4 ms·
Are we talking long term rentals or short term rentals? They are both different animals. Long term rentals have less issues. I'd say venting tenants if you a
by FlopV 9y ago
Are we talking long term rentals or short term rentals? They are both different animals.
Long term rentals have less issues. I'd say venting tenants if you are doing it yourself can be tough, although you can work with an agent if you choose.
Dealing with issues that are small, but need to be done, for example, dealing with a clogged drain, or dealing with a broken toilet in the middle of the night, are tough to manage. You can call a plumber, but prepared to spend a lot of money for something that can be done yourself without much trouble.
Short term rentals the biggest issues I've seen is the check in/check out process, cleaning, and being able to adjust to client expecations.
Some renters will have issues finding the location for a variety of reasons despite providing directions. This goes for finding wifi passwords, not knowing how or when to checkout, etc. Being there helps enforce these policies and deal with these small matters.
As others have said, prepping the unit with consistent quality can be tough as finding reliable staff isn't easy and their is high turnover.
For some context, my short term rentals are in the Caribbean, my long term rentals in the states.
- charlesdm 9y agoHow are your returns in the Carribean vs the US? In some cities, short term rentals in particular can offer great returns, but definitely not always the case.
- FlopV 9y agoI don't have a years worth of data to compare just yet. During tourist season, it's obviously more than what I could get than long term. This is about 2.5x as much profit than the long term, but during slow season, it's breaking even what a long term tenant would be in there for. I'd also need to account for renting it for free to friends and family. I agree that short term in other US cities would be great, where my other properties are, I don't think I'd get much value out of it, especially when I'm usually in the USVI myself.