As with many of the disruptive tech startups, Airbnb has created new streams of revenue by overturning the traditional house and real estate markets entirely. This new niche of temporary rentals is a stark contrast to the industries that have consolidated lodging from mom and pop establishments. That is until Airbnb put it back in their hands. But does that mean it can be in your hands too? Here are some things to consider before investing in a property to rent with Airbnb.
Managing a property for Airbnb rentals means just that: management. You will be the one responsible for everything. This means maintenance, accounting, and legal requirements just to name a few. If you’re up to the challenge then the decision to invest will be easier on you.
Research on the property you’re interested in and see if it’s in a viable location that people would pay to live at. Also consider the amenities you have nearby. This includes everything from convenience and utilities, to hospitals and restaurants. They won’t rent unless there’s a reason to rent there.
When you’re sure they’ll like the location, ask yourself why they would like the property itself. What’s attractive about it? What would make them choose it over others. These, alongside any repairs, improvements, and aesthetics of the property will factor into your bottom line.
Lastly, as this is a property investment, it’s best you secure your investment by consulting with your property agent. Not only can your property agent help you with everything mentioned above, but they can also resolve tough issues such as the legality of short-term rentals, or any community guidelines on the matter. This is especially important for those who are new to this, and because Airbnb as an industry is very new and volatile. An expert opinion could translate to a stable investment.