Picking between a long term rental and a short term rental can be a challenge. There are many factors one needs to consider, let Asurent help you choose.
The definition of a long term rental, to us, means renting your home longer than 12 months. A short term, or vacation rental, is having guests stay in your home with a nightly reservation and fee, rather than a lease. Well, which one is more profitable?
That question will depend on each and every homeowner. If you want to go the vacation rental route, great, but be ready for a lot of communication: text, emails, phone calls, scheduling, and more. To start a vacation rental means you need to fully furnish the home as if you were to live there, minus the family photos. Vacation rentals will pay a premium if they are set up and managed well. Communication and scheduling are the keys to higher profits, and smoother turnovers.
A long term lease can almost guarantee monthly income, as long term rentals need far less communication with the tenants. If you plan to manage it yourself, it is imperative you know the ever-changing laws. As a landlord, one could get caught up in hefty lawsuits if you don’t know your owner rights, the tenant’s rights, and all new legal processes.
If you have a rental home, and you don’t know what the best option is, give us a call! At Asurent, we will gladly talk you through both situations, and all of your options. We will help you decide which is the best for your property goals. The final choice is always up to our Property Owners. We are here to assist in any way we can. Call us today! 541 816 4140