If you own a property in the bustling city of Orlando, Florida, you may have considered the potential of turning it into a short-term rental, instead of a long-term rental. With its world-renowned theme parks like Walt Disney World and Universal Studios, vibrant entertainment scene, and year-round appeal to tourists, Orlando is an attractive market for property owners looking to capitalize on the tourism industry through short-term rentals. However, before diving into short-term rentals, it’s important to assess whether they are truly worth it.
In this blog post, we will explore the pros and cons of short-term rentals for property owners in Orlando, helping you make an informed decision about this investment opportunity and whether it is the right decision for you.
The Benefits of Short-Term Rentals:
- Profitable Income Potential: Orlando’s popularity as a tourist destination means that short-term rentals can generate substantial rental income. Being that Walt Disney World is the most visited amusement park worldwide according to Statista, visitors are looking for a place to stay 12 months out of the year. Many Disney World visitors are families who can benefit from renting a house with multiple bedrooms and a kitchen.
- Flexibility and Availability: Short-term rentals provide property owners with the flexibility to use their property for personal use when it’s not rented out. This allows owners to enjoy the perks of vacationing in Orlando themselves and gives them the opportunity to reserve time periods for friends and family as well. Short-term rentals allow you to have more control over your property in general.
- Better Care For Your Rental Property: With short-term rentals, you will be able to check up on your property more often in between guests. This will give you the opportunity to check for any maintenance issues and identify any potential problems, while being able to pinpoint when these issues might have arisen. Being able to clean your property in between guests will help you to be sure your property is kept to its best standards at all times.
Orlando Considerations & Challenges:
- Increased Management and Maintenance: Managing a short-term rental property requires more frequent turnover, cleaning, and maintenance tasks compared to long-term rentals. Although for some owners this would be a benefit, others may disagree. Frequent turnovers can be more time-consuming and costly, especially if you don’t live in the area or have the ability to perform these tasks yourself.
- Fluctuating Demand: While Orlando sees a steady stream of visitors, demand for short-term rentals can vary throughout the year, with high seasons and slower periods. Property owners need to be prepared for potential occupancy fluctuations. Peak seasons in Orlando include times of school breaks such as spring break, usually in March or April, and summer break. Although Orlando is a popular destination for a diverse group of people for various attractions and events, there is always a chance of your rental being vacant for weeks or even months at a time. Not being able to know when your property will be rented out can be a big challenge for short-term rental owners.
- Regulatory and Compliance Issues: Short-term rentals are subject to local regulations, including permitting, licensing, zoning restrictions, and HOA rules. It’s crucial to understand and comply with these requirements to avoid legal issues. Click here to see Orlando’s short term rental regulations fact sheet for more information.
How to Market and Manage Your Short-Term Rental:
- Professional Property Management: The best way to ensure your property is meeting its full potential is to hire a reputable Orlando property management company like The Listing Real Estate Management. Hiring an experienced property management company can alleviate the burden of day-to-day operations, ensuring a smooth guest experience and maximizing rental income.
- Effective Marketing Strategies: Successfully promoting your short-term rental requires a strong and effective online presence, professional photography, and utilizing rental platforms to reach a broad audience of potential guests.
What can The Listing Real Estate Management Do as Your Orlando Property Management Company?
- Reservation Management: We respond to & manage all reservation inquiries & bookings 24 hours per day, 7 days a week across multiple platforms (AirBnb, VRBO, & Booking.com to name a few.)
- Check-In’s & Check-Out: We assist all Guests with self- check-ins whether its entrance gates to smart locks we got you covered.
- Pricing Analytics: We utilize real-time market data to maximize revenue & occupancy to outperform local competition.
- Repairs and Maintenance: 24/7/365 Maintenance & Emergency Maintenance Coordination. We handle, field, and dispatch our vetted techs.
- Guest Support: We provide best-in-class hospitality & customer service to your guest 24/7. Can’t connect to the Wifi or get the TV working, no problem.
- Marketing Avenues: Our marketing channels will expose your listing to websites worldwide, increasing revenue & reservations.
- Financial Reporting: Your Vacation Rental portal provides you with real-time reservation details, revenue, & payout reports & financial reporting.
- Property Inspections: Trusted professionals when it comes to presentation. Inventory Checklist, Check-in & Check-out Condition Reports.
Property Management in Orlando: Summary
While short-term rentals in Orlando offer significant income potential and flexibility for property owners, they come with their own set of challenges. It is essential to weigh the benefits against the potential drawbacks and carefully evaluate the financial viability of this investment opportunity.
Owning a short-term vacation rental home in Central Florida can be an excellent investment opportunity. Your investment can operate much more successfully if you hire the right short-term rental property management company. Contact us at The Listing, we are the Best Orlando Property Management Company and we produce higher returns for our rental property owners by providing the best services!