There are several different types of short-term rentals in the United States. The most common type of rental is the vacation rental, typically rented for a week or two at a time. There are also shorter-term rentals, such as those rented for a weekend or even just a few nights. These rentals are often used by people who are travelling for business or pleasure and need a place to stay for a short period.
Another type of short-term rental is the month-to-month lease. This type of rental is typically used by people looking for a more flexible arrangement than what is offered with a traditional lease. Month-to-month leases can be found in furnished and unfurnished apartments and can be an excellent option for those looking for a place to live but don’t want to commit to a long-term lease.
Short-term rentals are pretty common to those with different properties in the United States. Regardless of the type of short-term rental you have in mind, this model is known to fit into people’s lifestyles because it doesn’t require as much work as being a landlord. Here are ways to turn your extra property into a short-term rental space.
Choose Your Rental Type
Once you’ve decided on a platform, the next step is to determine what type of rental you want. We’ve already discussed the different types of rentals for people, so choose which ones fit your lifestyle.
However, if you’re looking for a more hands-off approach, a vacation rental might be the best option. With a vacation rental, guests typically stay for a week or two. This type of rental is perfect for those who don’t want to deal with the day-to-day responsibilities of being a landlord.
Sign-up For a Platform
There are a number of different platforms that you can use to list your short-term rental. The most popular platform for vacation rentals is Airbnb. Airbnb is an online marketplace that connects people who need a place to stay with people who have extra space. Airbnb offers a variety of benefits for both hosts and guests, making it a great option for those looking to rent out their extra property.
Airbnb is one of the most popular platforms for people looking to rent out their extra space. You can list your space on Airbnb for free and set your price and availability. Airbnb does charge a 3% host fee, but you can also add additional fees for things like cleaning or laundry.
Another popular platform for short-term rentals is VRBO. VRBO is also an online marketplace that connects people who need a place to stay with people who have extra space. However, VRBO specializes in vacation rentals, so if you’re specifically looking to rent out your property for vacationers, this may be the better option for you.
Another option is to list your rental on a platform that specializes in monthly rentals, such as Rent Jungle or Zumper. These platforms are geared toward those looking for long-term leases, but they also offer listings for shorter-term rentals.
Signing up on either one of these platforms is the first step in making your extra property into a short-term rental space.
Take Good Photos
It’s also important to take good photos of your rental space. Be sure to take pictures of both the inside and outside of the property, as well as any common areas.
Guests will use these photos to decide whether or not they want to stay at your property, so be sure to make them count.
Set Rules and Expectations
It’s also important to set clear rules and expectations for your guests. For instance, if you’re offering a vacation rental, be sure to specify the minimum and the maximum number of guests that are allowed to stay. You should also include information about what is included in the rental, such as linens, towels, and kitchenware.
If you’re offering a month-to-month lease, be sure to include information about the length of the lease, as well as any rules or expectations you have for your tenants. For instance, you may want to specify a no-smoking policy or that pets are not allowed.
Be sure to include all relevant information in your listing so that guests know what to expect when they stay at your property.
Another way to make your rental space more appealing to guests is to include amenities. For instance, if you’re offering a vacation rental, you may want to include things like beach chairs, umbrellas, and boogie boards.
If you’re offering a month-to-month lease, you may want to include things like furniture, utilities, and Wi-Fi. Be sure to include any relevant amenities in your listing so that guests know what they will have access to during their stay.
Ensure That Your Space is Clean for New Tenants
What’s going to take up most of your time is cleaning the new space. Since you’ll have new tenants almost every month, it’s important that you keep your properties clean. You can hire an end-of-tenancy cleaning service to help you out. This can drastically decrease the work you need to keep your space maintained and cleaned.
You should also give some thought to how you will manage the key exchange. For example, you’ll need to be available to hand off keys when tenants arrive, and you’ll need to retrieve them when tenants leave. You can do this in a few different ways, such as giving keys to a neighbour or friend who lives nearby or using a keyless entry system.
By following these seven easy steps, you can turn your extra property into a short-term rental space. Be sure to take good photos of your rental space, set clear rules and expectations for guests, and include amenities that make your rental more appealing. Most importantly, be sure to keep your space clean for new tenants. You can maximize your earnings and provide a comfortable place for guests to stay by taking these steps.