There are 11 reasons why long term rentals are better than short term rentals. I owned and operated my own short term rental company from 1994 to 2004, so that gives me the experience and qualifications to talk on both these subjects. We have been doing long term property management in Kissimmee since 1996, so we have a unique perspective on both types of rentals.
- With a long term rental, your income is fixed for the entire year. You know how much you’ll be paid every month, which gives you a stable source of income.
- Vacationers come and go. Sometimes they only stay a week or two. In the winter they might stay a couple of months, but it’s rare you get enough of them to pay your overhead costs. Long term tenants live in the same home for three to five years.
- You don’t have to pay for utilities or phone bills or cable bills. These are all in the tenant’s name on the day of move in when you have long term renters.
- In Florida, if your rental is for over six and a half months, you do not have to pay a sales or resort tax. But you are still responsible for your property taxes or HOA fees because they belong to the homeowner and not the tenant.
- You don’t have to furnish your home with long term rentals. You need your floor coverings and window blinds, but you don’t have to update your furniture every few years.
- No one is going to call your manager at night for a light bulb or a blocked toilet. Long term tenants know to do those things themselves.
- No one will ask you for a refund because their vacation was ruined due to a broken toaster.
- You won’t be asked to refund money because the pool couldn’t be used.
- Tenants don’t expect a fix immediately unless there’s an emergency that cannot wait.
- Ongoing or preventative repairs don’t have to be scheduled around when someone is staying in the property for vacation. This results in lower maintenance and ongoing costs. You also don’t have to buy new silverware, towels, and other things.
- Insurance coverage is cheaper. With a long term rental, someone is living there year round. That provides a better break on insurance.
If you need further information about Kissimmee property management, please don’t hesitate to contact us at McCormack Realty & Renters Choice Homes.