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Having a short term rental (such as a vacation rental) versus a long term rental (such as a traditional lease) can have both pros and cons. Some potential advantages of having a short term rental include:

  • Higher potential income: Short term rentals can generate higher income per unit than long term rentals, as they can be rented out more frequently and at a higher rate.
  • More flexibility: With a short term rental, you can choose when and how often to make the property available for rent, which can provide more flexibility and control.
  • Diversified income streams: Short term rentals can provide a diversified income stream, as you can rent out the property to different guests throughout the year.
  • Greater opportunity for positive experiences: By providing a high-quality rental experience, you can generate positive reviews and repeat business from satisfied guests.

On the other hand, there are also some potential drawbacks to having a short term rental, such as:

  • Higher costs and maintenance: Short term rentals can require more frequent cleaning, maintenance, and repairs, which can increase costs and require more time and effort to manage.
  • More demanding guests: Short term renters may have different expectations and requirements than long term renters, and may be more demanding or difficult to please.
  • Legal and regulatory challenges: In some areas, there may be legal and regulatory restrictions or requirements for short term rentals, which can add complexity and compliance challenges.
  • Greater competition: With the growth of online platforms and services for short term rentals, there may be greater competition in the market, which can make it more difficult to attract guests and generate income.

Overall, the decision to have a short term rental versus a long term rental will depend on your individual circumstances and goals. By considering the pros and cons of each option, you can make an informed decision that aligns with your priorities and objectives.

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Our agents write often to give you the latest insights on owning a home or property in the local area.