Sell Your Commercial Property In Asheville, NC

Who rents in Asheville

The 2020–2024 American Community Survey counts 94,535 residents in Asheville and 17,981 renter households out of 37,394 occupied homes, a 48.1% renter share. That is far above Buncombe County's 33.8% and the state's 33.4%, so the city holds a disproportionate share of the county's renters. Median household income is $71,102, against $74,436 for the county.

Health care is the largest employment anchor. Mission Hospital, owned by HCA Healthcare, is licensed for 853 beds and 94 emergency beds and has the region's only Level I trauma center, Level III NICU and children's hospital; Mission Health reports more than 12,000 colleagues across seven hospitals. Tourism, hospitality and craft brewing employ many of the city's renters, and UNC Asheville and Asheville-Buncombe Technical Community College add students and staff. The city's FY2027 budget also describes continued Hurricane Helene recovery work.

Rents and affordability

Asheville's median gross rent is $1,402 a month, including utilities, $40 above Buncombe County and $174 above the state median. The ACS shows 50.3% of renter households paying 30% or more of income on rent and utilities and 21.9% paying half or more. In numbers, 3,934 households are at or above the 50% mark and 5,115 pay between 30% and 49.9%. Across Buncombe County, 48.7% of renters are at or above 30%.

HUD's FY2026 Fair Market Rents for the Asheville area are:

The one-bedroom FMR is $27 above the city's median gross rent and the two-bedroom is $165 above it. Voucher payment standards in this range are competitive with market rents on many older units, which gives owners another tenant pool in a market where many renters are stretched.

The apartment stock

Per the ACS, 13,805 of Asheville's 50,034 housing units, or 27.6%, are in buildings with five or more units, compared with 16.0% in Buncombe County and 14.2% statewide. There are 5,285 units in 5–9 unit buildings, 3,026 in 10–19, 2,376 in 20–49 and 3,118 in buildings of 50 or more. Small buildings of 5 to 19 units hold 60.2% of apartment units, and another 4,103 units, or 8.2% of all housing, are in two- to four-unit buildings.

The stock is old. The median structure in the city was built in 1982, nine years older than the county and state median of 1991. Detached houses account for 56.4% of units and mobile homes 3.8%, compared with 11.9% countywide. West Asheville is inside the city, while Arden and Swannanoa are unincorporated communities taxed by the county alone, and Weaverville is a separate town with its own rate.

Property taxes and the revaluation question

North Carolina assesses property at full value under G.S. 105-284. The N.C. Department of Revenue lists Buncombe County's FY2026-27 rate at 61.54 cents per $100, with a latest reappraisal of 2021 and a next scheduled reappraisal of 2027. G.S. 105-286 requires at least one reappraisal every eight years.

The city adopted a $275.8 million FY2027 budget on June 9, 2026 with a rate of 37.69 cents, 4.80 cents above revenue neutral. After Senate Bill 889, the city says Buncombe County voted to use property values from before the 2026 revaluation, and on July 15, 2026 council amended the rate to 50.78 cents, which applied to 2021 values raises the same revenue as originally budgeted. The city's budget page lists FY2026-27 rates of 50.78 cents for the city, 61.54 cents for the county and 11.75 cents for the Asheville City Schools district, which not all city residents pay.

The combined city and county rate is $1.1232 per $100, about $22,464 a year on a building assessed at $2 million, or $24,814 with the school district tax. The state deed excise tax under G.S. 105-228.30 is $4,000 on a $2 million sale.

Landlord rules

G.S. 42-14.1 prohibits local rent control and local voucher-acceptance mandates. G.S. 42-51 caps deposits at 1.5 months' rent for month-to-month tenancies and two months' rent for longer terms, and G.S. 42-52 requires an itemized accounting within 30 days after a tenancy ends. G.S. 160D-1207 bars blanket rental registration, allowing it only for properties with repeated verified violations or high crime and disorder activity, with fees capped at $500 a year. Under G.S. 42-3, a lease can be forfeited when rent is unpaid 10 days after the landlord's demand.

What this means if you own a building here

Asheville has strong rents for its size and a large renter base, but the tax line is uncertain until new values take effect, and older buildings face close inspection. For now, bills are calculated on 2021 values, so a buyer will compare your current bill with an estimate based on today's market value. Skyline Capital Investments buys 5+ unit buildings in Asheville, West Asheville, Arden, Swannanoa and Weaverville. Estimate value with our apartment building value calculator, or see how we make offers on the sell your apartment building page.