Madison Wisconsin Vacation Rental Management
Income Estimates And Tips To Run a Successful Short Term Rental in Madison, Updated January 2023
You might be surprised to hear that Madison is one of the most popular places for short-term renting in the United States. The city is home to a large number of affordable vacation rental properties and Madison has a wide range of attractions to offer visitors, including beautiful lakes, parks and hiking trails. There are also plenty of fun things to discover off the beaten track in Madison, such as local wineries, breweries and arts centres. There’s also plenty to do during the day if you prefer to relax indoors, with cafés and yoga studios available across the city. The cost of living in Madison is reasonable, with accommodation typically costing between $100 and $150 per night. The average daily rate for short-term renting in Madison is around $50. You can also save on food costs by cooking meals yourself instead of eating out every day. All in all, there are plenty of reasons why you might want to consider renting out your house for short-term rentals when you visit Madison.
When partnering with RedAwning for your property management needs, we can make sure your Madison rental is set up correctly and ready to generate the most amount of revenue possible per stay.
One of the best things about renting out your Madison home as a short-term rental is that you can be your own boss. After all, you are in control of when and how you want to run the property. You can decide when to take the summer off from work or simply turn it into an office during the week. Another benefit of short-term rentals is that you can enjoy the benefits of a vacation home without taking on all of the responsibilities. When you rent out your Madison house as a short-term rental, you can leave most of the maintenance to other people (and get some much-needed R&R). When you rent out your Madison home as a short-term rental, you can also save some money. You will typically be able to keep all of the revenue generated by renting out your property, so you will end up making money even if it’s just for a few days.
Positive vacation rental trends in Madison, Wisconsin when you considering renting out your Madison home as a short-term rental include: There is steady growth in the number of Madison vacation rentals. The city’s hotels are filled to capacity during the busy summer months, so many homeowners turn to Airbnb and VRBO to make some extra money. While this is good news for travelers looking for accommodations close to downtown Madison, it can also be bad news for homeowners who lose money by renting out their house as an Airbnb instead of staying in it themselves. When you rent out your Madison home on a short-term basis, there is no guarantee that you will be able to return after the summer. You could be forced to spend the winter months living elsewhere or find yourself stuck with high mortgage payments if Airbnb takes longer than expected to recover its costs.
RedAwning takes the guess-work out of Madison property management, and we work with you to ensure your Madison 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 Madison. 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 Wisconsin, check out our other Wisconsin Vacation Rental Management reports in Green Bay, Kohler, Milwaukee, Sturgeon Bay, Kenosha, Racine, Cable, Birchwood, Hayward, Fort Atkinson, Mountain, Arkdale, Clam Lake, Rice Lake, Wauwatosa, Winter, Oshkosh, Shawano, Ashwaubenon, Wausaukee, Bellevue, and Allouez, Wisconsin or view all of our vacation rental market reports