Vacation rentals have become popular in New Port Richey, Pasco County, and throughout the Tampa region as many investors looked to cash in on post COVID family
travel, but is it really your best plan for today? Currently there are 84 short term listings in just New Port Richey on Airbnb and there are 98 to choose from on VRBO.
As an investor you should ask yourself is your home the one vacationers will choose as vacancy rates are on the rise? Are you ready to compete for those travelers with new furniture, big screen TV's, new flooring, new cookware and other upgrades to get your home selected and well rated?
As life is returning back to back to normal and cost of everything has gone way up the short term rentals have become less popular and have many investor downfalls as opposed to long term rentals. Costs to vacationers such as cleaning fees and requests for tenants to do such tasks as clean the dishes are leading people back to hotels, resulting in more vacant days for the typical investment. At the same time rising costs to use Airbnb and VRBO websites, utilities, vacation rental insurance, and management fees are eating up the profits.
Most owners of short term rentals have no experience in Property Management and they don't live in the area which leads to management issues, bad reviews, uncertainty about taxes and loss of income.
Based on my research, vacation rental management is not only expensive but even more concerning to the investor it's not easily available in New Port Richey. The typical cost of short term vacation rental management can range anywhere from 25% up to 50% of the rent.
Watch out for Investor groups and management companies promoting you to buy short term rentals, specifically Airbnb investments. These companies are advertising nationally without any concerns for what is going on locally or for your success as an owner/investor.
Our Florida communities are tightening up on new restrictions for rental permits with neighbors complaining of tourists coming and going from their neighborhoods. Today it has become difficult for some investors to get short term rental permits and many cities are only allowing it only in specifically zoned locations.
If you own a property and no longer want to be an Airbnb host or are looking to buy a home in New Port Richey or any of the Tampa Bay Area Communities contact Birch Real Estate Services today! We are a complete and local real estate firm. We help with investment selection, financing, closing, rent ready fix up, tenant placement, monthly management, and monthly owner disbursement. Then sit back and relax because BirchRES.com has placed numerous tenants who have resided under our management for over 5 years, over 10 years, and even 15+ years!
Talk to us about a better plan and more consistent income with LONG TERM TENANTS.
Property Management with background checks and a lease in place typically leads to long term tenants who alleviate many of the neighborhood concerns. Local Property Managers such as us have trusted vendors, perform inspections, collect rents electronically, and address concerns as they may arise. Contact us today to learn more, save more, make more and leave the management to us!
