There are a lot of different ways to increase NOI in the world of real estate. One option that is becoming increasingly popular is to combine short-term rentals and long-term rentals. This can be a great way to get the best of both worlds, and it can be a very profitable venture for you as an investor. In this blog post, we will discuss some of the benefits of combining short-term and long-term rentals, as well as how you can go about doing it yourself!
Access a highly profitable income stream
You can offer guests the convenience and flexibility of a short-term rental, while also providing them with all of the amenities and stability of a long-term rental. This solution is sought after and allows you to charge premium prices. Increase your daily revenue above what's achieved with long-term rents with the addition of short-term rentals to your building. A prevalent strategy used with the current market is to use the revenue from short-term rentals to offset rising energy and operational costs.
Find long-term tenants
Offering a few apartments as short-term rentals allows guests to try before signing a long-term lease. Here's an example from a Staykeepers guest:
"Thank you for your hospitality and kindness. The location is very good. The place suitable for me as new student come to Dublin to stay as temporary before find a permanent house. I love to stay here again someday and the place very recommended."
Create flexibility in the asset
By combining both short and long-term rentals, you are creating flexibility in the asset based on your occupancy, revenue and more.
How to combine short and long term rentals
If you're interested in combining short term and long term rentals, there are a few things you need to keep in mind. First and foremost, it's important to make sure that your property can accommodate both types of guests. If your property was originally designed for long term rentals, you need to check your property can accommodate guests. Staykeepers can provide the expertise on this.
Once you've decided that combining short term and long term rentals is right for you, the next step is to create a strategy for doing so. This strategy should determine how many apartments should be used for short term rentals for maximum occupancy. Staykeepers provide a complete strategy for short term rentals, including revenue projections from our in-house team.
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