Vacation Rental Market Analysis: Asheville, NC

The Evolve Team
The Evolve Team
January 24, 2023

Between strolling through lush botanical gardens at the Biltmore, hiking in the Pisgah National Forest, and sipping along a renowned brewery trail, there’s no denying Asheville is brimming with adventure and mountain charm. 

Nestled in the stunning Blue Ridge Mountains, this booming tourist destination attracts nearly 12 million annual visitors. Pair this travel demand with the city’s thriving real estate market and there’s clear opportunity for an Asheville investment property to become a high-performing purchase for potential buyers.

To help you understand the investment opportunity this top vacation rental market presents, we created a free, downloadable vacation rental market analysis. Inside you’ll find: 

  • Rental income potential by property size
  • Average occupancy by property size
  • Average daily rate by property size
  • Average days booked in advance
  • Average length of stay
  • Vacation rental inventory by property size
  • Occupancy rate by month

The findings in this analysis are based on Evolve’s Asheville market averages in the last year and provide a general baseline for performance potential. They’re designed to help inform smart buying decisions on your search for an Asheville investment property.

Download Our Complete Asheville Vacation Rental Investment Analysis

Green icon of a log cabin with mountains and stars

Why Asheville Is a Great Place to Own Vacation Rental Property

Asheville boasts stunning scenery and easy access to endless outdoor activities. Hiking, biking, golfing, rafting, and fishing attract travelers of all ages and interests to this southern hotspot. 

But the draw doesn’t stop there — the city offers a variety of urban adventures to explore, too. Asheville’s downtown area is home to many all-season attractions, like cultural museums, historic shopping boutiques, local art galleries, and a famous winery. Add in popular family-friendly to-dos, like the Pinball Museum and WNC Nature Center, and Asheville can deliver an adventure fit for families, business travelers, and couples alike. 

Though the area presents year-round travel demand, Asheville’s climate is most appealing in the spring, summer, and fall — with summer months typically seeing the busiest season for guests. Honorable mention goes to fall, though, thanks to the city’s incredible leaf-peeping

It’s also worth noting that Asheville is less than an hour drive away from the popular Cataloochee and Wolf Ridge ski resorts. So while travel to the area tends to quiet during the winter, top-performing homes can still see strong occupancy with resort proximity. 

According to Zillow, the median list price in Asheville currently hovers around $450,000. Our real estate experts note this as moderately competitive — though it does present more affordable options than other popular nearby spots, like Gatlinburg. So for buyers hoping to capture mountain demand in this part of the country while saving upfront costs, Asheville. could be a good real estate investment opportunity to explore.

Green icon of a crystal ball with the words "profit prediction" in the middle with stars

How Much Money Can You Earn with an Asheville Vacation Rental?

With lower market entry costs and so much variety in what visitors can come to experience, it’s easy to see why Asheville has solid earning potential for investors. But figuring out if Asheville, NC is a good real estate investment for you requires a look at some important factors:

Property Size

Potential buyers seeking that just-right property are in luck: according to our data, Asheville’s inventory includes a pretty balanced mix of one-, two-, and three-bedroom homes. 

What’s better? These varied home sizes all pull in the most nights booked on average each year at a near-identical number. That gives investors a uniquely wide range of inventory with strong booking opportunity. It also provides a leg up when searching for a property that fits within your budget. 

If you’re willing and able to go bigger, five-bedroom properties in Asheville pull in the most yearly revenue. This is likely because they can serve larger groups of guests and therefore carry higher daily rates. Be prepared, however, to encounter fewer options on your hunt, as five-bedroom properties are rarer to find.

Property Location

Given the popularity of outdoor adventure in the Asheville area, properties in the mountains — or with easy access to nature — are often top performers. You can even consider making a cabin investment to double-down on income opportunity, as Asheville is one of the best places to buy a cabin this year. 

If the downtown scene better suits your style, a central and convenient location is key. In Asheville, there are a few different hotspots you’ll want to focus on when exploring properties. The River Arts District is prime for its arts and culture, Biltmore Village for its family-friendliness, and the Montford Area Historic District for its thriving nightlife.

You’ll also find heavily-visited destinations like Pack Square Park and entertainment venues like The Orange Peel and Harrah’s Cherokee Center in Asheville’s downtown area. Buying a property specifically near one or more of these draws can increase your chances for more bookings and more annual income.

Property Amenities

When outdoor adventure is the name of the game, who wouldn’t want to bring their favorite furry companion along? Asheville is one of the most pet-friendly vacation destinations in the U.S., making pet-friendly vacation rentals super desirable for travelers. So making your property pet-friendly with amenities like treats, toys, and pet beds could help give you the edge over your competition.

Our in-house experts say decks, patios, and outdoor spaces of any kind are also key amenities, since they give guests the ability to enjoy the area’s natural beauty from their home base. Add patio furniture, a grill, and a fire pit to provide the level of comfort and hospitality needed for consistent five-star reviews

Another undeniable asset to your Asheville investment property: a view. Having forest or city skyline out your window can be valuable in Asheville, but our team says homes with views of the scenic Blue Ridge Mountains are a huge bonus amongst bookers.

When you’re ready to explore the market, make your search easier by starting with vetted homes for sale.

Download Our Full Asheville, NC Vacation Rental Market Analysis

With all-season demand and consistently growing tourism, buying an Asheville investment property poses the perfect opportunity for smooth entry into the vacation rental market. 

Whether you’re looking to buy an investment property or make the most of an existing second home, download our full Asheville Vacation Rental market analysis today. It’s full of useful insights that can set you up for success, including:  

  • Average daily rate by property size 
  • Expected seasonality in vacation rental demand
  • Average length of stay in high and low seasons
  • Inventory breakdown based on property size

Uncovering your next investment opportunity should feel as breezy as a scenic drive along the Blue Ridge Parkway. Use this exclusive performance intel to explore whether Asheville, NC is a good real estate investment for you, and reach your vacation rental goals with ease.

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