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February 16, 2023

Everything You Need to Know About STR (Short Term Rental)

by Alices Home
STR (Short Term Rental) - Everything You need to know - Alice's Home

Everything You Need to Know About STR (Short Term Rental)

Alices Home
February 16, 2023
STR (Short Term Rental) - Everything You need to know - Alice's Home

Table of Contents

Short term rental, or STR, has become increasingly popular in recent years, particularly with the rise of online marketplaces like Airbnb and HomeAway.

If you’re a homeowner looking to make some extra money, renting out your property on a short-term basis could be a great option.

In this blog post, we’ll cover everything you need to know about STR, including what it is, how it works, and some of the pros and cons to consider.

What is Short Term Rental (STR)?

Short term rental (STR) is a type of lodging that typically involves renting out a furnished space, such as a room, apartment, or house, for a short period of time, typically ranging from a few days to a few weeks.

STR (Short Term Rental) - Everything You need to know - What is short term rental - Alice's Home

This type of rental is often used by travelers looking for a more affordable and flexible alternative to traditional hotel stays. It can also be a way for homeowners to earn some extra income by renting out a property that is not being used.

How Does STR Work?

If you’re interested in renting out your property on a short-term basis, there are a few things you’ll need to do.

First, you’ll need to decide which online platform you want to use to list your property. Airbnb is one of the most popular options, but there are many others to choose from, such as HomeAway, VRBO, and FlipKey.

If you don’t have the time or resources to manage your property on your own, Alice’s Home Short Term Property Management might be the solution you’re looking for. With our comprehensive management services, we handle everything from marketing and bookings to cleaning and maintenance, so you can sit back and enjoy the benefits of rental income without the hassle.

STR (Short Term Rental) - Everything You need to know - List your Property with Alice's Home

Once you’ve chosen a platform, you’ll need to create a listing for your property. This typically involves providing some basic information about the space, such as the number of bedrooms and bathrooms, as well as some photos. You’ll also need to set a price for your rental, and decide on any additional fees you want to charge, such as a cleaning fee or a security deposit.

Once your listing is live, travelers can search for and book your property directly through the online platform. When a booking is made, you’ll receive a notification and can communicate with the traveler to arrange check-in and answer any questions they may have.

Pros and Cons of STR

Like any type of rental, there are pros and cons to consider when it comes to short-term rentals. 

Some of the advantages of STR include:

The Potential To Earn Extra Income

If you have a property that is not being used, renting it out on a short-term basis can be a great way to generate some extra cash.

Flexibility

With short-term rentals, you can choose when you want to rent out your property and for how long, giving you more control over your schedule.

Personal Interaction

Unlike traditional hotel stays, short-term rentals offer the opportunity for guests to interact with local hosts and get a more authentic experience of the area they are visiting.

However, there are also some potential downsides to consider, such as:

Potential Legal Issues

Depending on where you live, there may be regulations or restrictions on short-term rentals that you need to be aware of.

Management and Upkeep

Renting out your property on a short-term basis can require a significant amount of time and effort, particularly when it comes to management, advertisement, cleaning and maintaining the space.

Risk of damage

There is always a risk of damage to your property when you rent it out, which could result in costly repairs and cleaning fees

Conclusion

Short term rental (STR) can be a great way to make some extra cash by renting out your property on a short-term basis. However, there are some important things to consider before you decide to list your space, including the potential legal issues and the management and upkeep required. With the rise of online platforms like Airbnb and HomeAway, it’s easier than ever to list and rent out your property, but it’s important to be aware of the potential risks and challenges involved.

If you’re interested in pursuing STR as a way to generate some extra income, it’s a good idea to do some research first. Make sure you understand the legal requirements in your area and the potential risks and challenges involved. You’ll also want to carefully consider the amount of time and effort required to manage and maintain your rental property.

Overall, short-term rental can be a great option for homeowners looking to make some extra money, but it’s important to be well-informed and prepared before you decide to list your property. With the right approach and a little bit of effort, however, you can create a successful and profitable STR business.

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