Short-Term vs. Long-Term Rentals: Which is Right for You?
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When it comes to renting out your property, you have two main options: short-term or long-term rentals. Both have their own advantages and disadvantages, so it's important to carefully consider which one might be the better fit for your needs.
Short-Term Rentals
Short-term rentals, like those booked through Airbnb or Vrbo, offer more flexibility and potentially higher earnings. You can set your own rates and availability, catering to travelers and vacationers. However, this model also requires more hands-on management - coordinating check-ins/outs, cleaning, and dealing with a constantly rotating guest base.
Long-Term Rentals
In contrast, long-term rentals provide more stability, with reliable monthly income from a single tenant. This model requires less day-to-day management, but you'll typically earn less per month than you would with short-term rates. Long-term tenants also have more legal protections, so it may be harder to evict them if needed.
Factors to Consider
When deciding which rental approach is best, think about your goals, the property's location, your management capabilities, and the local market demand. Short-term rentals work well in popular tourist areas, while long-term is often better suited for residential neighbourhoods.
Ultimately, carefully weigh the pros and cons of each option to determine the right fit for your property and your needs. Reach out to us at zodiac.co.nz if you'd like help evaluating your rental strategy!
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