Short term rentals are properties ready for rent by travelers that stay only for a short while in the area. Check this article about Which are the vacation property types people look for to rent for their holiday.
Also called vacation rentals, the owners rent out their properties on a nightly or weekly basis to people who are searching for and book accommodations. Read here how easy it is to create your vacation website.
The offer is listed on Airbnb or other home sharing platforms and online community marketplaces, including your rental website if you wish.
This is a growing real estate market mainly due to the privacy and space a short-term rental offers to tenants.
It has enabled traveling and enjoying other cultures at an unprecedented level. The rent fee is generally lower than a hotel fee thus encouraging visitors mobility and the rapid growth of tourism.
If you have a property that you are not using, you can get into one of the hottest segments in real estate and benefit from your house.
As an owner of a vacation home, you will need a short-term rental license to be able to rent it out. You might also be required to prove that you are not using your primary dwelling house for rent.
LICENSING AND REGULATIONS
As an owner of a vacation home, you will need a short-term rental license to be able to rent it out. You might also be required to prove that you are not using your primary dwelling house for rent.
Local authorities set regulations for short-term rentals that ensure the owners comply with safety standards. A renting license reassures your guest that he will be safe in your home.
The property owner should be able to provide copies after licenses and permits to maintain business. These documents must be up-to-date with the latest set of rules for short-term rentals.
In some cities, short-term rentals are not legal in any shape or form. Check the legal areas for this business based on your location with local authorities.
MANAGING YOUR SHORT TERM RENTAL
If you want to make a profit out of your second apartment or a vacation house best idea is to work with a short-term rental management firm to help you rent and advertise.
A side tip, create a rental blog and write about your property, your location and activities to attract new customers without having to pay for extra marketing services.
If you already manage multiple properties, this is already known to you. Rental management ensures that the property is being rented without many gaps and that all works smoothly.
The company is an intermediary between you and your guests that look for accommodations on vacation rental listing sites. If you are new to the business is best to let a professional find good guests that will enjoy their stay in your space.
INSURANCE FOR SHORT TERM RENTAL
The vacation rental insurance is an important step to make before renting out your property. It covers not only the possible property damages but also the accidents that the guest might suffer while staying there.
The homeowner policy usually covers the costs of damages caused by tenants, but it might not include clauses in the guest’s benefit.
In this case, the property owner could direct the guest to the insurance company to sign for travel insurance. In either case, it is mandatory that everyone is covered with the right type of insurance.
