In recent years, travelers have been looking for short-term rentals that offer more conveniences and comforts than the traditional hotel experience. A surge in demand for short-term rentals presents some exciting opportunities to anyone planning a new multi-family development, including the ability to attract new business and close revenue gaps. An increasing number of property owners are diversifying their offerings by incorporating short-term rentals into their building design. Below, learn more about this housing option and how you can apply it to your building plans.
Why Are Short-Term Rentals In Demand?
Many people who travel prefer to stay in apartments, which are often located in more convenient locations than nearby hotels. With a full suite of normal appliances, short-term rentals are also more comfortable, especially to those who prefer to cook their own meals. Most importantly, apartments typically offer more space than even the most spacious hotel rooms.
How Do You Plug Revenue Gaps?
Unlike traditional tenants, short-term guests typically pay on a nightly basis, with rates commensurate to hotel prices in your area. Depending on the area, you may be able to collect several hundred dollars per night for a short-term rental, which may add up to more than the monthly rent for a similar unit.
Why Should You Incorporate Short-Term Rentals Into Your Multi-Family Building Design?
Many building owners choose to simply list vacant units on short-term rental platforms, generating revenue until a new tenant signs a lease. However, if you’re beginning a new project, you may create a section dedicated to short-term rentals for business travelers and vacationing families. Including amenities like a pool and on-site cafes into your building design will make your property more attractive to long-term tenants and travelers alike.