Thinking about short-term leasing?
What exactly qualifies as a short-term lease? Well, it’s pretty easy to explain. A short-term lease generally refers to a lease that is either month-to-month, for three months, or anything up to six months. Anything after six months would be considered long-term leasing. That’s for another blog.
But how can you decide if short-term leasing is something you should be doing with your investment property? Short-term leasing is generally appealing to renters that might be in the area for work. They know they will be living here temporarily, and hotel living isn’t something they want or can do. The short-term lease option might also be appealing to someone who plans to buy a home but needs time to prepare for that purchase. It also will find some that are simply trying to get to know the area and are unsure where they want to live.
We will share some perks of the short-term lease today in hoping that this will answer some questions to help you decide if it’s for you.
A Short-term lease offers a lot of flexibility to the renter. Most of the time, you will find thirty (30) days notice is required to vacate. Therefore, if someone is looking to purchase a home and must move quickly due to the market, it’s a quick out for them.
A short-term lease as a property owner allows you to offer things with your home and even increase the rent. Considering who is generally your ideal market for short-term leases, you will find that most might need furnished homes. Depending on why they are in the area, you will find that most people would find it ideal not to have to move large items. Things such as couches and beds and kitchen tables are more sought out for furnished homes.
Greater Income Potential
With the current market, short-term lease homes may give you the availability to increase the rent as the market sees fit. You also want to keep in mind the location of your rental home. If your home is located in a climate that offers extracurricular activities such as the beach, skiing, or a sought-after travel feature, you could charge more for your rental if it will be in high demand during the peak times of years. These can be seen as vacation rental homes.
As you navigate your best options for your rental property, know that we are here to answer any questions. We can help you decide what would be the best choice for your investment property. Being a landlord isn’t something everyone is experienced with, and it just so happens that this is our specialty. If you are looking to find out what your home could potentially rent for, visit us HERE. You can also see current rentals available HERE.