Do you want to rent out your house? Long-term and short-term rentals are desirable areas of the Greater Cincinnati Area market to build a diversified real estate investment portfolio. While both styles can create wealth for your retirement, each is a separate niche that investors should consider carefully in terms of risk and income. In addition, the desirable features for short-term rentals can differ from long-term ones; it is beneficial to determine which sector you’re investing in first and seek out those amenities best suited to your goals when buying Greater Cincinnati Area property.If you’ve been wondering whether or not you should rent out your house in Greater Cincinnati Area long-term or short-term, read on to learn more.
Long-term
Long-term rental agreements have long been the standard for real estate investors, and the reasoning for this method of income includes:
Consistent
While the profits on the property may be smaller in the long run, the payments are reliable when you rent out your house in Greater Cincinnati Area with a long-term lease; renewal is high, especially in family neighborhoods with good schools. In addition, long-term rentals tend to have more minor property damage occurrences because your tenants consider the house their home. As a bonus, other than routine maintenance or significant repairs, your long-term tenants handle maintenance issues, such as replacing light bulbs and lawn care.
Savings
Your tenants will pay the utilities, so how much water or electricity they use won’t fall on your shoulders. In addition, there’s less work involved; you won’t need to pay for professionals to clean the unit regularly if you rent out your house in Greater Cincinnati Area long-term. You’ll spend less on marketing expenses because there are fewer vacancies, fewer turnovers occur. You’ll also save money because you will not do much other than routine maintenance or significant repairs.
Short-term
The short-term rental sector is growing steadily across the globe due to the demand brought on by recent societal changes. Where hotels and motels once served for business or travel for personal matters, such as an ill family member, visitors to Greater Cincinnati Area now turn to short-term rentals for more than vacations, preferring privacy and interactions with as few people as possible. Real estate investors find this method worth their while for the following reasons:
Bad Tenants
When you rent out your house in Greater Cincinnati Area for the long-term and get stuck with a less than perfect tenant once, you come to appreciate tenants who stay for short-term visits. If the worse should occur, it’s good to know more troublemakers will soon be out of your hair. When you rent for short terms, you’re also free to sell at any time, with no concerns about removing unacceptable tenants from the property.
Income
When you rent out your house in Greater Cincinnati Area short-term, you can charge a higher nightly rate and set minimum stay requirements. Additionally, you can charge higher rates for special days like weekends or significant holidays and special events in Greater Cincinnati Area. You also save money on short-term rentals with lower maintenance costs; typically, turnovers require thorough cleaning and little else; there is less general wear and tear on flooring, fixtures, and appliances.
Guide in Rental Property Investment
The pros at Team Sztanyo can help you determine which is right for you when you rent out your house in Greater Cincinnati Area.
Team Sztanyo can help you find just the investment you’re looking for; we have a steady inventory of rental properties available. Let Team Sztanyo walk you through the numbers and see for yourself which rental style meets your bottom line. Our experienced team at Team Sztanyo can help you rent out your house in Greater Cincinnati Area with as much of the management of your properties as you wish. Contact Team Sztanyo today at (513) 813-6293.
You only need to make one stop, with the convenience of our professional hybrid agents and investors all rolled into one at Team Sztanyo. If you have any questions about which option is best for your situation, Team Sztanyo will take the time to listen. Team Sztanyo will address any of your concerns with no obligation. To learn more about how our hybrid agents and investors can help you solve your problems, contact Team Sztanyo at (513) 813-6293 today and get started.
When you call, we listen. We want to find out what is causing you stress, how fast you need to sell, and how we can help you.