COVID and all of its impacts has catapulted us into a new era; an era where the word “home” takes on a much more flexible meaning, and where the opportunities to maximize equity on one’s home are near endless. Traditionally, the only outlet to cash in your chips on your home was to sell. While that’s still an option, it is far from the only one. For owners looking to realize immediate gains on their property or portfolio without selling, look no further than short-term rentals.
While Airbnb has been a household name for far longer than COVID-19 has been, the recent pandemic has catapulted short-term, flexible stays into the spotlight in a way they had not previously been. With offices closing and meeting rooms turning to Zoom rooms, young professionals, families, and everything in between were given the opportunity to live life nomadically, in none other than short-term rentals. With this heightened demand comes a need for massive supply, and lucrative benefits for savvy investors who move into this space.
Now, it may seem overwhelming to break into this space, but in reality, the industry itself makes it quite approachable. Given the diverse types of stays hosted on platforms like Airbnb — everything from a shared space, a single-family home for rent, a unit in a multi-family home, and more — all it takes is an address and a bit of extra space to start seeing discretionary income flow in from your existing home investment. An address, a bit of extra space, and due diligence, of course.
Proper market research and due diligence is necessary to ensure you’re pricing yourself competitively and offering on-par amenities to compete with nearby stays. Of course, savvy property managers help with this, too. Tools, like our very own Insights tool, help you as a homeowner and investor know what to expect and how to strategize accordingly. We believe data is power, and Insights is quite a powerful tool.
Equipped with data and natural supply, existing homeowners are in a unique position to capitalize on the booming demand for short-term rentals by sharing part of their home, or other properties in their portfolio, with captive and engaged travelers with minimal investment or effort.
If you’re interested in reading more about this topic, we talk about it in-depth here with our friends at Just Luxe. Happy reading!
Interested in chatting with us to see how your current address could become a money-making short-term rental? Drop us your details below.
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