Most people are familiar with Airbnb, VRBO, and any of the other online short-term property rental sites. If you haven’t heard of this concept, property rental sites enable hosts to list properties for viewing by prospective vacationers, as well as providing a secure payment platform for the benefit of both guests and hosts. If you’re interested in making some extra income, this can turn into a profitable business venture.
Short-term vacation home rentals are growing in popularity because prospective guests recognize the obvious: a single family home rental offers far more space than a small hotel room or even a suite. These rentals are less expensive, offer more privacy than a hotel, and provide a more comfortable experience than conventional accommodations.
Where do I start?
The first step to becoming a short-term property rental host is to register your property by submitting photos and descriptions of your rental space. Travelers who are looking for accommodations in your area can view these listed properties using criteria like availability, number of bedrooms, price, and amenities to refine their search. Prior to booking through the online service, a guest can contact the property owner.
How does self storage fit into the picture?
Travelers are looking for a welcoming space that they can quickly settle into. They want to make it their own, even for the short time that they are renting. If you want your rental to be more welcoming, you need to depersonalize and declutter. This is where a self-storage unit becomes your ideal solution. A self-storage space will give you the perfect place to store valuables, personal mementos, bulky furniture, and anything you guests won’t need during their stay.
Storing items like family photos, books, and memorabilia will not only ensure the safety of these items and provide a more welcoming atmosphere, but it will help to make the photographs of your rental more appealing to prospective guests. You’ll want to make your space look sleek and appealing, because the way the property appears in photographs has a huge influence on your number of bookings. Take a look at the following photos:
These pictures speak volumes. Which place would make you more comfortable? Which one uses self storage to clean up their property?
Self storage for your home rental business may be tax deductible.
Renting a self-storage unit for your home rental business may also provide you with a tax benefit. If you want more bookings and more income, using self storage to tidy up your space is a necessary business expense. The CRA generally allows business deductions if they are ordinary and necessary. Be sure to keep careful records and consult your CPA.
Be cautious when you choose your space. Look for a secure, dependable, affordable facility that has flexible leasing and 24/7 access. The home rental business can be a serious source of extra income. Do your research to determine if it works for you. If it does, go for it!