Running a short-term rental is a great way to bring in some extra cash. The benefit of doing this over a long-term rental is that you have more control over when the space is available.
Say you want to use the space for when family visits or you want to stay in it from time to time, you can just block off those dates, so guests can’t book them. It’s a major convenience for you as the landlord.
Overall, short-term rentals offer a higher price point per night than what you’d make on a long-term rental. This allows the potential for a higher income. What’s more, your property most likely won’t be used every day of the year, which means it won’t experience as much wear and tear as if it were rented out long-term.
There are many reasons someone might be ready to turn their home into a short-term rental. Here are a few signs it’s time to consider turning yours into one:
- You have an extra building or room on your property. Maybe you have an outbuilding that would make a great guest house or you have a nice finished basement.
- You live in a popular tourist area. If you’re in an area that tends to attract tourists, it can be beneficial to find a part of your home that you can turn into a short-term rental.
- You have a second home. If you have a home that you only use during certain times of the year, you could help yourself out by renting it whenever you’re not using it.
Short-term rental units are attractive to many travelers. Some want to book these rentals because they’re new to the area and plan to buy a home but haven’t made a decision yet. Others may be traveling for business. Some people travel to take some time off. Others visit family and friends in the area. There’s a large market of people you can potentially advertise your space to.
Investing in a short-term rental can help you pay off your mortgage, increase savings, and even help you earn a little extra spending cash. Just make sure that you check local and state laws before converting your space.
If you’d like to learn more about readying your space for short-term rental use, please reach out to us at PMI: https://www.breckenridgevacationrentalmanagement.net/. We’re always looking for great people to partner with.
