5 Valuable Benefits Of Investing In Short Stay Apartments
Whether you have invested in real estate in the past, or you are new to real estate investing, investing in short stay apartments is a good place to start. Short stay apartments allow owners to rent their property to people for holiday or business purposes, anywhere from a day to a few months.
There are many advantages to owning a short stay, short let or short term apartments, it is a successful venture which is why platforms that offer such services like Airbnb have grown exponentially over the last decade.
Apart from platforms like Airbnb which is already popular for offering short stay apartment services, other local platforms have started offering this same service as well. Propertydome, for instance, also gives real estate agents and property owners a platform to list their properties for short stay rents.
As the trend continues to increase, many homeowners and investors in Nigeria are now beginning to see the advantage of owning a short stay apartment. If you have not considered investing in short stay apartments, these benefits would make you;
Higher Rental Income
As it should be, one of the biggest advantages of investing in short stay apartments is that you get to make more money. For instance, short stay apartment owners on Airbnb are said to earn upwards of $900 per month on average. Now imagine you list on dozens of other vacation rental sites, this would open the door to even more earnings if you play your cards right.
Renting short stay apartments also give you the freedom to set the rate depending on demand and time of the year in order to maximise rental income.
Less Damage To Property
Regular maintenance and the fact that short term rental homes tend not to be occupied throughout the year mean there’s less damage as well as wear and tear to the property. Short-term accommodation generally attracts temporary visitors who are either on holiday or travelling for business. This means they are more likely to be out and about, not staying in the accommodation all day but exploring or working in the city. This kind of routine causes less damage to property.
It is Flexible
You can enjoy flexibility if you have short stay apartments for rent, unlike long term apartments. This is because this type of rental option gives owners the opportunity to decide when they want to rent and when they do not want to rent since it is short term. Therefore they can even decide not to rent out at a particular time to enable them to use the property without inconveniencing anyone.
Value Appreciation
With short stay apartments, there is better value appreciation, this is because the rental value can quickly serve as capital for other businesses within a short period while turnover increases.
Social Benefits
In terms of socialization, renting out short stay apartments can make you socialize with interesting people. As stated earlier, Short-term accommodation generally attracts temporary visitors who are either on holiday or travelling for business.
When you have short stay apartments for rent you get to meet most people who travel and you can network with them, they can link you up with other customers and even turn out to be your life long friend or acquaintance.
The importance of investing in the various sectors of real estate cannot be overemphasized. Recall that Propertydome had previously published an article on land flipping, what it entails and how to invest in it. The article titled “Make Huge Profits From Land Flipping With These Important Steps” outlines useful steps to help you successfully invest in land flipping. Read more here.
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