,362
  • Airbnb annual revenue: $41,464
  • Gross rental yield: 20.39%
  • Distance from Charlottesville: 144 miles
9. Raleigh
  • Best bedroom size: 3 bedrooms
  • Median property price (3 bedrooms): $389,982
  • Airbnb annual revenue: $53,237
  • Gross rental yield: 13.65%
  • Distance from Charlottesville: 152 miles
10. Greensboro
  • Best bedroom size: 2 bedrooms
  • Median property price (2 bedrooms): $148,376
  • Airbnb annual revenue: $34,122
  • Gross rental yield: 23%
  • Distance from Charlottesville: 153 miles
11. Virginia Beach
  • Best bedroom size: 3 bedrooms
  • Median property price (3 bedrooms): $324,112
  • Airbnb annual revenue: $83,003
  • Gross rental yield: 25.61%
  • Distance from Charlottesville: 160 miles
12. Winston-Salem
  • Best bedroom size: 2 bedrooms
  • Median property price (2 bedrooms): $139,128
  • Airbnb annual revenue: $36,854
  • Gross rental yield: 26.49%
  • Distance from Charlottesville: 170 miles
13. Chincoteague
  • Best bedroom size: 3 bedrooms
  • Median property price (3 bedrooms): $324,802
  • Airbnb annual revenue: $56,555
  • Gross rental yield: 17.41%
  • Distance from Charlottesville: 170 miles
14. Pittsburgh
  • Best bedroom size: 2 bedrooms
  • Median property price (2 bedrooms): $174,912
  • Airbnb annual revenue: $39,435
  • Gross rental yield: 22.55%
  • Distance from Charlottesville: 185 miles
15. Fayetteville
  • Best bedroom size: 3 bedrooms
  • Median property price (3 bedrooms): $296,655
  • Airbnb annual revenue: $27,528
  • Gross rental yield: 16.33%
  • Distance from Charlottesville: 205 miles
16. Kill Devil Hills
  • Best bedroom size: 3 bedrooms
  • Median property price (3 bedrooms): $469,936
  • Airbnb annual revenue: $87,051
  • Gross rental yield: 18.52%
  • Distance from Charlottesville: 208 miles
17. Philadelphia
  • Best bedroom size: 4 bedrooms
  • Median property price (4 bedrooms): $295,378
  • Airbnb annual revenue: $68,910
  • Gross rental yield: 23.33%
  • Distance from Charlottesville: 222 miles
18. Beech Mountain
  • Best bedroom size: 2 bedrooms
  • Median property price (2 bedrooms): $249,813
  • Airbnb annual revenue: $40,298
  • Gross rental yield: 16.13%
  • Distance from Charlottesville: 226 miles
19. Charlotte
  • Best bedroom size: 4 bedrooms
  • Median property price (4 bedrooms): $564,525
  • Airbnb annual revenue: $72,076
  • Gross rental yield: 14.77%
  • Distance from Charlottesville: 234 miles
20. Atlantic City
  • Best bedroom size: 3 bedrooms
  • Median property price (3 bedrooms): $164,034
  • Airbnb annual revenue: $50,498
  • Gross rental yield: 30.79%
  • Distance from Charlottesville: 236 miles

Conclusion

Reaching success in the short-term rental business in Charlottesville and nearby cities is easy once investors are led by data analytics. The simple-to-use Airbtics Discovery Tool has provided specific markets that investors can choose from depending on their preferred property size and price. Important investment figures like annual revenue and gross rental yield are also provided to help investors get closer to their financial goals. 

If you plan to invest or already have a short-term rental property, see for yourself how you can maximize your profits by checking out our free Airbnb Calculator.

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Categories
Blog posts Rental Arbitrage

Airbnb Rental Arbitrage in Charlottesville

Charlottesville airbnb rental arbitrage

Are you interested in achieving financial independence through passive income? Here’s a disclaimer: you don’t need to own a property to start the Airbnb rental arbitrage business.

In this article, we featured the entire process of Airbnb rental arbitrage in Charlottesville, its profitability, along with the best areas and neighborhoods. Continue reading to learn more about short-term regulations and ways to convince landlords to sublet properties for rental arbitrage.

What is Rental Arbitrage? 

Rental Arbitrage is a perfect way to start an Airbnb business with no money. By convincing landlords to lease you a property, you can furnish and sublease it on Airbnb and VRBO. No need for you to buy a property.

It is perfectly legal and is a proven scalable business model. In my podcast, I have spoken to various entrepreneurs doing Airbnb arbitrage full-time. 

Here’s a proof! In Charlottesville, Miranda manages 13 listings and there’s a huge possibility that she doesn’t own all the properties. She has made $563,324 in the last 12 months.  

Charlottesville airbnb rental arbitrage

Is Rental Arbitrage Profitable in Charlottesville?

Before you dive in and start putting out your hard-earned money on a property, it’s important to know how much profit you can make. For instance, the best neighborhood to invest in is Fifeville, where an average host can earn $3,715 monthly for a 1-bedroom apartment.

Using Airbtics’ income generator, you can easily discover that rental arbitrage in Charlottesville is profitable.

Charlottesville airbnb rental arbitrage
Profit & Monthly Expense in Charlottesville

Based on Airbtics’ data, you can earn a whopping $8,280 per month for a 3-bedroom apartment in Fifeville alone. With the data provided, you can certainly tell that investing in a property in Charlottesville is profitable.

Average Rent Price Airbnb Monthly Revenue Monthly Expense Monthly Profit
$1,973 $8,280 $1,656 $4,651

Source: Airbtics dashboard

The monthly profit can be calculated by subtracting the Airbnb monthly revenue, the rental price, and the monthly expenses ($8,280 – $1,973 – $1,656 = $4,651).

 Startup Cost in Charlottesville

Now that you have an overview of how much your monthly expense & revenue, let’s talk about the start-up cost. How long does it take for an investor to get back the startup cost? Let’s take a look at this calculation:

Total Startup Cost (Average startup cost + 2 months rent price) Cash Return Time
$5,946 1.3 months

The average estimated startup cost (for furnishing) in Charlottesville is around $2,000. To compute the total startup cost, it is necessary to add the 2 months of average rent price ($3,946). Now that we have a total startup cost of $5,946, cash return time can be calculated by dividing this by the monthly profit ($4,651). 

Given your monthly revenue of $4,651, it will take approximately 1.3 months time to get back the startup cost! In such a short period of time, you can already expect profit and consider starting your second unit for rental arbitrage. If this sounds promising to you, then go ahead and look at the other best areas for rental arbitrage in Charlottesville.

Best Areas for Rental Arbitrage in Charlottesville

Before investing in a particular area in Charlottesville, you have to take a look at the top markets and number of listings to set your expectations towards success. Check out the top 3 boroughs in Charlottesville ranked by their annual revenue, along with their occupancy & daily rates!

1. Belmont

Situated at the downtown pedestrian mall, Belmont offers a vast selection of restaurants, music venues, green spaces, and artistic buildings. Check out the Airbnb data such as the average revenue, occupancy rates, and more in Belmont:

Type of Bedrooms Average Rent Price Average Airbnb Revenue Occupancy Rates Average Daily Rate
1 bedroom $1,225 $3,054 92% $150
2-bedroom $1,673 $4,185 80% $236
3-bedroom $1,973 $5,358 93% $361

According to our Airbtics Dashboard, there are more than 57 Airbnb listings with 6 private room properties and 22 one-bedroom properties in this area. The monthly revenue for most properties in Belmont is more than $3,702 per month with occupancy being more than 76%.

2. North Downtown

This neighborhood in Charlottesville is one of the most admired neighborhoods in the area by property investors because of its affordability. Check out the Airbnb data such as the average revenue, occupancy rates, and more in Charlottesville

Type of Bedrooms Average Rent Price Average Airbnb Revenue Occupancy Rates Average Daily Rate
1 bedroom $1,588 $4,675 79% $234
2-bedroom $2,200 $5,573 86% $259
3-bedroom $2,750 $7,249 77% $595

This area has a total of 40 Airbnb listings with 3 private room properties and 27 one-bedroom properties. The monthly revenue for most properties in North Downtown is more than $3,614 per month with occupancy being more than 65%.

3. Fifeville

Fifeville is primarily a residential area but there are also commercial activities and locally owned businesses. Check out the Airbnb data such as the average revenue, occupancy rates, and more in Fifeville:

Type of Bedrooms Average Rent Price Average Airbnb Revenue Occupancy Rates Average Daily Rate
1 bedroom $1,438 $3,715 92% $203
2-bedroom $1,700 $3,851 92% $251
3-bedroom $1,973 $8,280 96% $473

This area has a total of 25 Airbnb listings with 6 private room properties and 9 one-bedroom properties. The monthly revenue for most properties in Fifeville is more than $3,291 per month with occupancy being more than 88%.

how much can you make on airbnb

Short-term rental regulations in Charlottesville

To begin with, it’s certainly important to be familiar with the Airbnb rules in Charlottesville to make sure that your business will run smoothly. Here are some of the short-term rental regulations and laws to take note of:

  • Every person engaging in the business of short-term rental of tangible personal property shall file annually an application for a certificate of registration with the commissioner of revenue.
  • The certificate issued is not assignable and shall be valid only for the person in whose name it is issued and the place of business designated.
  • Continuous rentals that last 30 days or longer are exempt from transient occupancy tax. For those who are claiming exempt rentals, documentation including a copy of the short-term lease or the recap spreadsheet from the online rental platform (AirBnB, VRBO, etc…) is required.

Rental Properties in Charlottesville

There are plenty of best places to Airbnb in Virginia, particularly in Charlottesville. Here are the ranging prices of rental properties in Charlottesville:

1. Apartments
sublet in charlottesville
2. Zillow
sublet in charlottesville

How to Find Landlords for Airbnb Rental Arbitrage

Airbnb investment through rental arbitrage is one of the best strategies to have passive income. However, it could be a challenge to find a landlord that allows their property for subletting on Airbnb. You can also convince a landlord by following the rental arbitrage email template & be extra creative! 

Here are ways how you can find landlords that allow Airbnb rental arbitrage:

  1. Real Estate Websites

Renters in the digital world who are looking for properties online can easily connect with landlords. Some of the most recommended online real estate websites which allow you to filter by city, state, or ZIP code are:

However, you can also find apartment & condominium properties online in the following websites:

  1. Search Engines & Marketplaces

There are numerous property owners who are leasing their properties and you can easily find them on Google & online marketplaces. Check out some of the most recommended marketplaces:

  1. Communicate with Landlords

If you are currently renting a space or know someone who is, then it’s also recommended to speak with them. Start by asking if there are vacant rooms or properties and let them know about your intentions of putting them up for rental arbitrage. They might also be able to recommend neighbors or local friends who are also interested in this idea!

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Categories
Airbnb Rules Blog posts

Airbnb Rules in Charlottesville

Charlottesville airbnb rules

Are you looking to invest in an Airbnb property in Virginia? If you are targetting Charlottesville in particular, then you’re on the right track.

There are various cities with high occupancy rates which gives assurance to property investors that their target area is profitable in the long run. Relatively, Charlottesville is one of the recommended cities to invest in as the tourism levels continue to rise this 2022.

Continue reading to learn more about Airbnb rules in Charlottesville and check out the profitability in this city.

Is Airbnb legal in Charlottesville? 

Let’s spill the beans: Yes, Airbnb is certainly legal in Charlottesville. The tourism revenue of Charlottesville has made over $277million over the past 4 years. The tourist attractions include the Monticello, Downtown Mall, Trump Winery, and more.

Here is a little proof! As of July 2022, there are 6,345 nights available in Charlottesville from Airbnb alone. Guesthouses manages 21 listings, while Stay Charlottesville and Miranda operate 19 and 13 respectively.

How much can I make by running an Airbnb in Charlottesville?

Currently, there are 359 Airbnb listings in Charlottesville, with 83% of entire houses earning up to $3,922 a month. The Average Occupancy Rate in Charlottesville is 77% and the average daily rate is $158. According to short-term rental market analytics source Airbtics, a 2-bedroom apartment in Charlottesville can make up to $55,911 each year. Check out our Airbnb Income Estimator!

Charlottesville airbnb rules
What Are The Short-term Rental Accommodation Policies in Charlottesville?
  • Every person engaging in the business of short-term rental of tangible personal property shall file annually an application for a certificate of registration with the commissioner of revenue.
  • The certificate issued is not assignable and shall be valid only for the person in whose name it is issued and the place of business designated.
  • Continuous rentals that last 30 days or longer are exempt from transient occupancy tax. For those who are claiming exempt rentals, documentation including a copy of the short-term lease or the recap spreadsheet from the online rental platform (AirBnB, VRBO, etc…) is required.
how much can you make on airbnb

Is Charlottesville A Profitable Area to Invest In?

If you’re worried about spending thousands of bucks to purchase a property, the good news is you have the option of not owning one. This is because there are many property investors who enjoy doing rental arbitrage in Charlottesville as a passive income!

Airbnb metrics are important in order to expect potential revenue and avoid losing hard-earned money. Before starting an Airbnb business, getting to know your preferred area’s occupancy rates, average daily rates, and annual revenue is important to achieve success.

By using an accurate short-term rental calculator, you’ll be able to confirm if Charlottesville is a good place for investment! In the digital era, it’s easy to discover your estimated annual revenue and high-return investment opportunities in Charlottesville.

Charlottesville airbnb rules

Source: Airbtics Dashboard

Charlottesville Rental Market 2022

Based on a recent report on the cities & towns of Charlottesville, the typical home value has up by 19.8%, similar to the median rent which increased by 2.3%.

Source: Home Values in Charlottesville

Profitable Neighborhoods in Charlottesville

Here are some of the most recommended neighborhoods that you can look into & consider purchasing based on Airbtics estimator:

Suburbs Average House Price (2bd apartments) Average Rent Price Average Airbnb Revenue
Belmont $799,000 (1,342 sqft) $1,673 $4,185
North Downtown $770,000 (1,240 sqft) $2,200 $5,573
Fifeville $400,000 (2,172 sqft) $1,700 $3,851

Source for Property Price: Properties in Charlottesville

Conclusion 

In general, considering the Airbnb rules & regulations in Charlottesville will help your Airbnb business to run smoothly! Aside from the fact that this is a passive income for various hosts, starting an Airbnb business is also a way to enjoy life and connect with new people from all over the world. Try Airbtics now and make the wisest investment decisions!

Airbtics
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