Newport Rhode Island Vacation Rental Management
Income Estimates And Tips To Run a Successful Short Term Rental in Newport, Updated June 2023
There are many advantages to turning your Newport home into a vacation rental. There is no cost to maintain a short-term rental, and you can earn money while enjoying the benefits of passive income. You can rent out your Newport home whenever you want, so you can take time off from work when you need it most. The flexibility of short-term vacation rentals allows you to cater your schedule to the needs of your guests. And it’s important for homeowners to remember that guests will be renting their space, so they should treat the house with care and respect. Not only are there a lot of benefits to renting out your Rhode Island home as a short-term rental, there are also some risks that must be weighed carefully if you decide to go down this route.
When partnering with RedAwning for your property management needs, we can make sure your Newport rental is set up correctly and ready to generate the most amount of revenue possible per stay.
When you are looking to rent out your Newport, RI home as a short-term rental, there are certain things to keep in mind. First, make sure that the property is clean and well-maintained. This is especially important if you have pets or kids. If this is not the case, then it could pose a safety hazard for your renters. Next, consider location. Location matters when it comes to short-term rentals because you want to be close to attractions like beaches and downtown areas. Finally, try to keep the price of your home under $1,000 per night. This will allow you to attract a wide range of guests who may not be spending as much money as those who are staying in more expensive homes.
A large percentage of vacation rental properties in Newport are available for short-term rentals. Whether you’re looking to rent out a home for a few months or just want to make some extra money on the side, short-term rentals can be a good option. When you’re renting out your Newport home as a short-term rental, it’s important to keep in mind some important things: First, make sure you understand the regulations in Rhode Island and any other states where your property is located. Short-term rental regulations vary by state, and each state has its own set of laws and regulations. Make sure you know what is required of you before you put your property up for rent. Second, consider how much time you’re willing to spend taking care of your short-term rental property. Are you able to devote full time to this? If not, it may be better to look into long-term rentals instead. Finally, if it works out well and you want to continue renting the property out on a regular basis, it’s best to get more comfortable with the whole process before diving in head first.
RedAwning takes the guess-work out of Newport property management, and we work with you to ensure your Newport 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 Newport. 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 Rhode Island, check out our other Rhode Island Vacation Rental Management reports in Narragansett, Tiverton, and Cranston, Rhode Island or view all of our vacation rental market reports