Short Term Rental Management in Denver Gets Rewards! Part 1

Short Term Rental Management in Denver and Surrounding Areas Results in Numerous Rewards – Part 1

Short Term Rental Management is now considered to be one of the hottest trends in the real estate market and property management sector.

According to information derived from a popular digital marketplace for vacation rentals, listings for short term rentals has increased a whopping 44% since the year 2009.

Agents that specialize in real estate, property management professionals, and independent property owners that specialize in leasing, rental management, and other types of real estate management are all gaining an interest in the short term rental management industry.

If you find yourself vying for a part of this quick-growing industry, continue reading to learn about the numerous rewards you have the potential to reap by getting in on short term rental management in Denver and the surrounding areas.

Higher Rates = Higher Profits
When you become actively involved in short term rental management, you will have the ability to charge higher rates on a nightly and/or weekly basis. Naturally, these significantly higher rates equal higher profits.

Traditional rental property is typically associated with lower rates to ensure affordability; however, short term rentals are higher to accommodate travelers. In most instances, short term rentals are appealing to those that are vacationing in and around the Denver area.

For example, each year, Denver hosts a variety of popular events and festivals. Naturally, millions flock to the area to take part in these festivities. Examples include the Denver March Pow Wow, the Cinco De Mayo Festival, and the Denver Oktoberfest. When renting out during these types of festivities, you have the potential to earn up to 30% of the mortgage on your properties in just one night!

In addition to attracting travelers that have a desire to bypass the traditional hotels or find it challenging to find accommodations due to fill-ups, you may also attract those that are part of the corporate market. There are a couple of ways to do this.

First, you may make your short term rentals available to corporate travelers. Second, you may reserve your short term rentals for large corporations that have a need or desire to have offices and meeting spaces in and around the Denver region.

Naturally, when you offer short term accommodations with all of the amenities of home, corporate travelers are likely to jump on the opportunity! Additionally, large corporations that need temporary accommodations are likely to opt for short term rentals because there is no necessity to enter into long-term contracts that are typically associated with traditional rentals.

Short term rental management is becoming increasingly popular among those that have an interest in generating quick profits in the real estate market – especially in and around the Denver region. In the first installment of this multi-part series, you have learned that the first – and, perhaps the main – reward of short term rental management is the fact that you are able to charge higher rates. As a result, you will get higher profits!

We encourage you to return next week as we continue to expound on all the potential rewards associated with short term rental management.