Cleveland Ohio Vacation Rental Report
Success Stories & Vacation Rental Trends, Updated September 2022
If you’re thinking about renting out your Cleveland home as a short-term rental, there are a few things to keep in mind. First of all, it’s important to understand that short-term rentals are not the same thing as Airbnb. Airbnb is a global marketplace where people can book accommodations with other hosts and guests. Short-term rentals are more likely to be businesses renting out their entire home while they’re gone for a few weeks or months. Another thing to keep in mind is that short-term rental regulations vary by city. In some cities, short-term rental licenses are required; in others, they are not. It’s best to contact your local municipality for more details about the rules surrounding short-term rentals before making your decision.
Short-term rental success has many factors, but a general good rule of thumb is to rent homes that are located in desirable neighborhoods. Cleveland is seeing a rise in short-term rental success thanks to its proximity to major cities such as Chicago and Detroit. These cities are drawing tourists from all over the world to spend their money in the city, which means there are more people willing to pay top dollar for local Cleveland rentals. Another factor that can help your short-term rental success is having a good property management company on your side. They can assist you with renter screening, monitoring and maintenance of your home, as well as marketing and advertising opportunities when it comes time to put your home up for rent.
When it comes to vacationing in Cleveland, you might think that you need to stay in a hotel or other more expensive accommodation. But that’s not always the case. In fact, there are plenty of rental options available to meet all kinds of vacation needs and budgets. If you’re looking for a place to stay that’s close to the city center, consider renting an apartment or condo instead of a traditional hotel room. If you have kids, consider renting out a house so everyone can enjoy some time away together. And if you’re looking for a space that’s perfect for groups of friends or family, then a vacation rental is a great option. It’s also worth considering whether you want to rent out your home or whether you could rent out just part of your home when you don’t need it for yourself. Either way, there are tons of ways to get the most out of your short-term rental experience in Cleveland!
Note: These averages are based on a 2 bedroom home in Cleveland. If you'd like to find out how much revenue your home could make by providing the number of bedrooms and specifics about your vacation rental, please try our free vacation rental calculator and/or speak with one of our vacation rental experts about your vacation home, condo or unique vacation rental experience.
If you are a speculative home buyer or have another home in Ohio, check out our other Ohio Vacation Rental Management reports in Cincinnati, Columbus, and Logan, Ohio or view all of our vacation rental market reports