If you are lucky to have a rental property, you choose how to use it to make money. You can decide to collect monthly rent from a long-term tenant or benefit from short-term rents by referring to https://masterhost.ca/airbnb-management-victoria/. In both cases, you will be able to earn money. So you have to pick a side.
Take a moment to compare both options. Think about what’s important to you when it comes to a stable cash flow from your property.
Airbnb rental
Airbnb allows property owners to rent out their flats, houses, and other facilities to others for a certain period of time. The platform’s user-friendly interface has made it easy for people to rent out various locations around the world. Thanks to the strict policies established by Airbnb, both parties are protected from possible inconveniences. Whether a property owner provides inaccurate information about the accommodation or a renter causes some damages, penalties are going to be imposed.
The high level of flexibility is what makes the platform so attractive for users. Their get access to a great variety of accommodations in different parts of the world. Flats, houses, villas, and lots of other facilities can be rented for one day, one month, or even longer. No limits are established.
Renting long-term
A traditional way to make money with your property never gets old. You just need to find one reliable tenant who will pay monthly rent without any delays. Even though you might earn less than with short-term rentals on Airbnb, you will have less stress and less responsibility on your shoulders. A tenant will take care of your property, so you don’t have to check out the place all the time to make sure it’s not damaged. This is a perfect solution for those who work a lot or live far from their property.
With long-term rentals, tenants sign a contract with the property owner and agree to live on the property for a particular period of time. As a landlord, you can collect rent every month or request rental for the whole period covered in the contract in advance.
Airbnb vs Long-Term Rental: Comparison
Before listing your property on Airbnb or renting it to a long-term tenant, you should consider the following factors:
Time
Whenever a customer leaves your Airbnb, you have to prepare it for the next guest. Depending on the size of your property, it may take a lot of time. Also, you never know in which condition your property is going to be after the last guest moves out.
Long-term rental property owners have more freedom. Apart from checking their property once in a while and collecting monthly rent, they don’t have to do anything else.
Income
Experts say the average rent in the United States is about $2,000 for a middle-size flat. On Airbnb, you can list the same flat for $200 a night with a minimum of two nights, so you can earn about $400 per weekend. It shouldn’t be difficult to calculate the possible profit for your property rented out for several weekends.
Flexibility
Airbnb is definitely a more flexible way to make money. With Airbnb, you have the right to take the property listing down whenever you want. If you need to live at your rental property for some time, you can do it. With long-term leases, you are stuck in a long-term obligation. You cannot retake control of the property until the tenant moves out.
Conclusion
Airbnb has become a popular thing over the past few years, but traditional rentals have been around for decades. Do you want a big income that requires time and effort? Or are you more interested in a stable monthly income from a person who looks after your property? To make the right decision you should make your expectations clear.
