I often get asked if it makes sense to convert a long term Tampa rental to a short term vacation rental. I can say it definitely does make sense, and that answer comes from personal experience.
About five years ago, I started leasing my own properties to short term vacationers. The results I’ve had from these rentals far surpassed my greatest expectations. This took me by surprise because these are ordinary, every day blue collar family homes that I was renting for $800 a month. Now that I have converted them to vacation rentals, I get around $800 a week for the same properties.
Short term rentals take a lot of work, and these are not easy properties to manage. There are sales taxes and bed taxes you have to pay every month. Inquiries come in every single day and you need to respond to them right away. But, you can’t go wrong by doing it.
The size of the market is different than it is with long term rentals. As a long term rental, the marketplace for your property is only as big as your city. As a vacation rental, the marketplace is as big as the whole world. Half of our guests come from overseas and a lot of our visitors are also local and from out of town. Some of our short term tenants are looking to relocate or they might be nurses coming into the area for training or teachers arriving to get a degree. We rent short term to doctors at the university as well.
From personal experience, I can tell you that converting to short term vacation rentals works. I am 100 percent booked up and now I find myself turning away nearly everyone who inquires because I don’t have any inventory. If you want to double or triple your income, consider converting your long term rental to short term vacation housing. Contact us at HomeSeekers, and we can help you do this.