Demystify the short-term rental market
Short-term rentals top of mind? If not, maybe they should be. With the demand higher than ever and projected to increase, 2023 might be the right time for you to try on a short-term rental. According to the VRBO 2022 Trend Report the demand for short term rentals was continuing on an upward trend post-pandemic recovery. And through 2023, short term rentals are forecasted to have reestablished their spot on the more profitable end of rental strategies, when compared to traditional rental homes.
With VRBO and AirBNB, tools are at an owner’s fingertips to not only find potential renters for their home, but the platforms also offer a variety of perks for owners listing their properties. Sound good? There’s more!
An October article from Think Realty expects the short-term rental industry to:
- Continue to grow
- Have increased demand in rural markets
- Show increased demand for long-term AirBNB rentals
- See increased technologies for investors to better track their rentals
A few additional considerations?
- Say yes to pets: In a recent survey, VRBO saw a 40% increase in the rental site’s overall demand for pet-friendly vacation homes.
- Make it family-friendly. We’re talking bunk beds, video gaming consoles, bikes – all the things kids love.
- Think on the longer side of short-term. With more people adapting to a flexible work schedule, markets everywhere are seeing an uptick in long-term rental stays.
- With areas like Dallas and Fort Worth, as well as closer to home in Denton and Flower Mound- the need for long-term, rental housing has increased to provide comfortable options to both the corporate and medical professionals coming to the area.
Wondering which U.S. destinations are leading the pack in the short-term rental market? According to an analysis of Airbnb and VRBO data, here are the markets with the highest potential profits:
- Maui, Hawaii – $375 average daily rate
- Kenai Peninsula, Alaska – $262 average daily rate
- Chattanooga, Tennessee – $180 average daily rate
- Gulfport/Biloxi, Mississippi – $196 average daily rate
- Slidell, Louisiana – $339 average daily rate
- Crystal River, Florida – $221 average daily rate
- Joshua Tree, California – $327 average daily rate
Want to have a sit down about what it takes and what you’ll need to jump into the short-term market? Give Seay Realty Group a call or text, and let’s find a time that works. Our team is experienced in the short-term and traditional rental markets, and can help answer your tough questions about passive income and entering the rental market as a homeowner.
