Long-Term vs. Short-Term Rentals

Congratulations! You’ve decided to partner with Luxury Beach Getaway to manage your vacation rental property. Now, there’s just two questions left: should you rent it out to tenants as a long-term rental? Or to travelers as a short-term rental? Both are appealing, but you’ll need to determine which type of rental is the best fit for you. Don’t worry, we’re here to help! We’ve examined both rental strategies to help you decide. And if you end up wanting a combination of the two, thats okay too!

What is a short-term rental?

Short-term rentals, often referred to as vacation rentals, are furnished residences generally rented out to travelers looking to stay anywhere from a weekend, to a couple weeks, to a couple months, depending on the guests's needs and on local regulations. People are drawn to vacation rentals as an alternative to hotels primarily for the increased space and for the residential conveniences, like a kitchen, washer/dryer and the ability to bring pets. Below are some of the advantages of renting short-term from an owner's perspective.

 

Advantages of short-term vacation rentals

High Profit Potential

Vacation rentals can be lucrative, especially if you partner with Luxury Beach Getaway. With more than 15 years in the business, we understand the local New York Hamptons market and how to maximize revenue in the peak season and in the off season by chargping the right rates at the right time in order to property balance the revenue per night charged with also making sure the rate is reasonable enough to achieve a high rental occupanc. At Luxury Beach Getaway, our revenue analysts update  our homes’ rates several times a week in order to best match demand, so you can effortlessly capitalize on those peak periods. 

Flexibility

You decide when to rent and when to stay! Since guests stay for less time, you’ll have more flexibility to book your own personal vacations at your property or have an impromptu getaway if there ends up being an opening in your property'all calendar. You can block off periods on your calendar as much or as little as you like with Luxury Beach Getaway and we will work around your schedule. In other words— stay when you want, rent when you don’t.

 

What is a long-term rental?

A long-term rental typically means a lease term of several months up to a year. Let’s take a look at some of the upsides now of investing in long-term rental properties.

 

Advantages of long-term vacation rentals

Reliable Income

Consistent income is the biggest benefit to renting your second home to long-term tenants. Plus, residents pay for their own utilities.

Less Turnover

Since long-term tenants are staying for a longer period, this means you don’t have to worry about finding new tenants, doing security checks, or handing over keys. We’ve got you covered! 

It’s easier now more than ever to own a vacation rental and successfully rent it out without lifting a finger. Luxury Beach Getaway is a full-service vacation rental management company that does it all so you don’t have to — cleaning, marketing, setting rates, 24/7 guest service and so much more. Looking for the right partner to maximize your short-term rental income? Contact us today!