June 24, 2021

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Short term rental vs long term rental. pros and cons

short-term vs long-term renting out

Income is not that stable

Several factors like seasonality, number of tourists and visitors to the city, etc., affect your income potential. While the peak season can be fully booked, reservations at peak times are scarce, which can cause a waste of money. Last minute cancellations are also common. However, as many people discovered during the COVID-19 pandemic, the travel market can be unpredictable.

Requires increased cleaning and regular maintenance

You must practically always be aware of what is going on in your rental property, as the turnover of people is much greater than with long-term rentals. The home must be cleaned, stocked, and substantially restored every time a guest checks out. If you manage a crowded property, this can mean considerable time or costs if you outsource the work. And maintenance needs tend to be higher because short-term rentals are typically furnished and it all depends on the owner of the property.

You are responsible for everything

Short-term guests don’t pay bills for electricity, gas, or any other utilities, so you need to take that into account when setting your price and add some extra costs. Additionally, there may be damage to furnishings and equipment. The platforms do little or nothing to discourage damage from the renter. With long-term tenants, you have leases, security deposits, and other measures in place to encourage better property care.