Rapid City South Dakota Vacation Rental Report
Success Stories & Vacation Rental Trends, Updated October 2022
As a rental property owner, you have many options for short-term rental income. Short-term rentals are ideal for owners who want to earn extra income or have family members or friends visit for a short time. If you’re looking for something different from your standard vacation rental, short-term rental properties can offer a unique experience. While there are many benefits of short-term rentals, there are also some negative trends that need to be addressed. One of the biggest concerns is the impact it has on the local housing market. Short-term rentals can cause a shortage of available housing, which can drive up rents and home prices. As an owner, you need to be aware of this so you can make informed decisions about whether or not it’s right for your situation.
When you start thinking about going on vacation, one of the first things that comes to mind is where you will stay. While it may be tempting to choose a hotel or resort that is close to the beach or other attractions, one of the best ways to save money and have a great time is by renting out your home while you are away. If you are looking for a place to stay in Rapid City, South Dakota, there are a number of benefits to choosing a short-term rental property over a hotel room. First, you can save money by renting out a part of your home rather than an entire room. Second, you can meet new people and make new friends while staying in someone's home rather than a hotel. And third, you can enjoy the comforts of your own home without having to pack and unpack every day.
If you're looking for ways to make money from your Rapid City vacation home, short-term rentals are an increasingly popular option. While the practice is not necessarily illegal, according to the National Association of Realtors, there are a few things you should keep in mind before putting your home on the rental market. A short-term rental must be used as a primary residence and rented at least 90 days per year. The property must also have at least three bedrooms and two bathrooms. Your home must also be in good shape and well-maintained — anything less could lead to issues with Airbnb's hosts or prospective renters. If you choose to go this route, make sure to rent only to people who intend to stay for an extended period of time; otherwise, you may risk getting into trouble with the tax man.
Note: These averages are based on a 2 bedroom home in Rapid City. 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 South Dakota, check out our other South Dakota Vacation Rental Management reports in Sioux Falls, Newcastle, Sturgis, Deadwood, Silver City, Hill City, and Crazy Horse, South Dakota or view all of our vacation rental market reports