Savannah Vacation Properties Investments Are a Win-Win
by HEATHER BOOTH
Picturesque, charming, historic, inviting, far from ordinary, the list goes on and visitors agree … there’s nothing quite like Savannah. Tourism is nothing new to Georgia’s “first city,” for the past several years tourism records have continued to soar. This year seems to be no exception, as Savannah made the list for Travel + Leisure’s top places to visit in 2019.
The living is easy in Savannah. Most visitors want to come and live like a local. They want to feel that sense of home. Because of that, many choose to stay in a vacation property within the landmark historic district, instead of a hotel. They are smart travelers, many are millennials, who understand and trust the concept of Airbnb.
From the Savannah River to Gwinnett Street, and from East Broad to Martin Luther King Boulevard vacation rentals are in high demand and can be found on just about every block. Most of the homes in the area have about a 70-80% occupancy rate, and when you compare that to the hotels in the area, they’re doing just as good — or even better!
In Savannah, purchasing a home to use as vacation property is a successful investment, but there are realities to note, before buying. First of all, it’s really important to work with a lender, preferably local, who understands the nuisances for lending.
Secondly, the City of Savannah issues a permit for each vacation rental in order to limit and maintain a balance of full time and rental properties across the area. This is a blessing and a curse because they look at each ward and designate no more than 20% to be used as a vacation rental.
High Demand For Savannah Vacation Properties
Vacation properties in the hostess city are so sought after that almost every ward is currently full, and there’s a waiting list to receive new permits. Any home sold with a permit, is considered some of the most marketable property in the historic district. That’s because, if you purchase from someone who’s home is already permitted, you don’t automatically get the vacation rental permit, but you can apply and almost be at the top of the list.
There are also a large number of people who want to use their garden home or carriage house as a rental, to allow them the opportunity to get into a neighborhood or a home that they might otherwise not have been able to afford. Those lucky homeowners are able to share their space with visitors without necessarily qualifying under the city’s permit cap, as long as it’s considered their full-time residence.
Annually, Savannah sees 7 million tourists. Each tourist is attracted to Savannah for a different reason, whether it be the walkability of the city, the European feel, the to-go cocktail atmosphere, the southern hospitality, the delicious and eclectic fare, the perfectly manicured squares, the Spanish moss shaded streets, or the proximity to the waterways… But no matter the case, each one of these visitors needs a place to stay, hence the success of vacation rental properties.