Have a Second Home? How To Decide If Listing It on Airbnb or Finding a Long-Term Renter Is Better for You
If you’re someone with a second home looking to make extra cash, you might be facing a win-win situation. The vacation rental industry is quickly rebounding from the COVID-19 pandemic, while the long-term rental market continues to see double-digit growth.
But, in the long run, the question remains which option offers the best return on your investment: the short-term rental market (e.g., Airbnb) or the long-term rental market (i.e., tenants who sign a lease).
“As a Realtor® for almost 20 years, I always advise my clients to start with a long-term rental,” says Lauren Rosin, founder and CEO of Rosin Real Estate Team, EXP Realty, with offices in Scottsdale, AZ, and San Diego. “If that goes well and they have the stomach for it, try a short-term rental next.”
But before you decide which option is better for you, let’s take a look at a few things to consider when choosing to rent out your second home.