Have you been hosting short term rentals for a while and are unhappy with your results? Maybe you’re thinking of getting into in, but are worried about getting pigeon-holed into something that doesn’t work out. Well it’s important to know that, either way, there are plenty of alternatives to short term rentals out there.
For many, short term rentals can far more lucrative than the traditional long-term rental market.
The unusual Airbnb horror story aside, most short term renters also cause far less wear and tear on the house than you would expect to see with a long-term tenant.
This is not to say anything negative about long-term renters. But someone who lives in the same place for a year is just by default going to use the appliances more, use more water and electricity, etc, than people who are only there on vacation for the weekend.
In this brave new world of investing in real estate with the express purpose of renting it out as a short term rental, many people think that that’s the only option. They get so focused on that, that they might miss other opportunities out there.
But what happens if short term rentals simply aren’t panning out?
This can happen for a number of reasons. Undesirable location. Inefficient pricing. Bad cleaners or host/guest interaction. Whatever the reason, it’s important to remember that you have other options. There are plenty of alternatives to short term rentals.
One of the best alternative options is corporate housing. Corporate housing is basically any traveling professional who needs accommodations for their work of at least 30 days or more. It can be traveling nurses, business guys in town for broker a deal, people in the film industry, etc. You’d be surprised how many different fields have employees who regularly move around for work, and many of them are willing to pay far above going long-term rental rates. It might take some legwork to find people to connect you to those types of clients, but once you do it could be well worth it!
Another similar niche you could look into would be student housing. This is especially good if you’re near a college or university. The rates won’t be as high as they would be with corporate housing, but you’ll still get consistently booked.
You could also look into hosting events or photo shoots, particularly if you have an above-average looking space. Many hosts get several hundred dollars a day for only a few hours’ of use!
Also consider posting your short term rental listing on other sites. This will increase your visibility and make your space more likely to be booked. Just make sure your sync all your calendar so you don’t get double-bookings!
When it comes to alternatives to short term rentals, the sky really is the limit.
You’re only hampered by your creativity and how much time you want to invest. Think outside the box and get those bookings!