Don’t AirBn-BUST: Turn Your Short-Term Into a Long-Term Rental

Jonathan and Krista address the challenges landlords face with the shift from short-term to long-term rentals, particularly in light of new regulations in cities like New York, Dallas, and Miami Beach. They offer a comprehensive guide for landlords to navigate this transition effectively:

1. Research Local Laws: Understanding local landlord-tenant laws is crucial. Resources are available to break down legal requirements by state, offering a starting point for landlords to familiarize themselves with long-term rental regulations.
2. Evaluate Property for Long-Term Rental: Landlords should compare their property’s amenities and community features with similar units to determine a competitive monthly rent. Tools like rent estimate calculators can help assess appropriate pricing, considering the differences in charges between short-term and long-term rentals.
3. Assess Profitability with a Rental Property Calculator: This tool allows landlords to input costs, including HOA fees and property management fees, to evaluate the profitability of transitioning to a long-term rental, especially in markets like New York City.
4. Prepare the Property: Addressing maintenance issues and ensuring the property meets local codes is essential. Landlords should also draft a comprehensive lease agreement, different from the short-term contracts typically managed by platforms like Airbnb. Tools like lease-building wizards can assist in creating tailored agreements that include necessary disclosures and terms.
5. Find and Vet Tenants Thoroughly: Long-term rentals require comprehensive tenant screening for a stable and reliable occupancy. Services are available to conduct these screenings at no cost to the landlord, covering credit history, eviction records, and more, aiding in making informed tenant selections.
6. Manage the Property Efficiently: Effective property management involves daily communication, maintenance handling, and documentation. Using property management software can streamline these processes, providing a platform for direct communication with tenants and organizing essential documents.

Jonathan and Krista also highlight the benefits of long-term rentals over short-term ones, including steady income, reduced utility and maintenance costs, less frequent cleaning, and avoiding the need to furnish the property. They emphasize the stability and ease of management that comes with long-term tenancies, providing a more predictable and less labor-intensive investment for landlords.

This guide aims to help landlords adapt to changing market dynamics and regulatory environments, ensuring a smooth transition from short-term to long-term rentals and optimizing their rental strategy for sustained profitability and tenant satisfaction.