Everything you need to know about short-term rentals
ButterflyMX
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The increased flexibility that came from the COVID-19 pandemic has caused a surge in demand for short-term rentals to support tourism and digital nomads.
Read on to learn everything you need to know if you want to start offering short-term leases at your multifamily property.
Benefits of short-term rental investments & their impact on multifamily
The 2020s have changed the way people live, work, and travel. After a year or so of staying home, Americans slowly started to venture out again and took those long-awaited vacations. But instead of booking hotels or motels, many folks opted for short-term rentals instead. Plus, as many Americans transitioned to remote work, they soon realized the appeal of a more nomadic lifestyle. So, more and more people are turning to short-stay properties through platforms like Airbnb and Vrbo.
As a real estate professional, you might want to learn more about short-term rental investments. Perhaps you’re a property developer or investor searching for a new project or a property manager hoping to lower vacancy rates. Read on to learn more about short-term rentals, how investing in them impacts the multifamily industry, and why proptech is an integral part of successfully investing in short-term rentals.
Opening the door to short-term rental investing
“Short-term rentals are one of the fastest-growing commercial real estate sectors, valued at $1.8 trillion.?
As investors look for more stable and secure assets after the global pandemic, short-term rentals offer significant upsides. This is particularly true in high-demand tourism markets like Southern California and other coastal regions.?
Now, some of the biggest names in commercial real estate are chasing the alternative asset to increase cash flow and diversify their portfolio, turning short-term rentals into long-term investments.”
Short-term rental property management tips & tricks you need to know
From vacationers to digital nomads, the demand for furnished short-term rentals continues to grow. These days, many people working remotely need a place to stay month-to-month or for just a few weeks. The short-term rental market is a great opportunity to fill units in your apartment building and open an additional revenue stream.
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With the right approach — and by following the tips in this post — managing and marketing short-term rentals can be extremely lucrative. This guide will help you understand short-term rental property management so you can decide if it’s right for you and learn how to deliver the best experience for short-term renters.
Here’s why institutional investors are turning to short-term rentals for growth
“Real estate investing has reached a turning point. High interest rates, spiking real estate prices and a lack of available inventory have cooled a once-robust traditional housing market.?
Now, first-time home buyers find affordable homes scarce, and would-be sellers are increasingly choosing to stay put rather than take on high-interest mortgages.
Post-pandemic behavioral shifts in how people work and live have created a need for more flexible housing options.”
Why the apartment sharing trend is rising & how to adopt it
Over the past decade, the emerging “sharing economy” has disrupted almost all industries, from rideshares to coworking spaces. Part of this trend is apartment sharing, a direct exchange where a resident allows somebody to stay in their unit for a short-term for a profit.
Apartment sharing is different from hotels and other lodging services in that it allows for direct exchange between two consumers with a limited need for an intermediary. Platforms such as Airbnb and Homeaway allow people to list their apartments for rent on mobile apps. The home-sharing app will receive a small fee.
Read on to discover how the apartment sharing trend started, its benefits, and its impact on the real estate industry.?
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Next Trend Realty LLC./wwwHar.com/Chester-Swanson/agent_cbswan
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