Turning City Apartments into Trendy Vacation Rentals
Thinking about an escape? Have you ever considered renting a condo or apartment for a vacation? This growing trend is offering unique options to travelers and a lucrative opportunity for property owners to capitalize on the style or location of a rental unit. The idea of renting a cabin, cottage or chalet has been common to those looking for a larger and more equipped place to stay while they travel. Now some areas that are starting to convert long term rentals into short term vacation accommodations. A downtown condo or trendy basement apartment can be excellent alternatives for tourists or those in town on business. Carol Lloyd of the San Francisco Chronicle reports that many of these units can fetch as much in a week as a long term rental can in a month.
There are several things to consider when looking at turning your property into a short-term rental. Apartments need to be furnished often with higher end items and appliances. Linens, dishes and general supplies will need to be stocked and maintained. A cleaning service will be needed and time will be spent booking the stays. Don’t forget about insurance coverage as alterations to your policy will likely need to be made.
Is it worth it to purchase a condo or house strictly to use it as a vacation rental? It depends on the situation but most of these units are used regularly by the owner and only rented out between owner visits. If the unit is only available for seasonal use, you will want to find out if the season’s income will be enough to manage expenses year round such as taxes, utilities etc.
So whether you have a house in the country or a city penthouse, renting the space while you are away can be a great way to offset the property’s expenses. The option also supports local tourism by inviting guests to experience all that your area has to offer.
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