Concept of Short-Term Rental Apartments – Its Advantages and Disadvantages

In today’s modernized period, rental apartments of short time are of extensive demand. The owner gets the payment usually every month. The short term lease apartments acts as an alternative to hotel stay for corporate housing market. In fact it is around 20% – 25% cheaper than a hotel accommodation. This is also popular among the vacation rentals and relocation.

There are many short term lease apartments near me, which we can count on a furnished apartment to have at least the bare necessities, like a bed to sleep on or a table to eat on. If we are renting an apartment that comes furnished, it’s important to ask for a list of every single thing that is included. While some apartments only have the bare bones, other apartments will come with the works.

Advantages of short term rentals are:

1. Higher flexibility - many owners want the flexibility to use this property when they need to, a short term rental offers flexibility to allow this.

2. Less wear and tear - generally short term rental guests stay only a few days to a few weeks maximum. This means guests are simply visiting your property, usually showing more respect for the property and we will be getting our property cleaned and maintained to a very high standard.

3. Higher rental rates - ability to optimize rates according to seasonality and events.

4. Tax breaks and deductions - there are many tax perks and deductible property expenses we can benefit from if your property isn't being let long term.

5. Contribute to the sharing economy and cultural diversity - there is now more evidence than ever on about the sharing economy and its positive effects on wider society. By using sharing platforms to let our property we are proving we are a forward thinker, encouraging diversity, inclusion and this modern way of living and thinking.

Disadvantages of short term rentals are:

1. More maintenance and upgrades - Maintenance includes things such as regular cleaning, drain unclogging and paint fixes. We also need to ensure we are updating our amenities on offer every so often to include all the essentials and more for a pleasant stay – and this may come with a hefty price tag.

2. Not guaranteed income - seasonality is a genuine risk that will need mitigating in our overall pricing and booking strategy.

3. Competition from surrounding properties - in some locations there may be more houses than travelers wish to stay, this may put some owners at a disadvantage.

Thus, a short term furnished apartment is an apartment that comes with move-in ready, typically complete with everything we need to live comfortably during our stay.

About This Author

City Gate Suites Find Your Furnished Apartment in Mississaug Joined: November 22nd, 2019