With the onset of 2020 and the outbreak of COVID-19, our world was thrown upside down in all regards. The real estate industry was particularly effected as a part of the "great reshuffle". Many home owners took this opportunity to travel the world or at least the country, staying at Airbnb's or other short-term rental properties while simultaneously renting out their own homes in a similar fashion.
As the long-term effects of the global pandemic begin to settle, we've continued to see benefits within the short-term rental market. However it must be taken with a grain of salt and is not necessarily a guaranteed slam dunk.
Below I'll outline some of our findings from the past year of hosting via Airbnb and VRBO as a simple Pro & Con list in comparison to more traditional long-term lease properties.
Short-Term Rentals (aka Airbnb, VRBO, HomeAway)
As you can see, there are positives and negatives to either rental option. We manage a variety of options to allow diversification in our own rental portfolio, and recommend this as a great option for most other real estate investors. However, you own personal time and aptitude for risk will play a big part in which option to pick from. We are always available to discuss these specifics to find the investment option best for your lifestyle and property.