At a June 6th meeting, the Buncombe County Commissioners agreed to revisit an ordinance implemented in December 2009 that restricts some areas of Buncombe County from having new rental homes. The present ordinance has current and potential impacts on Buncombe County and Asheville's real estate market and economy. In addition to limiting the options for renters who want an authentic mountain home stay rather than a hotel visit, the ordinance also limits options for Asheville home owners.
Home buyers in our area often buy homes with an eye for the future. They purchase now with the intention of renting the home until they reach retirement age. By limiting which homes can become rental properties, the current ordinance restricts the Asheville real estate market. When potential buyers learn that they cannot rent a specific home within certain zones, they decide against purchasing in this area. The present ordinance sends potential real estate buyers into other mountain communities that will allow renting.
In another economic blow, the restriction of rental properties also reduces occupancy and sales tax when renters go to other communities instead of renting here. In addition, the work force is reduced when home cleaners, maintenance and repair people, and landscapers, to name a few, are no longer needed for the upkeep of rental homes. And finally, tourism is reduced. With the restriction of rental properties comes the limiting of renters which in turn limits the seasonal tourism dollars which our communities are so dependent on for a vibrant economy.
For more information about the Asheville real estate market and Greybeard's offerings in the area, please contact Greybeard Realty.