Many properties in the Summit County area are second homes. That means the owner doesn’t live in them full time so they sit vacant a lot. Many homeowners will rent out their properties when they aren’t using them. Short term rentals provide additional income and give owners the comfort of having someone in the property without compromising their own time in the property.
Managing short term rentals
Short term rentals can be managed in a variety of ways. An owner can hire a property manager to manage the property full time. The owner just receives a check for any revenue. Or, on the other end of the spectrum, the owner can handle all the rentals themselves and keep all the revenue themselves. Many owners land somewhere in between; handling some of the rental process themselves and having a property management company handle the rest of it.
Projected rental income
When purchasing a property, if you plan to rent it out, it is beneficial to know what type of rental revenue it can generate. There are so many factors that play into the rentability of a property. Things like location, size, and amenities are very important when calculating rental income. We can provide actual rental numbers or projections for you for specific properties you are interested in to help you determine what would be your best option. As a general rule of thumb, you can anticipate a property to generate 5% of the purchase price in gross rental income annually.
What makes a good rental?
When buying a property with the intent to short term rent it’s a good idea to select properties with some desirable rental qualities. Properties with private hot tubs or access to a common hot tub are more popular rentals. Two bedroom, two bath properties are the most popular size. In town properties will demand higher rental rates and be rented more often but they will also cost you more. An out of town property will still rent but probably not as often or for as much. Properties on a bus or shuttle route are popular. A property can be even more appealing if no car is required for the stay and an airport shuttle is utilized.
Property management recommendations
There are a lot of short term property management companies in Summit County. We are familiar with many of them and can provide specific recommendations depending on the location and type of property you own. See a general list of management companies here.