What is short term rental? Short term rental is where a property owner will rent out his or her furnished home for a short term basis. This can be through daily or nightly rates rather than renting out the property long term where they receive rent on a monthly basis.
Clearly, this works for you as a visitor to a town maybe on business or simply enjoying the city. For the property owner, this works as well as he or she is able to let out their property and get money on their property which they wouldn’t have been able to earn.
In this article, we shall be looking at how you can make the best out of your short term visit to that city. There are benefits to be enjoyed as an owner and as a tenant.
Benefits To The OwnersYou may have a home that you may not be using at the time. The good news is that you can get to make something out of it, either when you are out of town or you simply have too much space on your property which you feel you can make some money from. In terms of finances, you can be able to enjoy another source of income from your fully furnished home easily. Unlike long term renting, with short term rentals you get the choice of when to rent out your property and for how much to rent it out for. Yes, being your property, you are at liberty to choose just how much you earn from it. It goes without say that you don’t want to shortchange yourself by charging exorbitantly and as a result missing out on chances of earning a decent amount by charging fairly.
As compared to long term rentals, short term rentals have been seen to be lucrative. How so? The earning potential for short term rentals is phenomenal. As mentioned above, you first have the liberty to adjust prices depending on the demand for your property. The wear and tear on your property is less as compared to long term renting. This can be attributed to there being movement in and out of your property, meaning that it is not used as much. With frequent movement like this, you can easily go ahead and engage in maintenance and repair your property without letting the damage get out of hand.
Benefits To The TenantAs a potential tenant, does short term rentals work for you? The answer to this question is a resounding yes. There are many advantages that you will get to enjoy by going for a short term rental property rather than going for hotel rooms. The first and most profound benefit for you as a tenant is that you get to save more money by going for a short term rental property. Short term rental property when compared to hotel prices is quite fair. One thing that you need to remember though, as a tenant is to do your due diligence and research adequately on the place you are visiting to get the rate that works for you.
As compared to long term renting, you have the choice of determining your stay. All too often something happens and our plans change quickly, renting out long term may be a bad move as you will not be able to recover money that you would have otherwise saved if you had sought out a short term rental property. You also have the luxury of staying as long as you want in the short term rental property.
Another advantage of short term rental property is that they are fully furnished. This means that you will enjoy the comforts of your home without having to buy more furniture or appliances for you to use. This is perhaps where short term rental property works for you. You not only get to use various appliances at any time you want, but you also get to have loads of space.
What Do You Need To Consider As A TenantAs a tenant there is so much that you stand to gain from short term rental properties. Though this is the case, there are a couple of things that you need to look out for so as to get the best deal.
Top on the list is the condition of the property. Condition when it comes to property translates to what state the property is in and whether or not it is in bad shape. After determining the condition of the property, you need to look at the neighborhood that the property is in. You need to make sure that there are social amenities that are of importance to you. Other than amenities, safety is a major concern. Crime rates in the neighborhood should be low if you are to be comfortable living in the place, no matter for how long.
Other than the above, price is a very important consideration. With the right research into the area of your stay, you can be sure to land a good deal. In conclusion, it is quite easy to see that short term rental property will work for you on your vacation or even your business visit to that new town. It is a cost effective way of making sure that you get the best out of a place without having to go to an expensive hotel which does not have the room that you would ideally want.