What are the risks in short-term property rental in Avon, Colorado? The question is, do the pros outweigh the cons? Short-term rentals across the country and around the world have taken off in recent years. This has been made easier with a slew of short-term rental websites. These sites are easy to use and have property that is affordable and easy to book. Before you jump into the month to month house rentals game, read on to find out the real pros and cons.
Costs of Short-Term Property Rental
With any type of rental property, there are costs involved. These include property and household maintenance, such as lawn care, pool maintenance, and snow removal. When it comes to short-term rentals, this also is true. The costs include regular cleaning of the interior. In addition, providing toiletries, cleaning products, furniture, dishes, towels, and bedding also add to the costs.
However, you will recoup these costs quickly due to the income potential from your short-term property rental. When you rent your home for short stays and vacation packages, you can expect a significantly higher rental rate than long-term rentals. This is especially true during ski season and when there are special events in the community such as music festivals and sporting events.
The Competition Is a Factor
Just like a hotel or bed and breakfast, there are a growing number of competitors when it comes to monthly house rentals in desirable mountain towns such as Avon, CO. If a competitor has a comparable house at a lower price point, you could lose income and guests who will take their business elsewhere.
The good thing about competition is that it can also work in your favor. If your rental home is in good condition, is kept clean, and has amenities for your guests, you can beat out the competition. As a result, you keep the rental income coming in, year round.
Short-Term Property Rentals and the Community
Not everyone sees a short-term property rental as a positive, especially in exclusive communities. They worry about crime, unknown guests who may not have been properly vetted, increased traffic, and noise. However, these visitors promote tourism; they spend money in the community, and they bring in sales tax revenue to the area.
So What’s the Final Answer?
There are pros and cons to renting out your property for short-term visitors. But, you don’t have to worry about maintenance, pricing, and competition if you find a good property management company. Housekeeping, maintenance, security, and oversight are some of the things you should expect when you hire a management company.
Worried about the risks of renting out your mountain home in Avon, Colorado? Put the welfare of your short-term property rental in the reliable hands of our team at Fireside Property Management. Contact us today.