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Holidaymakers have more choice these days. Websites like Airbnb, HomeAway (others) give them quick and convenient access to more than hotel rooms, motel and caravan parks.
Many holiday and business travellers prefer to stay in homes rather than rooms, and that means the economics of renting your properties for short-term stays rather than permeant rentals have changed because now, people can easily book your property on a whim at any time of the year.
There are many factors to weigh up when deciding if short-term or long-term rental is best for your property and your particular situation. For example, if your property is geared, then the certainty of fixed rental incomes may be vitally important to you. Here are some of the advantages of short-term holiday rentals for suitable properties.
Not all areas are desirable holiday destinations and not all homes are ideal for short-term rental. Here are some thoughts on what makes a successful holiday rental property.
If you already own a holiday home for your use, then listing the property as a rental can help you tap into the Australian market where nearly three-quarters of a million people per month are looking for a place to holiday.
A report in the Australian in January 2018, put Airbnb’s short-term rental revenues at $978 million. This is a rise of 60% from the previous year. Many more sites offer similar booking facilities.
Airbnb had a remarkable 4000% growth in customers using the its services over the previous five years. For Airbnb alone, 6.6 million visitors used its short-term booking facilities.
How is this growth possible? Holiday makers enjoy staying in homes and see massive cost saving compared to staying with their family in expensive hotels.
Holiday rentals for the owner, is a great way to turn the cost of owning your own holiday home into a long-term profit and get other to help you with maintenance costs and upgrade to the interior and exterior of the property for you to enjoy as well.
The short answer is yes . . . no . . . maybe!
Successful holiday rental owners treat it as a separate business with all that entails.
But don’t stop reading!
If you like dealing with the minutia of running a holiday business, then doing it yourself is an option, but if you don’t, then choose a great manager with the local knowledge and property rental experience. Let them take on all the worries and do it for you. For example Coast and Country Holidays has been operating continuously in the NSW south coast since 1985.
If you are considering how best to generate revenue from your holiday home or investment property, talk to us. We can offer you an obligation free consultation on the pros and cons of holiday rental vs long-term rental for your property.
Or, if you want to do a quick comparison yourself, we have an online calculator that will allow you to see for yourself the financial comparisons between short-term and long-term rentals.