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Alternative Revenue-Generating Strategies for Short-Term Rentals

Alternative Revenue-Generating Strategies for Short-Term Rentals

Owners of vacation rentals constantly worry about whether they will be able to meet their financial obligations in the event of a worldwide financial disaster. 

Although your property is often used for vacation and enjoyment, it doesn’t imply you can’t benefit from it during a crisis. Not to mention that there are still those needing a place to stay. So that you may resume holiday rentals after the problem is over, there are always other methods to make money from your short-term rental home.

These alternatives may not be as lucrative as vacation rentals previously were, but they’ll keep your firm from going out of business completely…

Mid-term Rentals 

Mid-term rentals are the logical next step after short-term rentals. You may have heard of these before, but these are short-term rentals that allow visitors to stay for a few weeks or months at a time..

Even while short-term rentals (STRs) allow you to raise your prices by a lot more than long-term rentals (LTRs), mid-term rentals (MTRs) are the best of both worlds. The objective of the present economic scenario is to at least break even or minimize your losses.

MTR landlords, on the other hand, have a lot more in common with landlords of long-term rentals (LTR). During this time of crisis, be aware of any rules that your county is enacting about rentals.

So, who do you have in mind for MTR at the moment?

Providing housing for students

Many students have been booted out of their dorm rooms as institutions are shutting down and need a short-term lodging option. Providing a furnished house with internet access is all that most students want; they aren’t picky and don’t expect much.

If you have a big, luxurious apartment or a multi-family property, this may not be the greatest target market for you to reach out to.

In a college town, contact the housing offices of your local institutions to see if you can assist them shelter displaced students.

Host a Traveling Hospitalists

Healthcare workers around the country are becoming ill because of a lack of masks and other protective gear. As a result, hospitals around the nation are employing travel nurses, who all need lodging.

Travel nurses often remain for one to four months and get a housing allowance greater than that of students. Both options are available to the travel nurses hired by the travel nurse staffing service: they may be housed by the agency, or they can be given an allowance and have the freedom to choose a place of their own.

You may use the templates in the Short-Term Rental Profit Academy’s Coronavirus Survival Kit to contact travel nurse staffing businesses and offer them your unit.

You may also edit the headlines on your postings to indicate that you’re not just lodging travel nurses, but that you’re also housing other passengers.

As well as other healthcare workers who work alone

Another group of people needing accommodation is local healthcare personnel who must live apart from their families to avoid danger. They don’t need to be swayed into visiting the region if they’re within a reasonable distance of the hospital or their family home.

Contact your local hospitals to let them know you have a place for these brave men and women to stay. At the very least, this approach should keep your property booked for the duration of the crisis.

Vacation Rental Website of Your Own

A vacation rental website is one of the most acceptable methods to attract new visitors and renters. ‘ The website may be re-optimized to appeal to the specific demographic you’re aiming for. The current crisis has shown us that we cannot just rely on listing sites for our needs.

Use technologies like Lodgify to construct a vacation rental website that doesn’t seem to be a vacation rental at all but rather lodging for displaced individuals or healthcare staff.

Craigslist

Craigslist has been around for a long time, and many people still use it for advertising their properties. While this may be more effective for long-term rentals than for short-term rentals, marketing your property on as many channels as possible is the greatest way to increase your chances of acquiring a reservation.

 

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