Morgantown West Virginia Vacation Rental Management
Income Estimates And Tips To Run a Successful Short Term Rental in Morgantown, Updated January 2023
If you’re considering renter’s insurance, it’s important to know how much coverage you need and what type of coverage is best suited for your vacation home. To help home owners understand the need for renter’s insurance, the National Association of Insurance Commissioners (NAIC) released a report in 2016 that included a variety of statistics about renters and their experiences. According to the NAIC, more than 60% of renters have experienced a property loss or damage at least once before. More than half of renters surveyed between the ages of 35 and 44 reported having experienced at least one property loss. And nearly 60% of renters surveyed reported having experienced damage to their property as a result of an intruder or an animal. Based on these statistics, it can be easy to see why so many home owners choose to purchase renter’s insurance.
When partnering with RedAwning for your property management needs, we can make sure your Morgantown rental is set up correctly and ready to generate the most amount of revenue possible per stay.
Positive vacation rental trends in Morgantown, West Virginia when you considering renting out your Morgantown home as a short-term rental are: 1. Morgantown is a popular destination for students, families and retirees. 2. Hostels and bed and breakfasts are available in the town. 3. The local parks and attractions make it easy to spend time outdoors while you’re on vacation. 4. You won’t have to worry about housekeeping or maintenance while you’re away.
The interest in short-term rentals has been on the rise for a number of reasons. These rentals offer travelers some of the best accommodations at some of the lowest costs. At the same time, homeowners are able to earn additional income from their properties by renting them out during peak season. In addition, these rentals can be used as an opportunity to increase rental exposure. There are several things you can do to ensure that your short-term rental property is a success. One of the most important is to research the demand for short-term rentals in your area. This will help you determine which type of property is most likely to succeed. Another important step is to make sure that you have all of the appropriate licensing, insurance and other paperwork in place before you start renting out your home.
RedAwning takes the guess-work out of Morgantown property management, and we work with you to ensure your Morgantown 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 Morgantown. 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 West Virginia, check out our other West Virginia Vacation Rental Management reports in Charleston, and Wheeling, West Virginia or view all of our vacation rental market reports