Are you considering owning a vacation rental market? Our team is already excited for you!
From Door Country, Green Lake, Lake Country, Waukesha County, and all the way to the Upper Peninsula, the vacation rental market is bursting with opportunities for passive income and long-term wealth. If you’ve been on the fence between long-term rental and short-term rental investments, we’re here to educate you on five of the most beneficial reasons to own a short-term-style vacation rental.
1. There is massive potential for a major leap in your income.
While each real estate market is different depending on location and time of year, generally vacation rentals will generate significantly more income than long-term rentals, which means more money in your pocket. Not to mention, these long-term rental properties are sky-rocketing in price!
Vacation rentals typically bring in around three times more than the amount of long-term rentals! While management expenses will run higher with vacation rentals, the higher income potential tends to quickly offset the management costs.
2. Enjoy the perks of hands-off and automated rentals.
There are property management options available that are tailored to short-term vacation rentals, giving you the opportunity to make your rental turnover process as automated as you would like. Automating your vacation rental means that you can leave all aspects of managing your rental to professionals while simultaneously enjoying your passive rental income.
3. No need to worry about evictions.
As a vacation rental owner, you have the power to set a limit for the minimum and maximum number of days your rental can be rented by a tenant. As a general rule of thumb, anything under 30 days is considered a short-term rental;this allows you to make room for as much turnover as you feel comfortable with. Of course, check with local laws to make sure you’re abiding by the rules.
4. You get to enjoy the property yourself!
This is one of our very favorite perks! Owning a vacation rental also means enjoying a vacation property for yourself and your family. As the owner, you have the ability to block out dates from renters so that you can make sure to set aside some much-deserved vacation time for yourself. So now you not only have a vacation home, but you also have an investment opportunity! Putting your money into real estate is generally a safe choice.
5. The property is much better maintained.
Short-term rentals don’t come with the heavy wear and tear that long-term rentals do. With a high turnover, there is also higher attention to cleanliness and maintenance. Short-term rentals are thoroughly cleaned after every tenant’s stay, making for a consistent cleaning schedule throughout the year. While every home experiences unexpected maintenance issues, these are more quickly resolved in a short-term rental setting, due to the constant checking and cleaning.
6. Vacationers prefer homes vs. hotels
Every family is different, of course, but many families, couples, and solo travelers love the personalization and local flavor of a vacation rental. Hotels can be impersonal (not to mention, costs are rising!) while vacation rentals offer infinite options for independence and choice on the part of the traveler.
If you are considering investing in a vacation rental, our Double Boldt Real Estate team is ready to share this exciting real estate journey alongside you! We’re prepared to expertly support and guide you through your future real estate transactions by giving you a stress-free real estate experience that you feel confident in.
We’re here to make your short-term rental investment journey feel like a vacation in itself. So… let’s go find your life-changing short-term rental, together!