When it comes to renting out your property in Brevard County, Florida, one important decision you’ll need to make is whether to offer short-term or long-term rentals. Both options come with their own set of advantages and considerations that landlords should carefully weigh. In this blog post, we’ll explore the pros and cons of short-term and long-term rentals in Brevard County, helping you make an informed decision that aligns with your goals as a landlord.
Short-term rentals typically refer to renting out a property for a period of less than 30 days. These types of rentals have gained popularity in recent years due to platforms like Airbnb and VRBO. Here are some pros and cons to consider:
Pros of Short-Term Rentals:
Higher Rental Income: Short-term rentals often command higher rental rates, especially during peak seasons or when there are local events or attractions. This means that you have the potential to earn more income from your property compared to long-term rentals. This can be particularly lucrative if you live in an area close to the coast or other popular tourist attractions—like Brevard County.
Flexibility for Personal Use: With short-term rentals, you have the flexibility to use your property for personal vacations or when it’s not rented out. This allows you to enjoy the property yourself or accommodate family and friends while still generating income from the times it’s rented.
Increased Property Maintenance: Short-term rentals require more frequent cleaning and maintenance between guests. This can be an advantage as it allows you to regularly inspect and address any issues, ensuring the property remains in good condition.
Cons of Short-Term Rentals:
Higher Operational Demands: Managing short-term rentals involves more hands-on work, including coordinating bookings, responding to guest inquiries, and dealing with turnovers. It requires effective time management and prompt communication with guests.
Seasonal Fluctuations: Depending on the location and demand, short-term rentals may experience seasonal fluctuations in occupancy rates and rental income. You may experience periods of high demand followed by slower seasons with lower bookings. Generally, seasonal fluctuations are less of a concern in Florida. However, it should still be considered.
Increased Legal and Regulatory Considerations: Short-term rentals may be subject to specific laws, regulations, and permit requirements imposed by local authorities. It’s crucial to familiarize yourself with the legalities surrounding short-term rentals in Brevard County to ensure compliance. For example, some municipalities and HOAs do not allow any short-term rentals at all, so it’s crucial to do your due diligence before making any decisions.
Long-term rentals refer to renting out a property for an extended period, typically six months or longer. Here are the pros and cons of choosing long-term rentals:
Pros of Long-Term Rentals:
Stable Rental Income: Long-term rentals provide a consistent and stable rental income stream. Tenants typically sign leases for longer periods, giving you predictable cash flow and reducing the need for frequent turnover.
Reduced Turnover Costs: With long-term rentals, turnover is less frequent compared to short-term rentals. This means lower turnover costs such as cleaning, advertising, and preparing the property for new tenants.
Lower Operational Demands: Long-term rentals require less day-to-day management compared to short-term rentals. Once a reliable tenant is in place, you can expect fewer inquiries and a more hands-off approach to property management.
Cons of Long-Term Rentals:
Limited Flexibility for Personal Use: With long-term rentals, your ability to use the property for personal reasons is limited. You’ll need to honor the lease agreement and provide proper notice to tenants if you plan to use the property yourself.
Market Fluctuations: Market fluctuations can affect the demand and rental rates in an area. Fortunately, rental properties are in high demand in Brevard County and the surrounding area—and it doesn’t look like it’s slowing down any time soon!
Property Maintenance and Wear and Tear: Long-term tenants may cause more wear and tear on the property compared to short-term guests. Of course, short-term tenants can also cause property damage; unfortunately, this is one of the unavoidable aspects of being a landlord. The good news is that regular property checks can help you keep on top of any potential problems.
Find a Reputable Property Management Company In Brevard County
If you’re looking to scale your rental business and mitigate investment risks, it’s highly recommended to partner with a reputable property management company in Brevard County. By working with a property management company, you can take advantage of their expertise to effectively market your rental property and streamline operations.
Rent In Brevard Property Management understands the unique dynamics of the Brevard County rental market. With our knowledge and experience, we can help you navigate the local market, implement effective marketing strategies, and attract high-quality tenants. Our dedicated team of property managers is equipped with the tools and resources to maximize the visibility and success of your rental property business. Click here to connect with one of Rent In Brevard Property Management’s knowledgeable property managers today.