Summer vacation season is upon us and you may be receiving inquires from vacationers interested in renting your property for a week-long stay.
While most corporate housing stays are at least a month long, it’s not uncommon for corporate housing owners to entertain the possibility of renting out their units short-term.
So should you do it?
Here are reasons why you should:
- You should consider pre-booking week-long stays if your property is located in a prime location for vacation tenants (perhaps keeping this option open for high tourist seasons).
- Renting your property for week-long stays allows you to charge a premium weekly rate and may help you capitalize on greater income potential.
- Keep in mind, you should only book weekly rentals if you feel comfortable that any advance booking you take won’t deter potential long-term corporate housing tenants.
Here are reasons why should not:
- If your property is not located in a prime vacation rental territory, then you should not offer anything less than a 30-day rental for advance bookings.
- If it is illegal in your city, or your building does not allow weekly rentals.
- If you are not prepared to collect and pay the correct city and state lodging taxes.
Always remember that the formula for success in the corporate rental business is occupancy, and this is best achieved through longer-term tenants.
- Corporate Housing: Should You Allow Weekly Rentals?
- Should you allow week-long stays in a corporate housing rental?
- Should Your Monthly Furnished Rental be a Weekly Furnished Rental Too?
- Don’t Break the Law When Renting Your Corporate Housing Property
- Buying Real Estate? Corporate Housing vs Vacation Rental