The demand for rental housing has reached a new high. However, when most people think about renting, they tend to think of long-term rental properties. The reality is that the need for short-term rentals is just as high. These types of rentals aren't just for leisure vacations.
They're important for business and temporary housing needs. That's why many people are thinking about a short-term rental for their next real estate investment.
However, if you want this rental option, there are some things that you'll need to consider. In this guide, we'll walk you through everything you need to examine before diving.
1. Is Your Location Right for a Short-Term Rental?
Many people make the mistake of thinking that their short-term rental needs to be found in a popular tourist city for it to be successful. The reality is that short-term rentals can be found everywhere in the United States.
Just because a property isn't found in a common vacation city doesn't mean you shouldn't consider it. For example, short-term rentals can be quite popular in places where people need to do business frequently, like Traverse City.
When people go on prolonged business trips, many individuals prefer these types of rentals to hotels. So make sure to keep this in mind when choosing your location.
2. Know Your Management Strategy
When you invest in a short-term rental you might choose to manage it entirely on your own. Just keep in mind that this can be a time-consuming process.
Alternatively, you can find a property management company to handle all aspects of accounting, marketing, and maintenance. This option is nice because it frees up your time to focus on other property investments.
Just make sure you find a company that specializes in short-term rental management. Finding occupants for these types of rentals is quite different from long-term ones.
As such, you want a vacation rental management company with experience in this department so they can help with maximizing rental income.
3. Don't Forget About Marketing
If your short-term rental is located in a popular location, you might not need to worry about marketing. However, most of the time that isn't the case. If you want to get frequent bookings on your property, you're going to need to market it properly.
The good news is that this doesn't need to be expensive. Paid listings, print ads, and PPC ads are all great ways to get your short-term rental in front of people's eyes. That being said, it will take some time and effort.
That's why it's ideal to find a property management company that handles all aspects of marketing for attracting guests to your vacation rental.
Need Help Managing Your Short-Term Rental? Contact PMI Grand Traverse
We hope this guide helped you learn more about starting a short-term rental. If you're looking for rental management in the Michigan area, look no further than PMI Grand Traverse.
We're a full-service short-term property management company that can help with every aspect of your property-from accounting to marketing. Contact us today and we'll help you get started with making your new short-term rental a success.
