Why Start a Vacation Rental business? There are plenty of reasons! Here are our top ones.
- Keep your dream home in the family
- Afford to buy that cottage you’ve always wanted
- It’s like a B&B, only your guests make their own breakfast
- Pays better than long term tenants
- You control when to block your own holiday time
- Guests leave before you have a chance to realize they’d make poor tenants
- Pay down a mortgage faster
- Afford renovations
- In some cases, make a decent income, that is tied to inflation
- Retire from your day job much sooner
Vacation rental businesses are increasing in popularity. In fact, a report by Vrbo and Savills indicates more and more people are purchasing second homes with the intention of renting them out on a short-term basis. More than 40 percent of second home buyers indicated they intend to use it for vacation rentals. The report indicates while one-third of US owners rent their second homes just to help with mortgage costs, nearly 40% are deriving a secondary source of income.
Aside from helping with the mortgage, many people who start a vacation rental business are finding a steady income that pays more than long-term rentals.
If you’re considering short-term rentals you can learn more in this article about starting a holiday home rental business.