The residential rental market is being revolutionized.
Airbnb, if you haven’t heard of it, is a short-term rental service that allows landlords and tenants to connect on properties currently for rent.
The amount of money that can be generated in this way is actually much higher than what the landlord could earn from renting out a property on an eight to 12-month basis.
This is largely due to the fact that the rent can be made higher for these properties since they are short-term and are often utilized similarly to a hotel.
The nightly rental rates of a hotel over a 12-month payment would be much more expensive than a typical 12-month rent.
But not only are short-term rental landlords earning more income, they are also cutting certain costs typically associated with renting out property.
However, there are some added expectations and requirements for a short-term rental property. From a management perspective, you as the landlord must offer the property furnished. Managing bookings and turnover is also different than it would be in a month-to-month rental property.
There are now companies that specialize in the turnover process. They’ll change sheets and help turn properties around for the next resident. So, there are absolutely resources out there that can help.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.