The permit is supposed to be scarce. The resale market isn't — supply has roughly 6x'd since 2023 while both buyer demand and the travel demand that pays for these units have flatlined.
There's no field in the MLS for "this is an Airbnb." So to track the investor short-term-rental market, you have to read the listing remarks — and in Davidson County, the tell is four letters in all caps: NOO-STR, for non-owner-occupied short-term rental. It's the permit investors actually want, because Metro caps them across most of the county's residential zoning.
The rest of this briefing is for subscribers. Subscribe for full access to the journal — including all charts, archives, and weekly briefings.
View plans Already a subscriber? Sign in