Alternative Ways To Use Your Vacation Rental
With global coronavirus measures discouraging travel, vacationers may no longer be streaming into your property. Rather than letting your vacation rental sit empty, there are several great ideas that you can use to ensure your property can be fully utilized whilst generating some much-needed cash too.
Offer Extended Stays
Though travelers may not be searching for a weekend getaway at this moment in time, they are searching for safe, long term bases from which they can essentially ‘ride out the storm’. Rather than marketing your vacation rental for exclusively short term stays, it’s a good idea to consider offering extended options that last several weeks or even months. This could be a particularly smart move if your property is in a rural or remote location where social distancing measures can easily be followed.
Long Term Tenants
If you are looking to guarantee a steady income from your vacation rental for a considerable amount of time, searching for a long term tenant on a 6 or even 12-month lease might just be the perfect option. This could ensure that you have the money you need to pay your bills, though it may work out as a smaller total number than a night by night basis.
Offer Housing For Frontline Workers
Hospital staff and other essential frontline workers desperately need more housing opportunities, as they need a place to stay where they will not be putting their family at risk of infection whilst they fight against Coronavirus. You could even consider a significantly reduced rent rate to give something back to the community, as this will still offset some of your losses whilst helping others out too.