Should You Turn Your Investment Property Into An Airbnb?
Airbnb lodging has grown at unbelievable rates since the home sharing site began in 2008. It wasn’t long before many investors realized that short-term rentals might be a preferable strategy. After all, the risks that you will have to evict someone from an Airbnb is nowhere as great as the risks that you will have to evict someone from a longterm rental property. Plus, Airbnb rental units often have a much higher return.
It’s important to remember though that not every Airbnb unit will do well. A few factors should be considered:
You will need to make sure that your Airbnb is either so cool and instagrammable that it’s its own destination point or you will need to find a location where people want to visit. Even if your location isn’t a good tourism site, you might still make some good money on renting it out if it’s a good location for business travelers.
You will also need to check to make sure that you can even have an Airbnb at your property. Some local ordinances don’t allow Airbnb units. Some ordinances were brought on when hotel owners felt threatened. Some were inspired by resident opposition. Before committing to a plan to turn your rental unit into an Airbnb, you should make sure it complies with local laws and regulation.
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