Georgia Vacation Rental Management & Short Term Property Manager Tips & Trends
Revenue Expectations for Your Short Term Rental Property In 2024
Short-term vacation rental sites are a relatively new phenomenon in the rental market. These sites allow people to rent out their homes or rooms for short periods of time, usually between one and three days. The concept came about because of the rise of short-term rentals like Airbnb. While these sites have many benefits, they also come with some challenges. First of challenges include the need to comply with local regulations and taxes - which can be costly. Second, there is the potential for the properties to be damaged or destroyed while they are rented out. And third, short-term vacation rentals can create conflicts between long-term renters and hosts who use them on a regular basis. Despite these challenges, short-term vacation rentals are still growing in popularity. In fact, according to data from JLL, short-term vacation rentals were responsible for nine percent of all U.S. residential property transactions in 2017, up from just 0.7 percent in 2016.
Short-term vacation rental (STRV) is a real estate term that refers to housing units that are offered as short-term rentals by landlords and property managers. STRVs can include both residential and commercial properties ranging from single-family homes to apartments and entire villas. They can be found in most U.S. cities, including major coastal metropolises such as New York City, Los Angeles, San Francisco, and Miami. In addition to offering travelers the chance to save money on lodging expenses, STRVs offer property owners the opportunity to earn additional income by renting out space in their homes or businesses. Today, the STRV industry is booming throughout the United States with a total of around one million STRVs available for rent in 2016. The primary drivers of this growth are technology and millennials who have become less inclined to own property due to skyrocketing housing costs and cramped living spaces. Another factor fueling the STRV boom is the emergence of short-term housing rentals on sites like Airbnb which allows visitors to rent accommodations for periods of less than 30 days at a time.
Short-term vacation rentals (STRVs) are typically second homes, vacation rentals and vacation apartments. As the popularity of Airbnb has risen, so too has the number of STRVs available on the platform. STRVs vary widely in size, amenities and location. However, they are all designed to provide an affordable alternative to traditional accommodations by renting out a private home or apartment while its owner is away. While there are many benefits to using an STRV, including flexibility and affordability, there are also some important considerations to keep in mind before signing up. First and foremost, make sure that you understand the short-term rental laws in your area. This includes setting limits on the days of the week that you can rent out your property, as well as any other restrictions that may apply. Next, make sure that you have a thorough cleaning checklist ready before you leave so that you can take care of any last-minute details after you get back home. Finally, make sure that you have all relevant paperwork in order before you leave so that you don’t have any issues when you return.