How to convert my Airbnb into a Long-Term Rental.
With increasing competition and regulatory changes, property owners who were previously ran short-term rentals, often through platforms like Airbnb and VRBO, are now exploring the option of transitioning to long-term rentals.
Long-term rentals offer more stable income, reduced management complexities, and fewer market fluctuations compared to the volatile short-term rental market.
Short Term Rentals.
Long Term Rentals.
Increased Vacancy Risk.
Intensive Property Management.
Higher Operational Costs.
Time-Consuming Guest Interaction.
Higher Marketing Costs.
Lower Vacancy Rates.
Less Management Intensive.
Fewer Operational Costs.
Opting for long-term renting proves advantageous in the long run. With stable, predictable income and reduced turnover, it provides a reliable stream of revenue. This approach offers lower operational complexity and maintenance demands, allowing you to enjoy a more hands-off role in property management. Moreover, the potential for tenant stability and lower vacancy rates enhances overall financial security, making long-term renting a sound and sustainable investment choice over the years.
Challenges of Short Term Rentals.
Airbnb Revenue Decline
Myrtle Beach, SC
Lower Occupancy Rates
All markets experience fluctuations in demand, and short-term rentals are no exception. Off-seasons can result in lower occupancy rates, leading to periods where your property might remain unoccupied. This variability can impact your revenue projections and necessitate strategic planning to offset income gaps.
With numerous listings vying for attention on platforms like Airbnb and Vrbo, effective marketing becomes crucial. Crafting compelling property descriptions, selecting eye-catching photos, and employing targeted advertising strategies are essential to capture potential guests' interest. However, investing time and resources in marketing can add to your operational workload.
More Maintenance and Expenses
To create a comfortable and appealing environment for guests, maintaining high cleanliness standards and providing amenities akin to hotels is essential. This requires consistent and thorough cleaning after each guest's departure, restocking supplies, and addressing any maintenance issues promptly. While these efforts enhance guest satisfaction, they also demand increased time and financial investment.
How Our Team at Intrigue Can Help ...
Set up a call with our team of expert property managers who have years of experience helping clients transition their furnished Airbnbs from a short term rental into a long term one with tenants on longer leases. We specialize renting out both furnished and unfurnished properties. Additionally, the property management fee we charge is much less than what you would be paying an Airbnb co hosting company.