The rise of short-term rental services makes a beneficial venture for real estate investors. It also allows people to steer clear from booking places and live in rental apartments instead. If you are considering stepping up your game as a real estate investor, then, you should consider integrating short-term rentals to your services.
Deciding to invest in a short-term rental property requires a real estate investor to choose an ideal location that would appeal to most tenants or, anyone looking for a rental apartment. Also, they can benefit as follows:
1. The short-term rental market is growing rapidly
The short-term rental market is growing at an exponential rate, and it makes a considerable alternative for the long-term rental market. Most vacationers and travellers are looking for short-term housing solutions, rather than staying in a hotel. It provides property owners to expand their market to anyone looking for a short residence, which is a lucrative opportunity for them.
Short-term rentals are affordable in comparison to living in other places, and the residents experience a practical and comfortable stay at a luxury apartment, which is a bonus point for landlords.
2. Short-term rentals are lucrative than long-term rentals
As mentioned previously, short-term rentals make a more lucrative and profitable venture for long-term rentals. People are considering a temporary residence in case of moving to a new city or, during a home renovation project, and living in a short-term apartment makes a better option for them.
Staying in a hotel for a few days could be costly for anyone, and they would have to arrange for amenities to facilitate their stay at a hotel. Instead, they could stay at a rental house for a few days, pay the rent, and move back when it is time.
3. Short-term rental properties come in various size and price points
Short rental properties differ in terms of sizes and price points, which allows the landlords to advertise their property to a prospective tenant easily. On the contrary, a tenant can look for a rental property within its price range, without having to pay a higher cost. It’s a win-win situation for both parties!
4. You will have your own vacation home
One of the top perks of having a short-rental property at your name is that you can spend your vacation at one of your luxury apartments. You will have access to top-notch facilities as well as you will get to feel your guests’ experience personally. Also, if there is any missing element in your apartment, you can modify it to improve the experience of your next guest.
5. Become a part of a growing community
Morton Place specialises in investing and developing commercial and residential properties for its broad base of clients. It is continuously taking several projects under its wings for growing its portfolio. If you are considering owning a short-term rental property, you should reach out to Morton Place to become a part of the company’s growth and nurturing community. You will experience several lucrative perks as well as a career boost in the long run, and it would provide you with the opportunity to expand your property’s portfolio as well.