As short-term rental platforms like Airbnb and HomeAway become more popular, many multifamily and student housing providers are exploring the option of adding short-term rentals to their buildings. Offering short-term rentals can be a great way to generate additional revenue, but it's important to understand the key components involved in order to make it a success. In this blog post, we will discuss the three essential elements for offering short-term rentals in multifamily and student housing: marketing, operations, and compliance.
Marketing your short-term rental units
The first step in offering short-term rentals is to market your units to potential guests. There are a number of ways to do this, but the most effective method is to list your units on popular vacation rental sites like Airbnb and Booking.com. When creating your listings, be sure to include high-quality photos and detailed descriptions of your units, as well as any amenities or features that would be appealing to vacationers. You should also include your contact information so that interested renters can easily get in touch with you.
Staykeepers' marketing technology will list your apartments on over 450 platforms. Our team has SEO training and they'll create the listings for you as well as handle updates and optimizations down the road.
Managing your short-term rental operations
The second key component of offering short-term rentals is managing the day-to-day operations of your rentals. This includes tasks like cleaning and maintaining the units, communicating with guests, and handling any issues that may arise during their stay.
With Staykeepers, we're available 24/7 on phone and email to answer any questions they may have, and we perform vetting checks on all guests before their stay to make sure they will be respectful of your property. We also coordinate with your on-site team for check-in procedures and maintenance requests. In addition, we offer several operational services that can further streamline the guest experience at your property.
Complying with local laws and regulations
The final key component of offering short-term rentals is compliance with local laws and regulations. Vacation rental laws can vary significantly across countries, and from one US state or municipality to the next. It's important to research the vacation rental laws in your area so that you can be sure you're following all of the necessary procedures for offering short-term rentals.
To learn how we generate revenue from short term rentals in 15 countries for our multifamily and student housing landlords, download our free guide here.