Today, I’d like to talk about short-term rental properties. There are a few things you
need to know.
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Today, I’d like to talk about short-term rental properties.
You may have heard of companies such as Airbnb or VRBO. These companies and others like them have been revolutionizing the way that rental units can be used. Traditionally, units were rented out for 12-month periods and weren’t pre-furnished.
However, short-term rentals need to be furnished prior to being rented out. Additionally, these units can be rented out for as little as one day.
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You may even choose to rent out your own personal residence. But, there are some things to think about.
Short-term rental companies like Airbnb are revolutionizing the way that rental units can be used.
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If your property is a condo, you must realize that associations often have restrictions on rentals. Single-family homes and multi-unit buildings have more flexibility. Although, the city of Chicago is currently trying to gain more control over these kinds of rentals in general.
There is also the matter of competition. Your main competition would be hotels and other short-term rental properties. If you’re in an area with fewer hotels, you may be in a better position. Features like granite countertops and abundant parking will also work in your favor.
But remember, you will need to clean your property and put in new supplies after each tenant. You will also be responsible for scheduling and booking.
Thankfully, there are things that make this process easier. Most short-term rental companies have apps that you can use. There are also services that can handle the management side of things for you. Booking, cleaning, and supplies can all be handled by a third party.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
