Are you considering having your own Cash Pad (rental property). Well, that’s super exciting! But now you’re faced with the question: Short-term vs long-term rental? Which is the best for me?
Let’s talk about the cha-ching! 💰 Short-term rentals tend to make more money per night, but long-term rentals provide a steady income. So if you’re looking to make quick cash or take advantage of a great economy, go for short-term. If you’re in it for the long haul (pun intended), long-term rentals are the way to go. You can find out the Short Term vs. Long term rental income potential for your home using our Rental Income Potential Calculator.
Now, let’s chat about how popular your home will be. 🌟 Short-term rentals tend to be in higher demand, but long-term rentals typically have a lower turnover rate. So, if you’re looking for guests in and out like a revolving door, go for short-term. But if you’re happy with a chill and stable tenant, long-term is where it’s at.
Now, let’s discuss expenses 💸. Short-term rentals need more frequent maintenance, cleaning, and repairs. But long-term rentals tend to be more low maintenance. So if you’re ready for a higher upkeep situation, go short-term. But if you want to keep it low-key, long-term is your jam.
But wait, there’s more! 🤔 Before making any final decisions, check with your local government to see if short-term rentals are legal in your area, and if there are any special regulations or taxes you need to follow. See our local regulations on our page Local Short Term Rental Rules.
And last but not least, personal use 🏡. If you plan on using your property frequently, short-term rentals will be the best fit, as you have more flexibility to use it when you want while long-term rentals typically stay occupied.
So, whether you choose to rent your Cash Pad short-term or long-term, there are perks to both! Weigh your options and find the best fit for your lifestyle and goals. Happy renting! 🎉
