Short-term rentals are becoming increasingly popular in the real estate industry. But many realtors have the wrong idea about them or assume they don’t have a chance at making them a side hustle. If you’ve ever considered investing in short-term rentals, then keep reading for 5 reasons why you most definitely should!
1. There is always a demand for short term rentals, even with this industry continuously growing
More and more people are hopping on the wave and investing in short-term rentals, but there’s still room for you in this industry! Even with folks returning to the office and summer vacations coming to an end, it’s predicted that revenue in short-term rentals will increase by almost HALF in 2022!
The reality is that people are still making up for missed vacations during the pandemic and will continue looking for places to stay for their next trip. In most cases, renting short-term is cheaper than booking a hotel room for most travelers. Investing in this industry will be a great source of additional income!
2. You’ll have the opportunity to earn income in your sleep
You may have thought of investing in short-term rentals but assumed there was no way to earn a significant income due to your location or while working a full-time job. Well, I’m here to tell you that that’s nothing more than an assumption! It is completely possible to manage short-term rentals from anywhere, in your sleep!
Seek a person you trust who lives near your property or hire a property management company to help with emergencies and other unexpected mishaps. You’ll eventually want to outsource certain tasks like a cleaning service to prepare for your next set of tenants. Taking these steps will allow you to manage multiple properties no matter where you are!
3. You’ll earn more than a long term, unfurnished rental
Short-term rentals have the potential of making TRIPLE the amount of income than a long-term, unfurnished rental. You will be charging the majority of your renters a nightly fee that can sometimes fluctuate according to demand.
Depending on the day of the week or time of year, there may be a higher need for your rental during one period as opposed to the other. This will result in you charging more or less to keep up with maintenance and utilities and ensure you meet your income goals each month.
4. You’ll have short-term tenants
Short-term rentals equal short-term tenants. The advantage to this is that you will never have to deal with renters missing payments or paying you late. You are guaranteed payment upfront for the entire stay before the renter even gets ahold of the keys.
This also means that you have the potential to earn more income. Each booking will most likely be charged a cleaning fee, service fee, or an additional guest fee. These fees add up with each new booking.
You’ll also benefit from having short-term tenants if you decide to rent out a room instead of an entire property. People who are looking for places to stay long-term generally are not seeking single rooms. Whereas someone looking for a place to stay for just the weekend may prefer one.
5. Platforms like Airbnb and VRBO make it easy for tenants to find your properties
Some realtors shy away from the short-term rental industry because they fear not finding tenants as quickly as they want to.
Fortunately, now there are many platforms you can utilize to showcase your rentals and find tenants. Many of these platforms are accessible online and have downloadable apps to make the experience easier for them. You’ll have the possibility of having your rentals booked for months in advance.
Outstanding reviews from previous tenants and great quality photos of each space will increase your chances of gaining new and repeat customers.
Do you have more questions about short-term rentals? Feel free to DM me on Instagram @yashaalbright or sign up for a 45-minute Q&A where you can pick my brain! Be sure to also look out for my upcoming course, where I spill all the deets about how I make money from these rentals that I don’t actually own!
To learn more about The Short-Term Rental Course, Click Here.