Are Short-Term Rentals Profitable?
Who doesn’t want to own a weekend getaway spot with the freedom to rent it out when they’re not there? The real question is: Are short-term rentals a profitable strategy?
The short answer is: Yes! If you can swing it financially and weather the constant flow of laid-back, sometimes unpredictable vacationers in and out of your personal vacation spot, short-term rentals can turn a substantial profit. However, before signing on for the life of a property manager, you'll want to consult an agent who knows that particular market and can advise on critical business aspects, including location, property maintenance, and upfront costs.
Keep in mind that you’ll enjoy some added tax benefits in addition to your boost in cash flow. Because short-term rentals operate as a business, you’ll only pay taxes on the profit and can readily deduct expenses like furniture, streaming subscriptions, utilities, and more.
Do you want to take a peek inside some of the hottest rental properties in our market? Contact us today - we'd love to show you around!