Five Things to Consider Before Turning your Apartment into a Short Term Rental
If you’re like many people, you’ve been following the short-term rental trend with a lot of interest. After all, many landlords are making substantially more money by renting out their homes and apartments on a temporary basis than they would if they were long-term rentals. However, this route isn’t for everyone — it’s got it’s drawbacks as well as advantages. Before you make the decision to turn your apartment into a short-term rental, ask yourself the following five questions.
Is There a Need for Short-Term Rentals in Your Area?
If your property resides in a bustling part of the Greater Metropolitan Boston Area, you maybe able to turn your traditionally leased apartment(s) into short-term rental(s) that could prove to be quite lucrative. You must first be aware of the local ordinances because there has been some steps to ban or limit Short Term Rentals in some parts of Greater Boston. However, some communities actually welcome Short Term Rentals because hotel rates are often astronomical and are often at full capacity. If you live near a local hospital, you may be able to find short-term tenants among traveling medical professionals. Properties located within close distance of all-purpose sporting arenas are also good bets for establishing and maintaining short-term rentals.
Is Your Apartment Accessible to Local Amenities?
Walkability is very desirable in short-term rentals. Available local amenities will probably be more important to tenants who aren’t in a rental for the long haul. For instance, people on vacation tend to be more interested in going out to local restaurants and visiting points of interest than permanent residents if your property is situated in a tourist hot spot. It also helps to be situated in an attractive neighborhood.
Is Your Apartment Easy to Find?
Short-term tenants like rentals that are easy to find. Even if you’re located in a picturesque coastal community or otherwise situated off the beaten track in a location that’s attractive to nature lovers, long, complicated directions may cause many prospective renters to consider other options. It really helps if your place isn’t far from a major thoroughfare rather than tucked away in a complex suburban maze.
Are You Flexible?
Flexibility is an important component in being a successful landlord of a short-term rental. You may be called upon in the middle of the night to fix a clogged sink or reset a router if the internet goes out. Many people who operate short-term apartment rentals on a small scale find it cost effective to handle the cleaning themselves because it’s more cost effective that way. Even if you decide to hire someone to take care of the cleaning, you’ll still be the one responsible for making sure that everything’s good to go when new tenants arrive. If your cleaner somehow lets you down, you’ll have to be able to pick up the slack on short notice.
Are You Customer Service Oriented?
Short-term rental bookings are often largely dependent on online reviews, and good reviews are typically generated by careful attention to detail. Little things like having the rental stocked with basics such as coffee and juice go a long way toward generating goodwill among temporary tenants. Keep in mind that the appeal of short-term apartment rentals is that they generally offer amenities and ambiance not typically found in generic hotel rooms. You’ll also need to establish clear rules for tenants and make sure your insurance provides adequate coverage. It’s also essential that you familiarize yourself with applicable local regulations concerning short-term rentals.
Property owners often rely on professional property management companies to meet their short-term rental needs. Please feel free to contact us at your convenience if you’d like more information on turning your apartment into a short-term rental.