Turning your home into a vacation rental is an excellent investment option. However, that doesn’t mean you have to do it alone. Turning to a trusted and reputable management company like The Maimon Group means you can enjoy your passive income stream while we worry about the details. One such detail is deciding whether your Los Angeles rental is best suited for a short-term or long-term rental.
What’s the Difference?
Before deciding whether it’s better to turn your Los Angeles home into a short-term rental or something longer, it’s important to know the difference between them. Depending on the market, a short-term rental is one where guests stay for up to a month. Long-term rentals are usually reserved for longer than a month. These kinds of rentals can also be year-long leases.
We understand the differences between these classifications and any relevant city or state ordinances that need to be considered.
What Are the Benefits?
There are pros and cons to both types of rentals.
Short Term
Higher profit: Because you can adjust your rates depending on the season or demand, you can capitalize on peak periods. This may mean you generate more income than you would for that same period compared to a long-term rental.
More flexibility: If you still want to stay at your home during certain times of the year, short-term renting is your best fit. We can help block out dates on your calendar to ensure they’re available when needed.
Ability to keep up with repairs: Things like maintenance checks can be scheduled for when no one is staying in the home. You can also take care of any redecorating without worrying about impacting your guests.
Long Term
Consistent income: With long-term rentals, there is generally a lease agreement, which can include a security deposit. While you’re locked in at a certain rate, you know you’re guaranteed that amount. This means not worrying about filling a reservation calendar for a full year.
Less turnover: Having one renter for an extended period means less time and money have to be spent on marketing your home to find new tenants. It also means you don’t have to constantly screen potential renters to ensure they’re a good match.
Less wear-and-tear: If someone is staying at your Los Angeles home for more than a month, they are more incentivized to take care of the home. When they check out, you’ll likely have fewer things to clean or repair.
The Maimon Group | Los Angeles Rental Experts
The best way to see whether it’s in your best interest to list your Los Angeles rental as a short-term or long-term rental is by reaching out to The Maimon Group. Our knowledgeable team will guide you through the process and help decide which will give you the best return on your investment. Contact us today to get started.