You could say we are going through a sort of mini short-term rental boom here in Indy.
Recent Indianapolis Airbnb successes are not a huge surprise to me, however, since Indy has been flagged as one of the top 10 national emerging cities by Forbes and among real estate investors like, Than Merrill and Fortune Builders. In 2017 we saw SalesForce opened up their headquarters in downtown Indianapolis, only one of many tech and pharma industries that continue to help boost jobs and business travel here. Not to mention, Indianapolis has a unique cultural presence and strong support for local events, such as First Friday, Canal concerts and neighborhood street fairs. We are seeing a jammed packed downtown convention center with an influx of up to 50,000 in attendance in any given weekend for Indy 500 pre-events, national college sports championships like Big 10, as well as, Future Farmers of America. We are also seeing tremendous small business growth, especially in surrounding downtown communities like Fountain Square, Mass Ave. and Fletcher Place. Handcrafted breweries, distilleries, eateries, boutiques and small shops are defining Indy’s cultural revival, making them the preferred local hotspots for Airbnb travelers. .
So the question is should an investor invest in an Airbnb home here in Indy?
With short-term rental legislation up in the air here, I’d say that your best best is to as always, invest in a property that makes sense for the long haul…then consider riding the Airbnb wave for a while. As I always say, if all else fails, you can always long-term rent it out. But with no shortage of business travelers or people driving through Indy’s strategic highway hub, I’d say Indy makes for the perfect short-term rental investment home.
I realize Airbnb homes may not be a fit for every neighborhood, but in the up and coming neighborhoods experiencing a revival & re-gentricfication here in downtown Indy, it makes perfect sense! I like what an Airbnb home represents. These home make the Indy neighborhoods like Bates Hendricks safer. Plus an Airbnb investor or homeowner ( or at least the ones I’ve seen online and/or worked with) take greater care of their home, increasing the quality of the home interior and exterior, which ultimately help increase the overall value of homes in the neighborhood and also drives some local business by referring guests out to local hotspots.
The Indy market is quickly shifting to a seller’s market in many areas and prices are on the rise but I can usually still find my real estate clients a good deal. All in all I think that buying a home and renting it out on Airbnb here make perfect sense. It’s a small but potent bustling city that is experiencing its teen millennium revival. There is a serious cashflow ROI to be made on quality Airbnb homes.
If you are interested in owning a short-term rental Airbnb home here in Indy get a hold of me! email me at: info @ rentalpreneur.com
Rachel Prince, REALTOR