These days, having a side hustle, earning a little extra income where possible and generally looking for multiple income streams is not unusual. In some cases, it can take a bit of investment before getting a side gig going, but often, the results are lucrative. These days, many homeowners in Pennsylvania and elsewhere are using short-term rentals as a way to generate some extra income.
Though it may seem tempting for you to offer short-term rentals, it is important that you know what you are getting into. First, you need property or space to rent, and if you do not have property and consider purchasing property solely for renting out, it is important that the area zoning ordinances and other applicable laws allow for this type of rental.
What are the benefits?
Choosing to offer short-term rentals has become popular through online sites like VRBO and Airbnb. These sites could allow you or other prospective property owners to list and advertise your rental property in hopes of getting short-term tenants. However, these sites do have fees that come along with listing and renting property, as well as other stipulations. In addition to having online resources at your disposal, other benefits of short-term listings include the following:
- You would face less of a commitment with short-term renters than having to deal with long leases and possibly troublesome tenants for long periods.
- You could offer to rent separate property if you own any, a single room in your own home or even your entire home while you are on vacation.
- You could generate a considerable income, depending on how much you charge and how many people are interested in your rental listing.
It is important to note that not everything about short-term rentals is positive. You may need to stick to strict restrictions, depending on the area where your rental property is located. Your property could also sustain damage from short-term tenants who may hold less liability for those damages due to the lack of a lease. You may also have to put more effort into maintaining the property due to quick turnover of tenants.
Is a short-term rental right for you?
If you are considering this option for generating more income, it is important that you understand how to protect yourself and your property. You may find it helpful to work with an attorney experienced with the laws and regulations surrounding short-term rentals when deciding whether this could be a viable route for you to take.