The number one method of real estate investing is buying and renting a property. It’s become a great source of income, especially with the popularity of online platforms that make listing and finding a short-term rental easier than ever before. There are quite a few benefits of short-term rentals and several examples are detailed below.
Earn More Money
While long-term rentals can offer security when you have a contract, a short-term rental enables you to lease the property for more money. In fact, there are some instances when the rental rate is significantly more than what you could ever charge for a longer period because it depends on the rental market. You can establish pricing based on the season and the demand. Depending on where the property is located, the demand could be extremely high during summer months.
Avoid Wear and Tear
Renting a property for a shorter period of time means there is far less wear and tear on all aspects of the property. This includes furnishings, plumbing, appliances and whatever else is included in the property. While there will be maintenance necessary regardless of the rental term, you’re likely to experience fewer costly damages.
Easier Marketing
There are an increasing number of online platforms that enable you to market your property without spending a lot of money on advertising. There are online tools that are easy to use and even allow you to market multiple listings. Pendo and Airbnb are a couple of examples.
Flexibility for Renters
Offering lease terms that are shorter will often mean you have a greater number of potential renters interested in the property. There are a number of reasons why people require flexibility on the term when renting. You can also extend the lease period if it fits the needs of the renter and aligns with availability.
Home Away From Home
Many families prefer to rent a property instead of a hotel while on vacation because it provides the feeling of having a home away from home. It enables them to cook meals in the kitchen and there’s usually more than one bedroom, which is great for large families.
A short-term rental offers many benefits for both the property owner and the renter. There is more flexibility as well as better rates and more marketing options for the property owner. And the renter enjoys a short commitment and a unique property.