If you own a property that you want to rent out, you’ll need to make some key decisions before you welcome your first tenant. One of the most important of those decisions is whether to offer long- or short-term rentals. At our property management company, Property Valet, we have seen the benefits and drawbacks of both approaches, and we can weigh in on the subject. In this article, we’ll focus on short-term rentals and go over some key points that we want you to know about them.
- They Offer Greater Earnings Potential. First, short-term rentals often offer greater earnings potential than long-term ones, especially if the property is located in a popular destination. Our property management company has helped a significant number of owners rent their properties to holiday guests and vacationers and earn a serious profit. Since guests only stay for a few days, you can charge premium prices and see a high turnover rate, which combine to give you major earnings.
- It’s Easier to Spot Problems. Another benefit that comes with short-term rentals is that it’s easier to spot potential problems with the property. Since tenants are in and out so frequently, you or your management team will have more opportunities to inspect the property and identify potential issues. Early identification allows our property management company to correct the issues before they can become serious problems, which will save you money on upkeep.
- They Offer Greater Flexibility. Lastly, short-term rentals give you greater flexibility with the property–for example, if you wanted to use the property for your own vacation, you would be able to simply block off your desired dates and enjoy the space as you wished. Our property management company wants to help you get the most out of your property, and if that includes using it yourself from time to time, we are more than happy to make that work.