Short Term Rental Riches 5. What Property Size Makes the Best Short-Term Rental?
Dec 5, 2019
What’s the best property size for your short-term rental? Discover the profitability of small units like studio apartments, which offer lower costs and higher occupancy rates. Learn how this can lead to better investment returns and reduced expenses for utilities and furnishings. Tim shares his insights from years of experience, helping you identify your ideal guest while maximizing your rental potential.
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Choose Small Studio Units
- Smaller studio units provide the best returns and are easier to manage.
- Purchase, renovation, furnishing, and utility costs are all lower for smaller properties.
Higher Occupancy in Smaller Units
- Smaller units tend to have higher occupancy because they attract more guests.
- The income difference with larger units is often minimal, making smaller units more profitable.
Easier Management and Housekeeping
- Manage smaller units easier since fewer guests reduce risks like parties and wear.
- Housekeeping is quicker and cheaper due to smaller spaces.