With top U.S. vacation cities like Orlando, Miami, and Fort Lauderdale, it’s easy for property owners looking to succeed on sites like Airbnb to overlook another outstanding Florida city: Tampa.
Why do One Fine Flat vacation rental property managers consider Tampa an outstanding Airbnb opportunity? The reasons are many.
Let’s start with an important but oft-overlooked area: higher ed. Tampa boasts two major universities: The University of Tampa (known locally as “UT”) and the University of South Florida (“USF”). Combined, the Tampa campuses of these two schools have more than 40,000 students. Many parents and siblings of UT and USF students prefer the advantages of vacation rentals on Airbnb over conventional options.
An even less widely known Tampa attraction is Ybor City. Called “America’s Cigar Capital,” Ybor is a bona fide cigar vacation destination. (Don’t worry: a “no smoking” rule ensures vacationers won’t treat your property as a cigar lounge.)
But Ybor City is much more than a cigar mecca. Ybor’s 7th Avenue, an area often compared to Bourbon Street in New Orleans, was recognized as one of the “10 Great Streets in America.” Its rich architectural and cultural history made it a National Historic Landmark District. Development is accelerating in Ybor City and we expect this to drive increases in demand for vacation rentals.
Of course, attractions like Busch Gardens continue to draw a massive number of vacationers. With more than four million visitors in 2018, Busch Gardens ranks as one of America’s most popular attractions. Add the Tampa Riverwalk, Glazer Children’s Museum, George Steinbrenner Field, Henry Plant Museum, Bayshore Boulevard, and other attractions, and a compelling argument can be made for Tampa property owners to be part of the “sharing economy.”
And what about vacation rental regulations?
We rate the Tampa regulatory environment as more favorable than many other cities. One Florida plan under consideration would require sites like Airbnb to collect and remit taxes on properties listed on their sites. Among other things, they’d also be required to ensure that only properly licensed rentals are listed. But that controversial measure was recently described as apparently “doomed.”
Tampa data on AirDNA displays a $125 average daily rate, 68% average occupancy rate, and $1,912 in average monthly revenue (it runs as high as $3,077 in March and as low as $1,200 in October). The site shows 2,776 active rentals in Tampa, with 81% listed on Airbnb. Rentals have grown continually each quarter since at least Q4 2016.
Want to discover how to maximize the odds of having your vacation rental beat the Tampa average? Download our FREE guide,
This guide takes you through the big contributors to success on and off Airbnb: optimizing your property’s online exposure; listing your site for the very best results; communicating properly with inquirers and renters; pricing your property to maximize your income; the importance of sweating the details; and how to know if you’re a good candidate to go it alone or work with the best Tampa vacation rental property manager you can find. Get this free guide now.
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First, let’s look at several statistics on short-term vacation rentals in the city of Palo Alto, courtesy of AirDNA:
Number of active rentals: 894 (53% entire home rentals)
Average daily rate: $213
Average occupancy rate: 72%
Average monthly revenue: $3,221
As of this moment, the Palo Alto, CA vacation rental with the highest asking price on Airbnb runs $2,750/night. Believe it or not, the one with the lowest price goes for just $10/night (as one might expect, it’s a shared situation, including a shared bath).
A glance at these statistics tells us many Palo Alto, California property owners can significantly improve their average daily rate, occupancy rate, and monthly revenue. How? Well, the easiest and fastest way may be by choosing the best Palo Alto vacation rental property management service available.
The right full-service vacation rental management service for Palo Alto property owners will also enable you to keep from being immersed in the details of local regulations. They’ll know which Palo Alto districts prohibit short-term vacation rentals. And ensure you pay the proper transient occupancy tax, and pay it on time, to avoid substantial penalties.
One Fine Flat, an innovator in vacation rental property management, can relieve you of a big burden by doing it all: enhancing your listings, broadening your exposure, converting your inquirers, satisfying your renters, improving your reviews, raising your income, and yes, reducing your stress. So you largely sit back and collect a direct deposit each month.
Download our complimentary educational guide, Capitalizing on the Vacation Rental Boom: 8 Keys to Success.
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In 2018, the San Diego City Council approved regulations governing short-term vacation rentals. Three months later, they abruptly canceled them. Now, with the City Council under pressure to enact new regulations, many vacation rental property owners are feeling as if they’re in limbo and waiting for the next shoe to drop.
It’s understandable if the ups and downs of San Diego vacation rental regulations induce a sense of dizziness. But it’s worth emphasizing that when short-term vacation rentals are properly managed, ownership can be largely stress-free – and extremely lucrative.
Consider this: AirDNA lists a $210 average daily rate for San Diego vacation rentals – and a 69% average occupancy rate. This means many San Diego vacation rental owners are making what they consider very good money during each day of occupancy. Trouble is, they aren’t getting enough occupants.
One big contributor to underperformance for San Diego vacation rental property owners is the complexity of the optimization game on sites like Airbnb. Most owners aren’t experts in the hyper-competitive world of Airbnb (or Vrbo, or HomeAway, and so on). And with 11,000+ active rentals in San Diego, according to AirDNA, it’s easy to feel a bit intimidated.
These challenges have led lots of San Diego property owners to full-service vacation rental property management companies for handling everything from staying on top of changing regulations to managing site listings for a competitive edge – and even daily rate optimization via advanced technology for revenue management.
Here at One Fine Flat, we do all that and more. Our aim is to be the very best vacation rental property manager in San Diego, so you largely sit back and collect a check each month.
Whether you’re in Mission Beach, Mission Bay, Pacific Beach, over in La Jolla, or elsewhere in greater San Diego, we’re ready to help keep you off the roller-coaster and on the gravy train. Schedule a complimentary consultation with a One Fine Flat expert on short-term vacation rental management in San Diego. If you qualify, you’ll receive a free revenue projection for your property. And you’ll learn how One Fine Flat makes the entire process surprisingly easy for owners.
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That single LA property you’re allowed to rent on a short-term basis must be your primary residence. And you’re only permitted to engage in home-sharing for no more than 120 days per year – BUT you can apply for an “Extended Home-Sharing Registration” for $850, and if you meet the criteria, gain additional rental days.
Now, before you say, “Thanks, but I’ll just keep doin’ what I’ve been doin’ and things should work out just fine,” keep this in mind: fines for listing a property without registering are $500 a day, and rise to $2,000 a day for listings beyond the 120-day maximum (for those interested in math, the latter adds up to $14,000 per week or around $60,000 per month in fines).
That’s the current LA vacation rental situation relating to owners in a nutshell. But then there’s Santa Monica, with its own Home-Sharing Ordinance, adopted in 2015 and last amended in September, 2019.
And what if your vacation rental property is located in West Hollywood? Well, there’s a separate licensing process and set of requirements for that city within a city, with fines for non-compliance running as high as $5,000. And to top it off, WeHo officials have warned owners that “continued non-compliance may result in … criminal prosecution.”
But let’s return to the City of Angels.
Last year, LA whole-home vacation rentals alone accounted for a whopping $2.5 billion in revenue. Clearly, big bucks are involved here – for the city AND property owners.
Given recent changes, it’s never been more important to optimize every aspect of vacation rental management on and off Airbnb. Rather than run the risk of misinterpreting local regulations or making other costly mistakes, many owners are seeking the services of the best Los Angeles vacation rental manager they can find.
The right LA vacation rental management company will optimize your property’s turnover rate throughout your legal rental period each year; ensure housekeeping is done properly on a consistent basis; maximize your odds of achieving Superhost status on Airbnb; make it easy to participate in the “sharing economy”; and help you make the right moves in a changing vacation rental environment.
That’s where we come in. One Fine Flat is capable of handling most everything and relieving you of a big burden, so you largely sit back and collect a direct deposit each month. Schedule a complimentary consultation with a One Fine Flat Airbnb expert on short-term vacation rental management in Los Angeles, Santa Monica, West Hollywood, Pasadena, and other areas in the LA Basin. If you qualify, you’ll receive a free revenue projection for your property. And you’ll learn how One Fine Flat – an innovator in Airbnb vacation rental management – makes the entire process surprisingly easy for owners.
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It’s one of the most enticing – and challenging – vacation rental markets.
We’re referring, of course, to the San Francisco Bay Area.
AirDNA has revealed a set of extremely attractive statistics for San Francisco vacation rental owners – including, on average, a $234 daily rate, an 85% occupancy rate, and $3,863 in monthly revenue.
Earlier this year, Airbnb reported 44% year-over-year growth in guest arrivals in the five counties surrounding San Francisco, with a 43% increase in the number of nights hosted.
But with a median single-family home price in San Francisco of around $952,000 and a corresponding monthly mortgage payment of $4,254, property owners on Airbnb need to optimize every major element of the vacation rental process if they want to operate in the black.
And of course, San Francisco Bay Area property owners in the vacation rental game have competition. Airbnb has more than 7,800 listings in San Francisco alone. What’s more, the competition is by no means confined to Airbnb. Hundreds of new hotel rooms have recently been completed or are being built in the city of San Francisco.
The second most expensive U.S. city to live in also has burdensome restrictions for Airbnb short-term vacation rentals. Legal requirements cover owner residency, insurance, compliance with building codes, registration, reporting, taxes, certification, and more.
All of this points toward a recommendation from the experts: don’t go it alone. By choosing the best full-service vacation rental property manager you can find, you’ll receive invaluable advice on making the math work in the tricky San Francisco Bay Area market. In the process, you’ll discover how to obtain the competitive edge you need to stand out from the crowd. And this may be the best part: you’ll gain a resource capable of handling all the stuff most owners would rather not do themselves – from responding to inquiries on Airbnb to housekeeping, so you get more five-star reviews – while you largely sit back and collect a direct deposit each month. That’s what we do at One Fine Flat.
Schedule a complimentary consultation with a One Fine Flat Airbnb expert on short-term vacation rental management in San Francisco. If you qualify, you’ll receive a free revenue projection for your property. And you’ll learn how One Fine Flat – an innovator in Airbnb vacation rental management – makes the entire process surprisingly easy for owners.
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With Airbnb’s enormous popularity, many property owners are wondering whether to rent to short-term vacationers or lease to longer-term tenants. We’ll discuss the advantages of each here.
But first, a couple of key definitions: in the Airbnb world, a short-term renter is someone renting for under 30 days (for example, a vacationer who rents a property near the beach in Santa Monica, California, for 10 days). And as you may have suspected, a long-term renter is someone who leases a property for 30 days or more (for example, an advertising pro who accepts a job in Lower Manhattan and signs a one-year lease for a condo unit across the river in Hoboken, New Jersey – which, by the way, happens to be Frank Sinatra’s hometown).
In some cases, the decision is fairly easy. If your property is located in, say, Camden, New Jersey, even with its proximity to Philadelphia, that city’s low demand level among vacationers translates into a well-below-average vacation rental opportunity. In that case, long-term rental will probably be the best bet. But if you own a residence 4,900 miles away on the beach in Waikiki, Hawaii, upon receiving a revenue projection, you may quickly conclude that renting to short-term vacationers is your best way to go.
In other cases, even where demand among vacationers is strong, regulatory issues may prevent owners from getting their property listed on Airbnb and related sites. Some city ordinances lay down specific geographic boundaries for short-term vacation rentals inside city limits. And even when no city regulation locks out vacation rentals, HOA bylaws may include a requirement that all renters sign an agreement for 30 days or more. Because the vast majority of vacationers rent on Airbnb for under 30 days, such terms all but eliminate a short-term vacation rental opportunity.
What’s more, personal preferences often tip the decision in one direction or the other. For example, if your vacation home in Asheville, North Carolina is enjoyed by you, your spouse, children, cousins, and friends for, on average, one month each year – during different times of the year – you probably aren’t going to want a renter to sign a lease for a year or more (Asheville, incidentally, is in high demand among vacationers).
Here are key advantages of each option:
LONG-TERM LEASE ADVANTAGES
Greater Revenue Consistency
A long-term lease usually runs for one year or more. This can create a highly predictable revenue stream. One key tradeoff in comparison to vacation rentals: average revenue over each day of occupancy may be considerably lower with a long-term lease. But for less risk-averse owners – including many seniors – this option is often attractive.
Fewer Financial Responsibilities
Long-term leases often enable owners to hold renters responsible for utility bills. In areas with high heating and air conditioning bills in the winter and summer, that can translate into substantial savings.
Reduced Number of Variables
When renting to long-term tenants, owners don’t have to list their property, respond to inquiries, stock basic supplies, ensure housekeeping is taken care of, and so on. One outstanding tenant may stick with you for years.
SHORT-TERM VACATION RENTAL ADVANTAGES
Higher Net Income
Your daily rate for vacation rentals from Airbnb may be MUCH higher than your rate from a long-term renter. How much more? Lots of factors contribute to the difference, but you could net 50% or even well over 100% greater income by renting to short-term vacationers.
Lower Degradation Rate
In many cases, vacation rentals earn owners more income while reducing wear and tear on the property in comparison to long-term tenants. That’s because unlike long-term rentals that are generally used every day, even under the best of circumstances, vacation rentals aren’t occupied 100% of the time.
More Fulfilling Interactions
In Airbnb listings, you have the option of renting your entire property or a private room/area. Fact is, many owners love the company and thoroughly enjoy meeting new people regularly. Others who rent their entire place derive considerable joy by reading reviews from vacationers who had an amazing time.
Greater Property Availability
Many owners of vacation homes want their property available for personal use. Very often, it’s the main reason they made the purchase in the first place. With short-term vacation rentals on Airbnb, you’re able to block out days, weeks, or even a full month for personal use of your property, while enjoying the income advantages of short-term vacation rentals.
Improved Scalability Opportunities
Yes, it’s possible for an ambitious property owner to scale a business consisting entirely of long-term leases. But lots of entrepreneurs have started with a single property on the Airbnb platform, and in a relatively short amount of time, grew a substantial property portfolio. Very often, these Airbnb moguls found the best Airbnb property manager available to maximize their income while minimizing stress.
On that note, a recommendation: schedule a complimentary consultation with a One Fine Flat Airbnb expert. If you qualify, you’ll receive a free revenue projection for your property. And you’ll learn how One Fine Flat – an innovator in Airbnb vacation rental management – makes the entire process surprisingly easy. So you mainly sit back and collect a direct deposit each month.
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The Lone Star State is having a full-blown love affair with short-term vacation rentals. Thanks in part to popular vacation destinations like Houston, Dallas, San Antonio, Austin, and Corpus Christi, this booming industry poured more than $3 billion into the Texas economy last year.
A big driver of the passion for short-term vacation rentals on sites like Airbnb among Texas property owners is (no surprise) good old-fashioned greenbacks.
A vivid example of the added income advantage is found in the Cockrell Hill area of Dallas. A peek at its 75211 zip code from 8/18-7/19 revealed median annual revenue for short-term rentals of $30,120 vs. $16,740 for long-term leases – a $13,380 difference and 80% improvement in revenue.
Texas tourists choose short-term rentals on Airbnb over hotel rooms for a variety of reasons beyond the obvious ability to prepare one’s own food, sleep more people, and very often, save money. For example, Austin, a festival mecca with world-class entertainment, offers vacation rentals where owners encourage guests to enjoy their records and books; play the piano; and bang away on the pinball machine.
Throughout America’s second most populous state, property owners with small and substantial investment portfolios are catching vacation rental fever. One well-known Waco couple, Chip and Joanna Gaines of HGTV fame, offer “Magnolia Stays” for fans. These include the historic Hillcrest Estate that commands a $995 daily rate; the Magnolia House at $795 per day; and the Carriage House, with a $545 weekday rate.
Of course, most vacation rental owners lack the Gaines’ market knowledge and other advantages. With a wide variety of factors contributing to success when renting to vacationers on Airbnb and other sites, many Texas property owners are relying on a full-service Airbnb vacation rental management company.
By working with the best Airbnb vacation rental manager you can find in the state of Texas, you’ll be rewarded with enhanced listings, wider exposure, greater turnover, higher revenue, consistent cleanliness, better reviews, full compliance with regulations, and more.
One Fine Flat is a Texas vacation rental property management service that optimizes every aspect of the process on Airbnb and many other sites, from daily pricing to communication with guests at every phase and housekeeping that enables you to offer hotel-quality cleanliness.
Whether you’re in Houston, Dallas, Austin, San Antonio, Corpus Christi, or another great Texas city, One Fine Flat enables you to maximize your income – and peace of mind. Schedule a free consultation with an Airbnb vacation rental property management expert – and request our complimentary guide, Capitalizing on the Vacation Rental Boom: 8 Keys to Success:
We’ll start with several fascinating facts: a recent ranking of the best places in America to buy a vacation home listed two Hawaii destinations – Kihei in South Maui and Waikoloa on the Big Island – among the top 25.
A report by the Hawaii Tourism Authority indicated the number of vacation rental units on the Hawaiian islands mushroomed from 17,000 in 2015 to 23,000 in 2017 – a 35% increase in just two years.
In 2018, Hawaii Appleseed revealed that 1 in 24 homes in Hawaii was a vacation rental property. In Kauai alone, that number dropped to 1 in 10. And in Lahaina, it was 1 in 3.
Combine all that with a quick scan of Airbnb listings in Maui, Oahu, and Kauai running as high as $3,000+ per night, and it’s understandable why interest in short-term vacation rentals is intense among many Hawaii property owners.
But with legislation like Ordinance 19-18 for Oahu short-term vacation rentals – and related fines for violators of up to $10,000 per day – property owners from Waikiki to Waikapu have become concerned about the regulatory side of what’s been an outstanding economic opportunity.
Not surprisingly, owners are seeking out the advice of the best Hawaii vacation rental managers. As a full-service vacation rental management company serving the state of Hawaii – including Maui, Oahu, and Kauai – our focus is on optimizing the experience for owners and renters.
One Fine Flat – our Hawaii vacation rental property management service – ensures you’re always compliant with regulations. We handle everything from optimizing vacation rental pricing on a daily basis to communicating with renters throughout the process and keeping your property squeaky clean – even as your turnover rate rises higher and higher from improved occupancy rates. While you largely sit back and collect a direct deposit each month.
Want to talk about your opportunity in Hawaii vacation rentals? Schedule a free consultation with a One Fine Flat vacation rental property management expert – and request our complimentary guide, Capitalizing on the Vacation Rental Boom: 8 Keys to Success:
https://onefineflat.com/wp-content/uploads/2019/10/Hawaii-vacation-rental-property-management-service.jpg7311300webtechno.1522https://onefineflat.com/wp-content/uploads/2018/02/Final-logo-png-300x119.pngwebtechno.15222019-10-21 10:46:512019-10-22 10:32:52Hawaii Vacation Rental Owners Continue To Do Well In A Changing Legal Landscape
Realtor.com recently listed Miami as America’s fourth most profitable city for vacation rentals. It’s no mystery why.
Miami beaches are, of course, gorgeous. And they sit in an urban setting with something for almost everyone … throughout every season. For owners of vacation rentals, that’s a significant advantage. Unlike other tourist spots, visitors flock to Miami in the winter and in other seasons.
Vacation rental experts consider the city a year-round opportunity. And the best vacation rental managers in Miami know how to make the most of that opportunity. But we’ll get to that in a moment after we cover the caveats.
Miami-Dade County regulations governing short-term vacation rentals are … well, fairly lengthy. And for some, they’re confusing. Truth be told, the county ordinance is considered one massive pain in the butt by a good number of Miami property owners. But ignore them at your own peril: penalties have run in the thousands of dollars for some violators.
And this may come as no surprise: many Miami owners, like you, want to capitalize on the excellent opportunity in short-term vacation rentals. So, it’s fair to say this is one hotly competitive market.
Success in the Miami vacation rental market means all major elements must be nailed – from regulatory compliance to daily pricing … cleaning services to listings on Airbnb and other sites.
A small percentage of owners have the desire, time, and skill to handle everything on their own – and do it well. Many others have found success by turning to one of the few high-quality and highly-economical services focusing on Airbnb property management. That’s us. At One Fine Flat, you mainly sit back and receive a direct deposit for your Miami vacation rental property each month. While we do the work.
Find out more by getting our complimentary guide, Capitalizing on the Vacation Rental Boom: 8 Keys to Success.
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Let’s start with the financial opportunity for Las Vegas homeowners currently renting to vacationers – or planning to. Statistically, your property sits in one of the world’s most in-demand locations. We’ll share what some of those statistics look like.
According to the Las Vegas Convention and Visitors Authority (LVCVA), 2018 Sin City visitor volume added up to a staggering 42,116,800 visits. The city’s available room inventory to serve those guests came to 147,238. And those visitors brought money: gaming revenues on the Strip and Downtown alone amounted to a cool $7.2 billion. That didn’t include food, drinks, shopping, entertainment, and other stuff.
As Las Vegas Airbnb property management professionals, we consider these figures a mixed blessing – because while the opportunity for homeowners is excellent, the competition is fierce.
On Airbnb, your Las Vegas vacation rental property obviously competes with other rental properties. But the competition doesn’t end there. Many Airbnb users compare private vacation rentals to hotel-owned properties. So, if your property is located within walking distance of, say, the Vdara, among many prospects, you may be competing against that hotel brand. But nail Airbnb property management and you’ll not only compete against the best of the best – you’ll win more than your share of business.
We’ll reveal what’s needed to make that happen and beat your competition at every level – including top hotel brands. But before we do the big reveal, we need you to promise not to become unsettled when you see everything involved. At the end of this post, we’ll reveal how to get it all done with minimal effort. Promise? OK, here goes.
For starters, optimal Airbnb property management means optimizing your property’s exposure. That means not simply relying on Airbnb to get the word out on your property’s availability. Yes, Airbnb is a vital tool in your vacation rental property management mix. But it’s by no means your only tool. Your property should be listed on 50+ sites. Each listing needs to be expertly written and take advantage of each site’s characteristics, to attract the maximum number of prospects. Photography should be shot by a professional experienced in making properties like yours look inviting.
But successful Airbnb property managers know vacation rental optimization doesn’t end there. Inquiries from prospects and requests from renters need to be handled promptly, accurately, and completely. If not, your ratings take a hit.
Rates you charge renters shouldn’t be static and should be optimized daily. Your property must stay consistently stocked with basic necessities. And it should be very clean – because thorough Airbnb cleaning with every turnover is a key contributor to high ratings. Renters expect cleanliness of vacation rentals to exceed their efforts at home and be on par with cleanliness found in well-run hotels. You also need to know when to make the right improvements to that existing vacation rental property. And if you’re in the market to buy another vacation rental, you should have a clear understanding of your potential return on investment before you buy.
Now, if all this seems beyond your own capabilities, we have good news. Many owners of Las Vegas vacation rentals find it highly cost-effective to use a full-service Airbnb property management company. We’re One Fine Flat, a leading Airbnb property management service headquartered in Las Vegas. We make it surprisingly easy for property owners to optimize earnings while avoiding common (and costly) mistakes.
Everything we’ve listed in this post can be handled by us, so you largely sit back and collect an electronic deposit each month. In short, we make it a breeze for you to relax and enjoy the owner’s life. Get more details on optimizing your vacation rental opportunity by downloading our guide, Capitalizing on the Vacation Rental Boom: 8 Keys to Success.
https://onefineflat.com/wp-content/uploads/2019/10/Las-Vegas-airbnb-management.jpg6831300webtechno.1522https://onefineflat.com/wp-content/uploads/2018/02/Final-logo-png-300x119.pngwebtechno.15222019-10-07 15:50:032019-10-07 17:07:47How Las Vegas Property Owners Make the Most of Their Vacation Rental Opportunity …