Information of "Ins and Outs" of Short-Term Rentals
Properties that are rented for short terms, whether for a few days or for a month
or two often require consideration of issues not of concern for regular rentals.
Special Considerations
Vacation and other short-term rental properties have unique potential problems because:
o Rental periods are usually short,
o A new tenant may be scheduled to come in immediately after the scheduled departure of another tenant,
o It is almost always necessary that a short term rental be completely furnished,
o The landlord must usually keep most, if not all, utilities on in his own name, and/or
o The property is usually located at some distance from the owner's permanent residence.
These unique characteristics create concerns for the owner and/or property manager in addition to all those that apply to longer-term unfurnished properties. Issues of special concern include the following:
o Personal Property Inventory
o Tenant Screening & Deposits
o Utility Services
o Appliances
o Insurance
o Repairs & Cleaning
o Income Taxation
Personal Property Inventory
Short-term rentals almost always include numerous items of personal property that one would normally expect to find in and about the average home. In view of the large number of personal property items entrusted to the tenant, the owner should utilize detailed inventory lists of all items of personal property and their condition at the time of possession.
Tenant Screening & Deposits
As for long-term leasing, adequate screening should be performed and sufficient deposits collected. Reasons that these issues can be more important for short-term rentals than for longer-term units include the following two:
o The values of personal property items usually provided with a short-term rental is substantial.
o The timely departure of a tenant is usually more critical because of advance scheduling of a series of follow-on tenants.
Information of "Ins and Outs" of Short-Term Rentals