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Investment & Short-Term Rentals
The single most important fact for an investor at this lake: the rules change at the county line.
The market, briefly
What this costs at Smith Mountain Lake
Condos in rental-friendly communities start well under $200K; high-performing waterfront homes run into the seven figures.
Figures reflect publicly reported Smith Mountain Lake area activity and are for general orientation only — they are not an appraisal. Ask us for current numbers on your specific segment.
Bedford County permits short-term rentals; Franklin County is tighter
Bedford requires short-term rentals to register and buy a permit, but they are allowed. In Franklin County, short-term rentals have generally been permitted by right on agriculturally zoned land while residential zoning required a special use permit — with the ordinance under active review. This is the first thing to verify, and it is parcel-specific.
Several condo communities allow it outright
Mariners Landing, Bernard's Landing, Highland Pointe, Stripers Landing, and Bridgewater Pointe are among the communities that permit short-term rentals. That is a shortcut around a lot of zoning risk — but confirm current HOA rules, which can change.
The season is real and it is short
This is a seasonal lake. Your pro forma lives or dies on Memorial Day through Labor Day plus shoulder weekends. Be skeptical of annualized numbers that smooth over a quiet February.
A boat slip is the amenity that drives rate
Guests are not booking a lake house to look at the lake. Slip access, dock condition, and swim depth move nightly rate more than a renovated kitchen does.
Use this
Questions to ask any agent about this
Ask these of whoever you end up working with — us, someone we introduce you to, or an agent you found yourself. A specialist answers them easily. Everyone else gets vague.
- What is the zoning on this exact parcel and what does it permit today?
- Does the HOA allow weekly rentals, and can that be changed by vote?
- What did this property actually gross last year — show me the statements.
- Is the slip included in the rental, or does the guest have no boat access?
- What is the county permit process and current fee?
Communities that fit
A starting point. Details change — always verify current rules with the HOA and the county.
| Community | Where | What it is |
|---|---|---|
| Mariners LandingGolf · Resort · Condos | Huddleston, Bedford Co. | A large resort community on Craddock Creek with a Robert Trent Jones Sr. course, several restaurants, indoor and outdoor pools, a beach and a spa. Short-term rentals permitted; slips leased. |
| Bernard's LandingCondos · Resort | Moneta, Franklin Co. | A 70-acre peninsula with three pools, tennis and pickleball, a beach, marina and waterfront dining. Slips leased; short-term rentals allowed. |
| Bridgewater PointeCondos | Moneta, Bedford Co. | Waterfront condominiums near Bridgewater Plaza with a pool, day docks and covered slip leases. Short-term rentals allowed. |
| Stripers LandingCondos · Rental | Moneta, Bedford Co. | Waterfront condominiums where short-term rentals are permitted. |
| Highland PointeCondos · Deeded Slips | Union Hall, Franklin Co. | Pool, hot tub, tennis and pickleball, boat ramp — with deeded covered boat slips included and short-term rentals allowed. |
| Harbor RidgeTownhomes · Deeded Slips | Goodview, Bedford Co. | Waterfront common area and pool, with one to two deeded slips per property and short-term rental eligibility in Bedford County. |
Where to look for this on the lake
Moneta & the North Shore
The classic lake side. Cottages and chalets tucked into wooded coves, the State Park, and the county where short-term rentals are permitted.
Explore this areaWestlake & Hales Ford
The center of gravity. Groceries, the clinic, Bridgewater Plaza, and the bridge everyone crosses — plus the lake's densest cluster of condos and townhomes.
Explore this areaUnion Hall & the South Shore
Newer, larger, quieter. The upscale planned communities of the Blackwater side, with golf, equestrian, and gated entries.
Explore this areaOr maybe you're really after…
Waterfront Homes
True deeded waterfront where the dock is yours. The most sought-after — and the most technically complicated — thing to buy at this lake.
What to knowOff-Water & Water Access
Lake life at a fraction of the price — if you understand exactly what "water access" does and does not include.
What to knowCondos & Townhomes
Lock the door and go. The lake's lowest-maintenance path to the water — and often the easiest one to rent out.
What to knowLooking for investment & rentals?
Tell us the specifics and we'll introduce you to an agent who does this every week — not one who does it occasionally. Free, and no obligation whatsoever.
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