Short-term rentals can be good income earners for you, as you generally charge more than you would for a long-term lease. However, you do need to be in a financial position to manage repayments between tenancies.
People relocating to a new city or town might look for short-term accommodation, and short-term rentals are also popular with holidaymakers wanting a home-like environment instead of a hotel. Find out what you need to do to prepare a property for rent.
Appraise your property’s potential as a short-term let
If renting your investment property short-term sounds like a good option, find a managing agent that specialises in this area and ask them to appraise your property’s potential as a short-term let. Hiring a property manager to take care of all the administration is one option, but you might also decide to manage the property yourself to save on management fees.
Short-term rentals are nearly always furnished, which increases their rental return and desirability. If you decide on renting your investment property short-term, go for a contemporary, minimalist and neutral look that is universally appealing – and be sure to have sufficient contents or landlord insurance in place.