New Mexico Vacation Rental Management & Short Term Property Manager Tips & Trends
Revenue Expectations for Your Short Term Rental Property In 2023
Short-term vacation rental (STRV) has been on the rise in New Mexico over the past few years. STRVs are vacation rentals that are available for less than 60 days at a time. This type of rental is popular among travelers who want to rent out their home while they are away on vacation. There are a number of advantages to using STRVs, including the ability to get more money per night, lower costs, and flexibility. The downside to STRVs is that they can be disruptive during peak season and require ongoing maintenance. While STRVs are still relatively new in New Mexico, there has been steady growth over the past few years. In 2017, there were 37 STRV businesses operating in the state, an increase from 31 businesses in 2016. In addition there were more than 1,000 STRV properties available for booking online. Overall, short-term vacation rentals are a growing trend in New Mexico. Stay tuned for future updates as this industry continues to develop.
Short-term vacation rental (STRV) refers to the practice of renting a property for less than one year. STRVs are an attractive alternative to long-term property rentals because they offer flexibility and value. For instance, renters can easily move into a STRV when they need more space or if their home is damaged by a natural disaster. Moreover, STRVs are often cheaper than traditional long-term rentals. In addition, STRVs provide local economic benefits because they create jobs and boost tax revenue. Despite these advantages, STRV growth has been slow in New Mexico due to several factors. First, low housing affordability is making it difficult for many people to afford STRVs. Second, the state’s short-term rental regulations have limited access to STRVs. Finally, a shortage of STRV supply could dampen demand in the future if current trends continue. If these challenges are addressed, then there is potential for growth in New Mexico’s short-term vacation rental market.
Short-term vacation rentals (also known as VRBO) are an attractive option for those looking to save money on their next trip. While these homes aren't the best option for families or long-term guests, they're perfect for anyone who needs a place to stay for one to three nights. To explore this concept further, be sure to read on.