It’s no secret that we love short-term rentals as it’s the heart of what we do. Ever since Airbnb became a household name, it has created its own ecosystem in the sharing economy. The market has grown exponentially over the years and flourished for several good reasons. In this article, we share what we love most about it and why you should too.
Property investors can stand to earn a lot more from short-term rentals than traditional models. Since guests pay a premium for their stay as opposed to a fixed rate all year round. Occupancy is not a problem if you know which audience to target and how to adjust your listing based on seasonality. It’s also the choice of accommodation these days as opposed to hotels given that social distancing is still a must. Different use cases for short-term rentals include business travellers, home renovators who are looking for temporary accommodations, vacationers, and even those who are eyeing to live in the same area but would like to get a feel of the neighbourhood first before purchasing their own property. If you want to earn more from your investment property, then short-term rental is the way to go.
With short-term rentals, dynamic pricing plays a key role in performance as it allows homeowners to adjust their prices based on weekdays vs weekends, and even seasons when holidays or festivals take place. Charging more for days that are typically seen as in demand is acceptable to guests when they book their stay. It’s also acceptable to charge more as short-term guests expect a certain level of service from their host such as timely communication, well-stocked coffee and tea cupboards, and fresh linens to name a few.
Some property owners would still like to use their investment asset as vacation homes. While this isn’t quite possible for long-term rental arrangements, it’s a given with short-term rentals. A host can easily block off dates on Airbnb when they want to utilise their property for personal use. It allows them to not only earn from their property but also enjoy it with their family and friends.
Property upkeep is much easier to manage with short-term rentals than it is with the traditional long-term approach. Since the property is not being used as a long-term home, there will be less wear and tear. Small issues such as a broken faucet, a leak in the roof, and many more are easily spotted and repaired as checks are usually done after guests leave. Timely fixes lead to a better-maintained property in the long run.
Leasing an investment property for financial gain has been around for quite some time. The concept of short-term rentals has seen a boom for all these good reasons and more. While it takes more energy to manage a short-term rental, professional property managers can help you extend this service to your potential guests in a seamless manner.
Talk to us if you’re looking for a reliable and professional local host who will take care of everything from listing creation to guest relations, allowing you to enjoy and love short-term rentals without the added work.