Should you buy a short-term rental property? Airbnbs and VRBOs are becoming increasingly popular investment choices. That’s why today I want to discuss their pros, cons, and if they make sense for you.
An article from the National Association of Realtors says that short-term rentals have surged among remote, hybrid workers. In 2021, half the properties on Airbnb’s short-term rental platform were booked for at least seven days. From what we can tell, remote workers are taking ‘work-cations.’ Since they can work from anywhere, they’ll book an Airbnb by the beach or in the mountains for a week without taking any time off. On top of that, one of every five bookings at a short-term rental was for 28 days or longer.
“Short-term rentals are becoming more and more popular."
Based on this new data, it seems like owning a short-term rental could be a great use of your investment dollars. However, owning an Airbnb or VRBO is a little different. It’s easiest to pay in cash, but if you need financing, you might have to put down 25% or 30%. You should also consider that managing a short-term rental requires a greater time investment. If someone leaves every month or week, you need to be ready to clean and market the home regularly.
Short-term rentals are a little more high-maintenance, but the rewards could be great. They become more popular every month, and the sooner you get in, the more potential your investment has.
If you have any questions about short-term rentals, please call or email my team. We’d love to share where the best opportunities in our area are!
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