Reasons to Own a Short Term Rental
There are many advantages to a short term rental over the typical long term rental. Consider these top SIX reasons to convert your home to a vacation rental.
Higher than average rental revenue
Short term rentals can bring in two to three times the annual rent of a long-term rental. Whether you’re looking to diversify your rental portfolio or figure out what to do with a home when you move out of state, call us to find out how much revenue your home can make.
Less wear and tear
Vacation rental guests don’t use a home in the same way a long-term tenant does. They are often out exploring and eating in local restaurants instead of spending long days at home. Plus, our homes are inspected and cleaned an average of 4 times a month between guests so issues are found and addressed much more quickly!
Owning a home that sits empty for any period of time is a risky investment. Not only are empty homes easy targets for break-ins and squatters, they also run the risk of costly damage due to water leaks and storm damage because the damage isn’t found as quickly. Mitigate your risk by having guests in your home on a regular basis.
Your vacation home can pay for itself!
Instead of paying thousands of dollars a year for a vacation home, you may be able to cover your expenses AND make money by setting it up as a short term or vacation rental. Whether you’re looking to reduce expenses, or to create serious cash flow, this is a great option!
Property can be sold as an investment
Once you convert your home to be a short term rental property, you’ll be able to show future buyers how much revenue it generates. This can make your home more attractive to buyers, and help you sell the property for more. With a property manager, it truly becomes a turn-key process.
Tax implications and depreciation benefits
Depending on how often you personally use your rental property, you may be able to take advantage of tax and depreciation benefits. Check out this IRS article for more information, and always consult with your accountant and financial planner regarding your personal situation. www.irs.gov/taxtopics/tc415
Make your rental property work for you, not the other way around!
If you have a vacation home that’s sitting empty, or a rental home that has a negative cash flow, contact us today to see if converting it to a short term rental can help you get, and KEEP, more money in your pocket!
"As a long term rental, I’d have to put all my profit and more back into the property when the tenant departed. As a short term rental, the revenue is much more, property is treated better, and maintained more frequently."