What is a Vacation Rental Property?
Vacation rentals are defined as homes rented by travelers on a short-term basis .This is served as a temporary house often for less than 30 days by the same individual, though descriptions may change depending on the situation.
These properties are usually furnished apartment, house, or professionally managed resort-condominium complex on a temporary basis to tourists as an alternative to a hotel. And were used primarily for recreational purposes including vacations or holidays.
Vacation rentals are such profitable investments if you understand the real estate market works and know how to market. In investing or in putting up any business, LOCATION plays a big role in determining its success. For vacation rental investment, it’s wise to choose an area with a lot of tourist traffic and activity.
Here are the most recommended cities you might consider:
1. Orlando, Florida
Orlando is one of the most popular tourist destinations in the United States, attracting both domestic and foreign visitors. Walt Disney World, which was labeled as “The Happiest Place on Earth,” is located in Orlando. With this reason alone, there is no wonder it entered the top 5 most visited cities in the country. Orlando is also home to other amusement parks, such as Universal Studios and SeaWorld
In addition to amusement parks, the city is within driving distance of a beach and provides a variety of other attractions. As a result, investing in vacation rentals in or near Orlando will provide a steady stream of income. Just be sure that short-term rentals are permitted by local and state legislation.
2. New York City, New York
Did you know that New York City is the most popular tourist destination in the United States? This makes sense because NYC is one of the biggest cultural hubs in the world wherein it is always mistaken to be the capital of New York State or the whole country which is actually not!
Times Square, Madison Square Garden, Central Park, Grand Central Terminal, the Statue of Liberty, and many other attractions are among the most popular in New York City. This means that investing in a vacation rental home in NYC might provide a consistent income stream. Short-term rental restrictions in NYC are strict: guests must rent for at least 30 days, or the host must be present for guests renting for less than 30 days.
3. San Francisco, California
Another well-known tourist destination in the United States is San Francisco. The Golden Gate Bridge is a popular tourist attraction that draws visitors from all over the world. San Francisco is also recognized for its diverse food, and it is conveniently located in California’s Wine Country for those interested in wine tastings.
Like New York City, San Francisco has some stringent restrictions regarding short-term rentals. To own a short-term rental in San Francisco, you must first make the city your primary residence, and you cannot rent to guests for more than 90 days in a calendar year. So if you’re a San Francisco native, why not consider borrowing money from a flexible lender to buy a vacation rental? This will surely give you an extra income.
4. Maui, Hawaii
Maui is one of the most popular tourist destinations in the state of Hawaii. Maui is a beautiful tropical retreat with a wide range of water activities, sandy beaches, and unique animals. Indeed, Hawaii as a whole is known for all of these traits, making it an excellent place to invest in a vacation rental. But always keep in mind the state restrictions on short-term rentals to avoid fines and penalties of not complying to it.
One common ground for these recommended cities is that they have destinations that are hot in the eye of the tourists, though the lion’s share has strict restrictions when it comes to short term rentals. So before you invest in this kind of business, make sure that you are able to comply with all the rules and regulations in order not to experience unwanted events and situations.