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It seems to be the latest buzz. People going to a website like HomeAway.com and listing or renting a house for a week long vacation. People in tight financial straights love to rent out their home for a week and be paid what would normally amount to a month or two worth of rent. Vacationers seem to love the 'spice of life' living without the cheap fast-food feel of a hotel or sleazy resort. Home owners associations hate them for bringing riffraff to otherwise prim perfect manicured neighborhoods. Oh and local government zoning boards love/hate them because of all the complaints they get allowing them to write even more new zoning rules. I manage a rental and am thinking of this brave new world of weekly vacation rentals as a possible option. How does one find decent renters that won't trash the place on a weekend bender? is there a good way to weed out the bad seeds? How much is a typical security deposit and how does one collect for damages that go beyond that deposit? What expectations would renters have that differ from a typical residential renter? Other than the site I mentioned, what are some other sites that are popular for this type of rental? Please share your experience with short term vacation rentals that are not a typical resort rental, either as a renter or a property owner/manager. maporfic fucked around with this message at 20:20 on Feb 27, 2017 |
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Feb 22, 2017 16:55
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| # ? Apr 23, 2024 16:34 |
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VRBO is another site. I think there is a whole industry that pitches this as a good investment vacation home thing. It is rarely a good investment.
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Feb 22, 2017 21:00
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Generally speaking longer rentals = better renters. A lot of places will have a 1 week minimum rental, and many of them will go one step further and have a specific Saturday-Saturday type schedule, which helps cut down on people just looking for a place to party for the weekend. You can theoretically squeeze more money out if you rent by the day (if you're in a big destination area you probably won't have any trouble with occupancy, since most of your competition only books by the week) but a lot of that is going to be eaten up by overhead (more frequent cleaning, more stuff to replace/repair due to heavier use/less care taken) and general headache. For my part I've only ever used these sites as a renter and not as an owner, so I can't speak to how profitable the idea is, but I will say that the turnover on properties is pretty high--more often than not if I book a place in advance it ends up being under new ownership by the time I actually go on vacation.
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Feb 22, 2017 21:13
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I rented a serviced apartment in Madrid for a month and it was awesome. It was through a company that specializes in that, rather than VRBO or AirBNB which are managed directly by the property owner as far as I can tell. I can only speak for myself, but I was extremely careful about following all the rules and being considerate in the building I was in. I think longer-term rentals will tend to attract people like that, more than the people who want nothing but a cheap alternative to a hotel.
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Feb 22, 2017 21:37
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I'm writing my thesis paper on this! Also I'm about to take over managing a short term rental. Get a permit and make sure it's legal in your area! In general my family has had better clientele off of VRBO for our ski rentals than AirBNB or Homeaway. It might be a correlation not causation thing but VRBO seems to be less people looking for the cheapest deal and more people looking for a nice place to stay.
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Feb 22, 2017 23:18
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Thanks for sharing. I found a nice video of a guy sharing many details about his short term rentals on YouTube. It's a bit long, but I use the speed up feature to get through it quicker (press shift + open bracket > to speed up, closed bracket < to slow down). https://www.youtube.com/watch?v=22JqHE8gDm0
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Feb 23, 2017 18:45
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Definitely check with your town to see if there are restrictions in place on short-term rentals.maporfic posted:Home owners associations hate them for bringing riffraff to otherwise prim perfect manicured neighborhoods. Oh and local government zoning boards love/hate them because of all the complaints they get allowing them to right even more new zoning rules. I think you're really simplifying the arguments against short term rentals. I live in a Colorado skiing community, and STR definitely have an impact on my town and the neighboring town that actually houses the ski resort. Potential year round residents are getting edged out by folks buying up second or third homes to turn into rental places. Seasonal employees are camping in tents or trailers because people don't want to rent to them when they can make way more catering to vacationers.
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Feb 23, 2017 19:57
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| # ? Apr 23, 2024 16:34 |
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Baronash posted:Definitely check with your town to see if there are restrictions in place on short-term rentals. Baronash posted:Definitely check with your town to see if there are restrictions in place on short-term rentals. Counterpoint is who wants to rent to a bunch of lifties that are going to destroy your house!
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Feb 24, 2017 21:53
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