What You Need to Know About Short-term Accommodation
Property Investments have been around for a long time and have made such great contributions to the economy in different parts of the world. When it comes to the real investment game, the most common property investment is renting out or property leasing. Not only is it a trendy business, but it is also a great source of income. There are two kinds of rental: Long-term and short-term. The long-term rental has been around for so long, but recently, short-term rentals are becoming increasingly very popular.
Short-term rentals mean apartments or properties that are rented out for a short span of time. It could be a day or two, a week or a couple of months. They are often seen as a much cheaper alternative for hotels. These properties are obviously fully furnished for renters to enjoy and utilize during their stay. It’s definitely popular among travelers, locals who go on staycations, or generally those who are always on the road.
The likes of Airbnb, HomeAway, and even sites like Booking.com are possibly the most well-known and the most successful. So what makes short term rentals such a great investment? Here are some advantages for owners.
You get to choose the time and how long you are willing to rent out your property.
It has always been such a lucrative investment. A property manager is able to set the price range depending on factors such as demand, property, season, etc.
Since it is a short term stay, renters or tenants don’t stay for too long, you won’t have to worry about wear and tear that much.
You never know who you’re going to meet when you rent out your property. That uncertainty makes the experience so worth it.
So, what are some advantages of short-term accommodation to tenants or renters?
For those always on the road and on the go, this type of accommodation is great because they get to choose how short or how long they would like to stay as long as there’s an agreement made with the owner.
Because the place is already fully furnished, you pretty much have everything you need to get by. Hotels basically work the same thing but of course, if you want to spend less, they may not be as practical as you’d expect.
Like I have mentioned, they are essentially like hotels – sometimes they are better than some. You get a high level of comfort at a price range you can afford.
Why are short-term accommodations booming right now?
It was branded as one of the biggest disruptors in the travel industry and slowly, it has become mainstream. Back in the day, it was more arranged in an informal exchange among acquaintances or connections. It was unregulated but now, the business has made its way into surpassing the hotels industry.
The booming of the short term rental industry also benefited hotels because they technically belong in the same industry which is lodging.
What kind of properties is perfect to use for short-term rentals?
If you’re one of those people that by sheer luck inherited a vacation home where you don’t get to use much or you purposely purchased one for you in the future, you might want to explore the short term rental business. Perhaps the most common type of rental property, it’s for sure going to generate profit.
These types of homes are generally found outside the cities. Their ultimate purpose is well, basically, from the name itself, is to accommodate people who just want to get away from the hustle and bustle of the city. They are located in remote areas where there’s more nature to enjoy. Some examples of getaway homes include cabin, cottages, etc.
Community homes are basically a single building meant for activities whether it’s social, political, religious, etc. Community homes are great for short term accommodations because there’s a sense of both privacy and camaraderie as well.
Xotel’s main goal is to provide short term accommodation to those in need of a place to stay without breaking your wallet. Quality accommodation and affordability, plus safety all rolled into one. Check out our website for more information.