What is the 411?
How Should I Choose A Location For My Short-Term Rental?
Choosing the right location for your short-term rental is extremely important. But unfortunately, the same criteria you would use for a long-term rental don’t always work when looking for a property.
Destinations outside of metropolitan areas are becoming more popular these days. In addition, properties close to outdoor adventures like mountains, deserts, and national parks do well.
The following elements are crucial to choosing a profitable investment:
Attractions in the area
Proximity to highways and airports
Demand for vacation rentals
How Can I Maximize My Short-Term Rental?
Once you have a location and rental property picked out, you can make a list of things to help your vacation rental stand out against the competition—research other listings to get a feel for the market.
When you build your listing, use professional photographs that showcase the highlights of your property. Then, a description will draw in your ideal guest and answer inquiries promptly.
Modern and clean furnishings will allow you to ask for a premium rate. The rental should be well-stocked with essential items a traveler would want while away from home. You can go the extra mile to ask for food or hygiene preferences before they arrive.
Guests are looking for an unforgettable experience. In addition, they will enjoy extra amenities like bicycles, kayaks, or beach chairs — don’t forget to include them in your listing.
Always ask for reviews; they’re the lifeline of your business.
Laws and Regulations
On top of the characteristics mentioned above, you’ll need to research the local laws and regulations for short-term rentals in that particular city and county. Some places will charge additional taxes to deter vacation rentals or even ban them.
Sometimes investing in a property just 10 minutes away can make a big difference to your bottom line. Highly traveled areas are more likely to charge extra fees, but you always need to check with each municipality before you commit to a property.
Short-term rentals are vacation rentals that guests stay in for a couple of weeks to a month but no more than a year. They’re an alternative to a typical hotel that offers a home-away-from-home vibe that people have come to appreciate.
The short-term rental market has seen a lot of growth with investors because of their ability to provide a better return than traditional long-term rentals. In addition, anyone can manage vacation rentals on their own using popular online platforms, or you can hire a management company to oversee the logistics while you earn a passive income.
Choosing the right location is critical when investing in short-term rentals. Therefore, it’s imperative to research the rental climate before committing to a property to avoid losses.