What are short term rentals?
Short term rentals, or vacation rentals, are furnished properties that are rented out for a shorter period of time to guests that won’t be in the area for very long. Usually, owners or property managers will rent their properties out on a nightly or weekly basis.
Short term rentals/vacation rentals have become more popular in the last few years due to many reasons but mostly because of the privacy and space they offer. They provide people with a way to move as they’d like or see various parts of the world without being tied down to a place.
If you have a second home, you can closely work with a short term rental property management company to help you run and advertise your business.
Short term rental regulations & licensing
Generally speaking, owners and/or property management companies need a short term vacation rental license to be able to lease it to those that are looking for a shorter term accommodation instead of a longer one. Some cities may even require you to provide proof that you’re not renting out your primary residence.
These short term rental regulations are set in place by local governments to ensure that owners, management companies and those that are working with the short term guests are adhering to the general guidelines and safety specifics that are set in place. This will ensure that they are in accommodations that are safe and up to code and standard safety ratings.
Short term licenses and permits should be given by local government offices. A lot of times, the management company will provide copies, as they continuously stay up to date on these regulations and short term rental licensing requirements that are required of them in order to keep operating.
If you’re looking to set up a vacation rental business, we recommended to check out our article about legal restrictions for vacation rentals here.
Short term rental management
Short term rental management is ideal for those that want to rent their apartments and homes to those that are passing through the area, on vacation or in other parts of the world that are just staying for a shorter period of time. When this happens, those passing through have to get in touch with vacation rental property owners or a short term rental management company that can provide this type of accommodation for them as they are not staying for a long time and may want an affordable rate for a place. Travelers usually find these properties through vacation rental listing sites.
Short term vacation rental property management is perfect for properties that are flipped for weeks or months at a time. They have a system that ensures that it is continuously being rented to good guests that come in and enjoy the space.
Short term rental insurance
Short term rental insurance is ideal to have not only for the property manager but for those that are staying within the property for that short period of time. Some homeowners’ insurance policies will cover the costs of damages that are done inside short term rentals, especially vacation properties. It is important to speak with your insurance company, however since this is an important rental insurance to have.
Vacation rental insurance usually covers not only damages done to the property but also injuries that a person staying there or visiting there sustains while they are there. This will cover any and all accidents that might happen while guests spend time inside the property. A lot of times, the owner or PMs can offer this insurance throughout their carrier to the traveler or they can use their own insurance company to have themselves covered for the span of time they will be spending inside the vacation rental. Yet, it is important that everyone is covered with the right type of coverage.