In the real estate investment game, renting out a property or property leasing is one of the most common types of property investments. It’s a well known source of income that has been around for centuries.
One type of rental which has become increasingly popular recently is short term rentals. Short term rental properties are those in which the owner of property will rent out a fully furnished home for a short term stay. These types of properties are especially popular amongst holiday-goers, business travelers and locals who are looking for a place to spend a staycation. They tend to be rented out for anywhere between a few days to a few months, although the latter is rather rare.
Short term rentals have shown to be a lucrative investment, especially with companies like Airbnb, Homeaway and MyKey Global, each of which offers a wide choice of homes, rooms, apartments and more for your staycation.
Seeing the potential of short term rentals, we decided to take a good look at the advantages of having a short term rental.
Advantages for Owners:
1. Flexibility
You get to choose the time to rent and you can rent out the property for as much or as little as you choose.
2. Earning Potential
As we mentioned earlier, short-term rentals can be very lucrative. Property managers are able to set the prices according to the demand, time of year, property type and so on. Based on these factors, there is great potential for some gratifying earnings.
3. Less wear and tear on a property
Since tenants are moving in and out frequently, the property is not used on a daily basis, leading to less wear and tear. What’s more, you can use the times that it is not occupied to make any necessary repairs and maintenance tasks and prevent any damage from getting out of hand.
4. Social Benefits
Some of the most interesting people out there are the ones who travel. You never know what kind of new and interesting friends you might meet when you rent out your property to a traveler on vacation.
Advantages for Tenants:
1. Flexibility
Like an owner, tenants have the option of choosing the time they want to stay and leave (as long as the owner agrees). You also have no obligation to stay for say a year as most long term rentals require. Now you can stay for only as long as you need to.
2. Fully Furnished
Almost every short term rental comes fully furnished, which means tenants need not worry about having to buy more furniture or appliances. You are more than likely to find a place that is well equipped to provide a comfortable stay.
3. Better than some hotels
Many short-term rentals are very much like hotels, offering excellent amenities, spacious accommodation, and a high level of comfort, all at relatively affordable prices.
Want more information about short term rentals? Talk to us, send us a message at hello@iqiglobal.com or call us at 012-299-6155 or 03-7450-6655.
Looking for a short term rental of your own? Check out MyKey Global and their wide selection of short term rental rooms.
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