Short Term Rental Riches 48. How to Determine if You Will Do Well in a NEW Market
Oct 13, 2020
Investing in a new market can be daunting, but knowledge is power! Discover essential software tools to forecast demand and analyze metrics like occupancy rates and seasonality. Explore how to go directly to sources like Airbnb for insights. Plus, get tips on the importance of local engagement and even staying in the market as a backup plan. For those eager to dig deeper, there are resources available to ensure your investment thrives!
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Leverage Data Tools for Market Analysis
- Use data tools like AirDNA to evaluate if a short-term rental market is financially viable before buying.
- Check potential occupancy, average daily rates, seasonality, and regulations specific to the market and neighborhood.
Data Complexity in Short-Term Rentals
- Short-term rental data includes many factors like number of properties, population, and occupancy by unit type.
- Neighborhoods can vary widely, so market data helps guide but property specifics matter a lot.
Impact of Regulations on Rentals
- Regulations can make or break a short-term rental market and vary significantly by location.
- More landlord-friendly states and countries tend to have laxer regulations, easing operations.