When running an accommodation business there are generally two different ways of administering it. The debate of short term rental vs long term rental is very diverse and includes many different perspectives. Different hosts undoubtedly have varying views on renting their accommodation for a short or long period of time. Whether you choose to make your property a short term or long term rental, will rely specifically on your own individual requirements and needs. Let’s discuss them in details:
What Is Short Term Airbnb Rental?
Renting out your Airbnb in the short term basically refers to any period of time that is under one month. A guest can stay with you multiple times throughout the year however, so do not worry if you have repeat customers.
What Is Long Term Vacation Rental?
When guests wish to book an Airbnb for more than a month, then it is viewed as a long term rental option. All you need to know about Airbnb long-term rentals.
The Pros of A Short Term Airbnb Rental
- More revenue is made when you make your rental available on a short term basis. Since most hosts charge higher rates for nightly stays or weekend getaways, there is a higher chance that you may double or sometimes triple the income. And you get new clients quicker.
- Lesser damage is done to your property when you have guests that stay for a quick and short period of time. Moreover, with new guests every now and again you get the chance to refresh and refurbish your property all over.
- When renting out your vacation rentals for a short period of time, you also give yourself the opportunity to personally use your own Airbnb. This is a feasible option for hosts who not only want to stay in their own rentals, but may have family or close friends who would much appreciate staying in your home from time to time.
Short Or Long Term Rental – The Benefits of Long Term
- With long term rentals you can establish a consistent and stable flow of steady income that gets deposited to your bank account on a regular basis. Since your guests are guaranteed and are staying for a prolonged period of time, you have a source of income that isn’t going to change.
- Often you don’t even have to pay utility bills when your guests are staying for more than a month. This is typically negotiated with your long rental guests. If their stay extends over a month then they are entitled to pay the utility bills, hence lowering your monthly expenses. You can also offer discounts for longer stays, offering incentives and usually boosting your reviews.
- The fewer guests you have to house, the lesser overall refurbishing and refreshing you have to do for your property.
So, as you can see short or long term rental is a choice that you can independently make depending on your own personal preferences. There shouldn’t be conflict between short term rental vs long term rental for you, as you can easily make your choice. If you want to use your Airbnb rental as a side business while earning a considerable income, go for short rentals. However, if you are searching for a guaranteed, safer and long-term source of revenue, opt for long term rentals.