Are you planning on investing in rental properties for the first time? If so, you may be wondering if short-term or long-term rental properties are better.
In this article, we will answer this question and provide you with insight into which type of rental property you should invest in.
Understanding The Differences Between Short Term And Long-Term Rentals
Short Term Rentals – Over the last five years, the most popular short-term rental properties in the world have been Airbnb’s.
Although short term rentals have been very popular in recent years, more cities across the United States are starting to heavily regulate them.
Short term rentals have been cited as one reason for the reduction in rental inventory in cities like San Diego and Las Vegas. Plus, short term rental owners also pay less money in taxes compared to long term rental owners.
Short term rentals have been hit hard by the economic impacts of Covid-19. As the few remaining travelers seek out sterile environments, the appeal of staying in a short term rental has declined.
Will the short-term rental market return to where it was in 2019? Only time will tell. With a lack of a Covid-19 vaccine on the market, along with economic instability in the future, 2021 will likely be another difficult year for short term rental homes nationwide.
Long Term Rentals – In our opinion, long term rentals are a better investment property. They generate consistent income for the duration of the lease, are less time consuming to manage, the tenant pays for utilities, and there are fewer maintenance concerns due to wear and tear.
The United States is slowly transitioning into a nation of renters. This is a good reason to invest in long term rentals because people are always going to need a place to live. There’s nothing better for investors than to own an asset that’s always in demand.
Contact GoldenWest Management
At GoldenWest Management we specialize in full-service property management.
This means that we will save you the time, money, and hassle of managing your rental properties yourself.
Our property management team will assist you in advertising your property online, screening, and placing the most qualified tenants, maintenance, rent collection, customer service, and more!
To speak with us about the property management services that we can offer you, contact us today by calling (866) 545-5303 or click here to connect with us online.