Short term property leasing is an increasingly common practice for landlords and property managers. With the rise in short term leases has come questions and controversy. Some see it as an attractive alternative to traditional long term leasing while others are concerned that is disrupts the community and causes other problems. It is important to consider the pros and cons of short term leasing before you offer your property on a short term basis.One of the biggest reasons to rent a property short term is that the rental rate is almost always significantly higher for a short term arrangement. Some homes in tourist destinations can make many times more renting for a day or week at a time as opposed to a long term rental. This could be even greater if you are offering your home during a special event. There were many stories about people renting their DC homes during President Obama's Inauguration for astronomical rates. On the other hand short term rentals might be subject to Hotel Occupancy and other taxes that a regular long term lease is not. It all depends on your local laws but there is certainly a chance of increased costs. Other costs to consider are insurance rates and maintenance costs.
October 3, 2012