Philadelphia Pennsylvania Vacation Rental Management
Income Estimates And Tips To Run a Successful Short Term Rental in Philadelphia, Updated March 2023
Short-term rental (STR) season is in full swing, and we’re seeing positive year-over-year growth. There are some common trends that travelers are noticing when they book a STR: There’s a growing number of Airbnb hosts in the city who are welcoming visitors to stay in their homes. This means that you have an excellent opportunity to earn extra income if you have a spare room to rent out for the summer or fall. The number of visitors coming to Philadelphia continues to grow. People can choose from many different types of accommodations for their vacation. They want to be able to choose from a wide range of options. This includes neighborhoods and price ranges.
When partnering with RedAwning for your property management needs, we can make sure your Philadelphia rental is set up correctly and ready to generate the most amount of revenue possible per stay.
Location, Location, Location! Great location, Walk to Drexel University, and University of Pennsylvania. Minutes to Center City and Philadelphia Art Museum. Very Close to all University Hospitals, everything you need is just steps from front door. You can't beat this location.
PLUS - the house is fantastic! Practically brand new and with two outdoor spaces (including rooftop access) this 6 bedroom home has room for everyone and space to spare. The fully equipped... Read More
This Philadelphia vacation home is presented on every travel website, where travelers are looking to book accommodations (Airbnb, VRBO, Expedia, Google Travel, and hundreds more). And, with RedAwning's dynamic pricing, daily rates are adjusted based on seasonality and demand in Philadelphia.
Positive vacation rental trends in Philadelphia include: In 2016, short-term rentals of homes in Philadelphia made up less than 1 percent of the total number of overnight stays in the city. Today, that number is more like 4 percent. Moreover, short-term rentals make up a significant portion of this growth. The rise of short-term rentals has been driven by several factors, including increased demand for affordable housing; the fact that Airbnb and other home-sharing platforms offer a convenient alternative to traditional hotels; and the fact that people like to try out new places without committing to long-term leases or big financial commitments. Of course, there are some drawbacks to renting out your home as a short-term rental. One of the most obvious is that you could end up losing money if your guests don't pay you on time or if they damage your property while they're staying there.
When it comes to choosing the right vacation rental for your next time away, there are a few important things to consider. While a short-term rental is a great option if you’re looking to make some extra cash, it’s important to do your research and find an Airbnb property that fits your needs. One of the biggest considerations is location. If you plan on renting out your Philadelphia home as a short-term rental, it’s important to find an area that’s convenient for guests to get around. This can be especially important if you have young children who may be unfamiliar with the area or don’t know how to navigate public transportation. Another thing to keep in mind is what amenities you need in your short-term rental. If you want guests to have access to a kitchen or bathroom, make sure those are included in the property‘s price.
RedAwning takes the guess-work out of Philadelphia property management, and we work with you to ensure your Philadelphia short-term rental is set up perfectly to attract guests and maximize your rental revenue, from day-one.
Note: These averages are based on a 2 bedroom home in Philadelphia. 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 Pennsylvania, check out our other Pennsylvania Vacation Rental Management reports in Gettysburg, Harrisburg, Hershey, Pittsburgh, Pocono Lake, Blue Bell, Palmyra, Lake Harmony, Long Pond, Tobyhanna, and Norristown, Pennsylvania or view all of our vacation rental market reports