Where Should You Buy Properties to Offer Short-Term Rentals?

Admin
Published Date: 2023-08-30

When it comes down to it, succeeding with short-term rentals comes down to supply and demand. If you want to invest in new properties, you have to know the market in the locations where you plan to buy. The more demand there is for rentals, the more likely it is that you can keep yourself booked throughout the year.

Research is an important part of finding properties in your price range that will create a profit. Looking at the competition on CHBO and other sites will give you an idea of which homes are booked (and for how long), what is typically charged, and how operations are run.

Do Your Research

There are three major things to research before you purchase short-term rentals. The first is high occupancy rates. Locations with steady tourists and travelers will often be in large cities. Those with a large budget should consider high-end properties with extra amenities and the best access to attractions and more.

Next, you want to look for a high return on investment. That means knowing which areas have the best rates. However, this can change over time so make sure to dig deep before you move forward. The most important statistic to be aware of is RevPAR (revenue earned per available rental).

Last, look at local regulations. Some cities restrict the use of short-term rentals, which could be a huge problem. Other places might need you to meet extra requirements to start operating. Consider all of these things when deciding on the best location.

What Are the Best Cities for Short-Term Rentals?

There are tons of great locations to offer short-term rentals. A few that you might wish to keep in mind include Wichita, Tampa, St. Louis, Scottsdale, San Francisco, Sacramento, Reno, Portland, Phoenix, Omaha, Oakland, and Nashville. However, there are many more profitable locations to consider. You can visit the CHBO website to see a comprehensive list. 

Once you have short-term rentals in outstanding locations, your next step is to list them and make sure the right people see them. At Corporate Housing by Owner, we can help with that process. All you need to do is make an account and list your properties to make sure business travelers see what you have to offer.