Recently short term rentals (STRs) have been in the news a lot and you might have heard that people like you and me are making extra cash with this new way to make money. But what is a short term rental?
The short answer is any room or home rented for less than thirty days (28 days in some municipalities) is a short term rental. A hotel room is an excellent example of a short term rental because people typically rent hotel rooms by the night or possibly by the week.
Another example of a short term rental is a vacation beach house that a person might rent for the week or weekend. The term "vacation home rental" was coined from this type of rental property.
In years past real estate companies and property management companies typically managed these properties, but with the advent of the internet owners are finding that they can lease and manage their homes themselves and remove the realtor from the equation which can makes the concept profitable as well as opens up the possibility of renting rooms instead of entire houses.
Continue reading some other articles for in-depth discussion about other aspects of short term rentals. If you are interested in starting your own STR you can request a consultation and assistance in setting up your new business by contacting us.