If you have an income property in Eagle, Colorado, you’ve probably considered long-term leasing vs. short-term rentals. Which is the right choice? As a property owner, it’s an important decision. Here’s what you should consider about long-term leasing and its benefits.
It’s All about the Income Consistency
The primary reason to rent out your property is for income. Rental property can be a great source of revenue. However, understanding the difference between short-term and long-term home rentals is important.
With long-term leasing, you can count on more stability. You have one tenant and you can expect to get monthly rental income, consistently throughout the year. There’s also no lag time between renters like there could be with vacation rentals. You know you have a tenant and you don’t have to scramble to fill the calendar from week to week.
Less Work for You
Short-term rentals have many benefits, but when it comes to maintenance, long-term rentals really have a leg up on short-term rentals. First of all, you don’t have to worry about frequent renter turnover. This means you don’t have to prep your space after each visitor, which can be numerous over the course of a ski season.
With long-term rentals, you also don’t have to worry about providing everyday items such as toilet paper, soap, and paper towels. You also have to option to rent it furnished or unfurnished, a luxury you don’t have when you’re renting to weekend mountaineers who need furniture, dishes, and other necessities available when they arrive.
And have we mentioned cleaning? You are not in charge of interior cleaning of your rental property when you have tenants long-term. They are in charge of the cleaning and basic upkeep.
No Marketing Worries with Long-Term Leasing
When you have a vacation rental property, you have to make sure you market it to reach the right renters at the right time to keep it filled so you can get the income you need from it. Long-term rental gets rid of that concern.
Because you have a tenant that stays for a specified period of time, generally 6 months or longer, you don’t have to worry about the off-season weekends or the months where there’s not enough snow to draw in the tourists. You don’t have to spin it so it looks like the best deal at the best destination. Your tenant already knows that.
Whether you decide on long-term or short-term rental for your property in Eagle, Colorado, the best decision you can make is to hire a management company to take the worry out of renting. For the long-term leasing management you need for your peace of mind, contact our team at Fireside Property Management today.