The short-term rental market is valued at well over $100bn. This is a booming market and a source of a lot of potential income. But if you're new to the property game, you might need some help with short-term rental management.
Managing rental properties is a lucrative venture for many property owners. Choosing between short-term and long-term rental management can significantly impact the success of your investment.
Let's explore the main differences between these two approaches to help you make an informed decision.
Short-Term Rental Management
Short-term rentals usually refer to properties that are rented out for brief periods of time. This could be as short as a nightly basis. These kinds of arrangements are very popular in tourist destinations.
Vacation rentals can be a great investment and source of income. They have a much higher potential for rental income than longer-term options. You can charge premium rates during peak seasons, adjust the rent prices based on the number of people staying, and so on.
Managing short-term rentals demands a lot of effort though. There is a frequent turnover of tenants/guests, cleaning costs, maintenance fees, and marketing issues to consider.
This is where working with a property management company can help. One of the benefits of short-term rental management is that you can let someone else handle the minute details of running a short-term rental. All you need to do is sit back and watch the money come in.
A lot of people who own short-term rentals think it is easy to get them booked every week. This is not the case. It is hard to get your rental to stand out from the crowd, especially if it is located in a popular tourist area.
A property management company can help you effectively market your property. They can hone in on what makes your property special and help to keep it fully booked throughout the busiest seasons of the year.
Long-Term Rental Management
Long-term rentals refer to the more traditional sense of rentals. These are usually properties where people will live for a year or more. These types of rentals provide a steady income stream for property owners.
The management of long-term rentals is generally less demanding than short-term rentals. Since tenants tend to stay longer, there are fewer turnovers and less need for constant marketing efforts.
You can still benefit from the help of a property management company though. Their expertise in handling rental properties can help you take the stress out of the whole process.
Find Short-Term Rental Management Today
The short-term rental market is only going to get bigger. If you've been thinking about investing in a property to turn it into a short-term rental, then don't let the fear of work and stress put you off.
Find a company that can help you with your short-term rental management. A company like us at PMI the Keys can take your vacation rental dream and turn it into a reality in Key West.
Get in touch with us today to see how we can help you.