Do you own a vacation rental in Florida? Florida is one of the top places to visit & own a home. People come from all over the world to see Florida’s best beaches, visit the famous amusement parks and explore national parks such as the Everglades.
Throughout the pandemic, everyone’s way of life has changed drastically. This includes having to change their way of providing income for their families. This article will briefly discuss 4 ways that a homeowner can add rental income to your vacation rental.
Also known as snowbirds, these renter goers flock to Florida every year to escape the cold weather. As the name implies, they normally stay for a couple months during the winter. Even though the pandemic has cut back on the yearly travel trips, some still drive down and stay in various vacation rentals.
Long Term Leases
This is a perfect solution right now for both homeowners and people who are working from home & doing school remotely. Long term leases normally include 6 month-12 month leases. This provides a regular source of income to the homeowner & cuts back on having to pay utility bills. It also provides a lovely home away from home experience to tenants. They can social distance & quarantine in a new setting for a certain period of time.
If your vacation rental is around the Orlando area, this could be a good option for you. Amusement park workers such as Universal Studios & Walt Disney provide jobs to people from all over the world. They normally set up a temporary contract for a certain time. This is similar to long term leasing but less wear & tear on the home since these workers won’t be working from home.
Construction is a constant in Florida. New homes are being built all the time. This calls for renters who currently have a home they are building but need a temporary place to stay. Also, many construction workers travel for business on certain projects. They need a temporary place to stay until the project is finished.
Each home & circumstances are different so everyone has to provide their own perfect solution. If your vacation rental is being managed by a property management company, discuss the options with them and they can help you increase the income of your home.