Asheville draws 13.9 million annual visitors, with top-quartile STR properties averaging $2,896 per month.
Market Overview
Asheville, North Carolina sits in the Blue Ridge Mountains with a resident population of 94,468 and draws roughly 13.9 million visitors each year. That visitor volume supports one of the largest short-term rental markets in the Southeast, with 1,853 active listings recorded in February 2026. The market is dominated by whole-unit rentals, reflecting the city’s positioning as a destination for multi-night getaways centered on the Biltmore Estate, the River Arts District, and surrounding mountain recreation.
The average daily rate in February 2026 was $244, and the market-wide average occupancy was 35.0% for that month. Occupancy is significantly lower in winter: the February figure is near the annual floor. The market’s average occupancy across all 60 months of data in this analysis (March 2021 through February 2026) ranges from a low of 38.8% in January to a high of 65.6% in October.
The overall trend since 2021 shows a market that matured quickly. Active listings expanded from roughly 2,048 in 2021 to a peak of 2,444 in 2023, adding supply pressure even as demand held steady. Average annual revenue per listing fell from $4,778 in 2021 to $3,317 in 2025. The decline was partially offset by ADR growth, from $195 in 2021 to $248 in 2025, meaning operators who raised prices fared better than those who competed on rate. For investors evaluating this market today, the central question is whether a property can reach the top two quartiles, where revenue is meaningfully higher than the market average.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue | Active Listings |
|---|---|---|---|---|
| Jan | 39% | $209 | $2,501 | 2,211 |
| Feb | 42% | $198 | $2,368 | 2,205 |
| Mar | 57% | $195 | $3,602 | 2,198 |
| Apr | 58% | $201 | $3,628 | 2,212 |
| May | 59% | $208 | $3,876 | 2,116 |
| Jun | 62% | $214 | $4,187 | 2,224 |
| Jul | 64% | $220 | $4,640 | 2,321 |
| Aug | 60% | $208 | $4,119 | 2,312 |
| Sep | 59% | $209 | $3,833 | 2,301 |
| Oct | 66% | $227 | $4,668 | 2,216 |
| Nov | 55% | $229 | $3,773 | 2,212 |
| Dec | 53% | $235 | $3,876 | 2,215 |
Asheville’s short-term rental calendar follows two distinct peaks separated by a weak winter trough. The data from 60 months of observations shows the following pattern.
October is the single strongest month across both occupancy and revenue. Average occupancy hits 65.6% and average monthly revenue reaches $4,668. The fall foliage draw is well-documented and creates a booking surge that lifts both rate and fill levels simultaneously. ADR in October averages $227, and that premium compounds against the high occupancy to produce the market’s best revenue numbers.
July is the second-strongest month for revenue at $4,640, driven by occupancy of 63.6% and an ADR of $220. June follows at $4,187 revenue with 61.8% occupancy. The summer season (June through August) is consistent and accounts for a large share of annual revenue for most operators.
Spring (March through May) shows a meaningful step up from winter. Occupancy climbs from 42.2% in February to 56.6% in March and 57.8% in April, though ADR in those months is the lowest of the year ($195 to $208). The spring visitor profile skews toward shorter, more price-sensitive trips compared to fall.
November and December are interesting: ADR rises to $229 and $235 respectively, the highest of the year, but occupancy drops to 55.4% and 52.8%. The holiday premium is real but does not fill as many nights as the peak-demand months.
January and February are the clear slow season. January occupancy averages 38.8% and revenue averages $2,501. February is worse at 42.2% occupancy but slightly lower average revenue of $2,368. Operators who carry fixed costs through these two months need the October-July peaks to carry the annual math.
Revenue Breakdown
| Metric | 25th Pctile | Median | 75th Pctile | 90th Pctile |
|---|---|---|---|---|
| Revenue/mo | $801 | $1,604 | $2,896 | $4,721 |
| ADR | $120 | $180 | $301 | $475 |
| Occupancy | 16% | 32% | 49% | 67% |
The spread between bottom and top performers in Asheville is wide. In February 2026, the most recent data point, the 25th percentile operator earned $801 for the month. The median operator earned $1,604. The 75th percentile earned $2,896 and the 90th percentile earned $4,721.
To put those figures in annual terms, a property consistently at the median would generate roughly $19,200 per year using February as a baseline, but that understates peak-month performance. The seasonal average revenue (averaging all 12 calendar months of historical data) is $3,759 per month across the full 60-month dataset. The 2025 full-year average revenue per listing was $3,317, reflecting the occupancy compression of recent years.
ADR percentiles in February 2026 show a similar spread: p25 at $120, p50 at $180, p75 at $301, and p90 at $475. Properties at the top of the ADR range are likely larger homes, those with distinctive amenities (hot tubs, mountain views, premium design), or those in high-demand micro-locations. The RevPAR in February was $81 at the market average and $57 at the median, illustrating how winter occupancy compresses effective revenue per available night.
Investment Analysis
Revenue Trend
RevPAR & ADR Trend
| Date | Revenue | RevPAR | ADR |
|---|---|---|---|
| Mar 2021 | $4,518 | $146 | $182 |
| Apr 2021 | $4,550 | $152 | $188 |
| May 2021 | $4,832 | $156 | $190 |
| Jun 2021 | $5,023 | $167 | $194 |
| Jul 2021 | $5,437 | $175 | $204 |
| Aug 2021 | $5,113 | $165 | $199 |
| Sep 2021 | $4,633 | $154 | $194 |
| Oct 2021 | $5,200 | $168 | $206 |
| Nov 2021 | $4,293 | $143 | $198 |
| Dec 2021 | $4,180 | $135 | $198 |
| Jan 2022 | $3,017 | $97 | $186 |
| Feb 2022 | $2,948 | $105 | $185 |
| Mar 2022 | $4,005 | $129 | $188 |
| Apr 2022 | $4,152 | $138 | $198 |
| May 2022 | $4,136 | $133 | $202 |
| Jun 2022 | $4,505 | $150 | $200 |
| Jul 2022 | $4,977 | $161 | $211 |
| Aug 2022 | $4,099 | $132 | $186 |
| Sep 2022 | $4,471 | $149 | $190 |
| Oct 2022 | $5,139 | $166 | $199 |
| Nov 2022 | $4,378 | $146 | $195 |
| Dec 2022 | $4,077 | $132 | $187 |
| Jan 2023 | $2,699 | $87 | $175 |
| Feb 2023 | $2,547 | $91 | $168 |
| Mar 2023 | $3,699 | $119 | $179 |
| Apr 2023 | $3,778 | $126 | $181 |
| May 2023 | $3,780 | $122 | $182 |
| Jun 2023 | $4,049 | $135 | $180 |
| Jul 2023 | $4,407 | $142 | $185 |
| Aug 2023 | $3,719 | $120 | $175 |
| Sep 2023 | $3,575 | $119 | $184 |
| Oct 2023 | $4,513 | $146 | $202 |
| Nov 2023 | $3,635 | $121 | $221 |
| Dec 2023 | $3,738 | $121 | $238 |
| Jan 2024 | $2,285 | $74 | $215 |
| Feb 2024 | $2,010 | $69 | $188 |
| Mar 2024 | $3,118 | $101 | $205 |
| Apr 2024 | $3,038 | $101 | $210 |
| May 2024 | $3,507 | $113 | $218 |
| Jun 2024 | $3,845 | $128 | $234 |
| Jul 2024 | $4,410 | $142 | $243 |
| Aug 2024 | $3,977 | $128 | $232 |
| Sep 2024 | $3,408 | $114 | $231 |
| Oct 2024 | $3,662 | $118 | $247 |
| Nov 2024 | $2,594 | $87 | $253 |
| Dec 2024 | $3,098 | $100 | $261 |
| Jan 2025 | $2,003 | $65 | $214 |
| Feb 2025 | $2,061 | $74 | $203 |
| Mar 2025 | $2,670 | $86 | $222 |
| Apr 2025 | $2,622 | $87 | $227 |
| May 2025 | $3,123 | $101 | $251 |
| Jun 2025 | $3,511 | $117 | $263 |
| Jul 2025 | $3,969 | $128 | $257 |
| Aug 2025 | $3,686 | $119 | $248 |
| Sep 2025 | $3,078 | $103 | $244 |
| Oct 2025 | $4,825 | $156 | $281 |
| Nov 2025 | $3,966 | $132 | $277 |
| Dec 2025 | $4,287 | $138 | $290 |
| Jan 2026 | $2,502 | $81 | $257 |
| Feb 2026 | $2,271 | $81 | $244 |
Occupancy vs Supply
| Date | Occupancy | Active Listings |
|---|---|---|
| Mar 2021 | 67% | 1,843 |
| Jun 2021 | 76% | 2,041 |
| Sep 2021 | 73% | 2,105 |
| Dec 2021 | 66% | 2,132 |
| Mar 2022 | 66% | 2,159 |
| Jun 2022 | 69% | 2,523 |
| Sep 2022 | 70% | 2,532 |
| Dec 2022 | 62% | 2,511 |
| Mar 2023 | 61% | 2,491 |
| Jun 2023 | 67% | 2,491 |
| Sep 2023 | 61% | 2,474 |
| Dec 2023 | 50% | 2,267 |
| Mar 2024 | 49% | 2,194 |
| Jun 2024 | 53% | 1,806 |
| Sep 2024 | 50% | 2,282 |
| Dec 2024 | 38% | 2,286 |
| Mar 2025 | 40% | 2,304 |
| Jun 2025 | 44% | 2,261 |
| Sep 2025 | 43% | 2,111 |
| Dec 2025 | 48% | 1,877 |
The financial case for an Asheville short-term rental depends heavily on which segment of the market a property lands in. In February 2026, a bottom-quartile listing generated $801 per month. The median was $1,604. Properties at the 75th percentile produced $2,896, and the 90th percentile reached $4,721. These are February figures, one of the weakest months of the year; the comparable October numbers are substantially higher given that October occupancy averages 65.6% and ADR averages $227.
Using the seasonal average revenue of $3,317 per year (2025 full-year data), a property at $473,000 (the current median sale price) would generate a gross yield of approximately 0.7% per month before expenses. That is a thin margin before accounting for platform fees (typically 3%), property management (20 to 30%), utilities, insurance, and maintenance. Investors who can acquire below median, minimize management costs through self-operation, or consistently achieve top-quartile performance will see meaningfully better returns.
The housing market itself provides some buffer. With a median of 100 days to pending, Asheville is not a fast-moving seller’s market, which gives buyers negotiating room. Typical home values sit at $454,141 per Zillow data, and 771 active for-sale listings provide reasonable selection. The risk factors to price in: continued occupancy softening (occupancy averaged 43.8% in 2025, down from 71.6% in 2021), the city’s strict zoning rules that limit full vacation rentals to resort districts (see Regulatory section), and increasing competition as the listing count has remained above 1,800 even after some pullback from the 2023 peak.
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| Date | Typical Home Value |
|---|---|
| Mar 2021 | $365,951 |
| Dec 2021 | $402,579 |
| Sep 2022 | $459,410 |
| Jun 2023 | $461,517 |
| Mar 2024 | $479,247 |
| Dec 2024 | $489,472 |
| Sep 2025 | $472,791 |
Booking Insights
In February 2026, the average booking lead time in Asheville was 37.8 days, with the median at 29 days. This means half of all bookings are made less than a month in advance, while the average is pulled upward by guests who plan several weeks or more ahead for peak dates.
The average length of stay was 4.6 nights, but the median was 2.0 nights. That gap indicates that while some guests book extended stays of a week or more, the typical booking is a two-night weekend trip. For pricing strategy, this points toward keeping weekend rates elevated and using discounts on midweek nights to fill gaps.
The short median lead time (29 days) and short median length of stay (2 nights) together suggest that Asheville draws a high proportion of spontaneous or weekend-trip visitors rather than vacation planners booking months out. This favors dynamic pricing tools that can capture last-minute demand without holding rates artificially high for nights that will go unfilled.
For October, the peak occupancy month, operators should expect a higher share of bookings coming in well in advance, as fall foliage visitors tend to plan earlier. Setting October rates in July or August rather than waiting until September will capture the early-planning segment.
Short-Term Rental Regulations
Asheville’s short-term rental rules create a two-track system that significantly limits the options available to investors who will not live on the property.
Homestays are the more accessible permit type. A homestay is defined as a resident-occupied dwelling with up to two guest rooms rented to transients while the owner lives on-site. Homestay permits do not require renewal, providing long-term operational stability. These are allowed across most residential zoning in the city.
Full vacation rentals (the rental of an entire dwelling unit for fewer than 30 days without owner occupancy) are permitted only in the resort zoning district. Resort zoning covers a small portion of the city, primarily around properties adjacent to the Biltmore Estate and a few other designated areas. The practical implication is that most investors buying a standalone property to operate as a non-owner-occupied rental within city limits cannot legally do so under current regulations. Properties in Buncombe County outside city boundaries operate under different, generally more permissive rules.
Occupancy tax obligations apply to all permitted rentals. The combined rate is 16.75%, composed of 4.75% state sales tax, 6% Buncombe County occupancy tax, and 6% city occupancy tax. This tax is collected from guests and remitted on a required schedule. Operators must also meet safety requirements: smoke detectors, carbon monoxide detectors, fire extinguishers, and compliance with local building codes including adequate parking.
Investors should verify the zoning classification of any specific parcel before purchase. The city’s zoning map determines which permit type is available, and purchasing outside resort zoning for a non-owner-occupied whole-unit rental would require a zoning variance that is not routinely granted.
Market Comparison
Asheville’s February 2026 average occupancy of 35.0% is below the U.S. national short-term rental average, which typically runs in the 45 to 55% range for comparable mountain and resort markets in the same month. This reflects both the seasonality of the market and the broader occupancy compression the Asheville market has experienced since 2021.
ADR at $244 in February 2026 is above what many mid-size Southern markets command in the same month. Markets like Chattanooga, Tennessee, or Greenville, South Carolina, tend to run ADRs in the $150 to $190 range. Asheville’s premium pricing reflects its stronger brand recognition as a destination and the Biltmore Estate’s year-round draw.
However, the occupancy trend tells a cautionary story. Asheville’s 2021 average occupancy was 71.6%. By 2025 it had fallen to 43.8%, a decline of nearly 28 percentage points over four years. Nationally, many STR markets saw a similar post-pandemic normalization, but Asheville’s drop has been steeper than most comparable mountain towns. Smoky Mountain markets in eastern Tennessee, for example, have held occupancy better through the same period due to lower price points and higher drive-to market volume. Asheville investors are accepting a higher entry price (median home $473,000) alongside declining occupancy in exchange for premium ADR and strong peak-season demand.
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