VRIA Compares Renting Long Versus Short
By William May
Published: 11/01/10 Topics: Comments: -
Across the globe major change is taking place. Thousands of long-term rental homes have switched. They now only accept short-term vacation rentals.
The reason is simple. Vacation Rentals are safer, quicker and can greatly increase income. Plus owners get to use the home whenever they like and make money when they do not.
Trouble with Long-Term
Long Term Rentals sound easy but they are more difficult. Here are some of the reasons:
- Tenants are often lower income.
- Rental Agents are no help long-term.
- Laws give renters control of the property.
- Long notice is required to inspect the house
- Tenants can require costly repairs.
- Tenants can stuff in extra family members.
- Causing greater wear and tear.
- Move In-Outs, are harsh on the property.
- Property Managers collect rent only and
- Seldom inspect homes or evaluate tenants.
- Bad tenants can trash the home
- And no one knows for months.
- Tenants can skip out on rent
- Or refuse to pay for months.
- Evictions take many months
- Requiring Lawyer & Court costs
- Long Term Horror Stories
Stories of long-term Tenants who trash homes, don’t pay rent, can’t be evicted and then actually sue their Landlords are everywhere.
Those are virtually unheard of in the Short-Term market. Good Vacation Rental Managers collect rent in advance, deny occupancy to non-paying or troublesome guests, inspect homes frequently and provide quick onsite service.
Property owners love having their home carefully watched instead of infrequently cared for. They use the home when they like. And they get more money at the same time.
Vacation Rentals Benefits
Property owners, who live in desirable destinations, are flocking to the vacation rentals market. Here is how it compares.
- Guests are higher income & more desirable.
- Lodging Managers are with you for the long term.
- Lodging laws protect the property.
- Guests do not have Tenant rights.
- They bring only their clothes & food.
- Vacation Managers inspect homes weekly.
- Occupancy can be greatly limited.
- Properties are used less, reducing wear & tear.
- Damages are infrequent and insignificant.
- Costs can be charged to the Guest.
- Guests pay in advance,
- Eliminating Collection Problems.
- Guests are required to follow strict rules.
- And can be evicted immediately.
In some cases houses should be rented short-term during high seasons, and long-term during slow seasons. Vacation Rentals are adept at both while long-term property managers fail at short-term. They are used to renting the house once every few years, while lodging managers are highly skilled at finding and renting homes weekly.
For properties that need a combination of long and short term stays, a Vacation Rental Manager is the best solution. They can even apply their kind of tight hands-on guest oversight to long-term tenants.
Author: William May – Volunteer, Vacation Rental Association
Blog #: 0189 – 11/01/10
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