Are you trying to rent out your house in Olympia? Both short-term and long-term rentals are good options depending on the situation, and how well diversified your portfolio is. When renting out your house, both terms can boost your wealth. Investors need to consider the niche of each option carefully. Additionally, features desired in short-term rentals can vary from those wanted in long-term rentals. First, determine which sector offers you the most benefit, then consider upgrades to your rental property that best suits the Olympia area.
If you’ve been wondering whether or not you should rent out your house in Olympia long-term or short-term, read on to learn more.
Rent Out Your House Long-term
Long-term rental agreements have long been the standard for real estate investors and the reasoning for this method of income includes:
While the profits on the property may be smaller in the long run, the payments are reliable when you rent out your house in Olympia with a long-term lease; renewal is high, especially in family neighborhoods with good schools. In addition, long-term rentals tend to have more minor property damage occurrences because your tenants consider the house their home. As a bonus, other than routine maintenance or significant repairs, your long-term tenants handle maintenance issues, such as replacing light bulbs and lawn care.
Know the real estate market in Olympia.
When tenants are paying the utilities, you do not have to stress over how much electricity or water is used. Additionally, regular unit cleaning is not required when you’re renting your house in Olympia to long-term tenants as you will have fewer vacancies and turnovers. As an investor, long-term rentals offer more savings over short-term as there’s not much more than routine maintenance and significant repairs.
Renting Out Your House Short-term
The short-term rental sector is growing steadily across the globe due to the demand brought on by recent societal changes. Where hotels and motels once served for business or travel for personal matters, such as an ill family member, visitors to Olympia now turn to short-term rentals for more than vacations, preferring privacy and interactions with as few people as possible. Real estate investors find this method worth their while for the following reasons:
When renting your house in Olympia to tenants that are less than ideal, short-term renters are much easier to deal with. Worst-case scenario, as an investor you can be assured the troublemakers will be gone soon. Additionally, with short-term rentals, you can sell at any time without stressing over the property being occupied by unacceptable tenants.
When you rent out your house in Olympia short-term, you can charge a higher nightly rate and set minimum stay requirements. Additionally, you can charge higher rates for special days like weekends or significant holidays and special events in Olympia. You also save money on short-term rentals with lower maintenance costs; typically, turnovers require thorough cleaning and little else; there is less general wear and tear on flooring, fixtures, and appliances.
The pros at Sound Home Buyer can help you determine which is right for you when you renting out your house in Olympia.
Sound Home Buyer can help you find just the investment you’re looking for; we have a steady inventory of rental properties available. Let Sound Home Buyer walk you through the numbers and see for yourself which rental style meets your bottom line. Our experienced team at Sound Home Buyer can help you rent out your house in Olympia with as much of the management of your properties as you wish. Contact Sound Home Buyer today at (360) 317-2777.