As always, the housing market was the backbone of the economic turnaround in 2013. With the market in recovery, real estate costs have been skyrocketing in both urban and suburban locales. Combine that with rising interest rates, and you can see how volatile the market has become. Due to these obstacles, people who own not only one, but two homes are finding it more difficult to keep up with the costs despite the benefits, and people who have always considered second home ownership are thinking twice about purchasing.
The good news is all is not lost – there are ways to keep up your quality of life without breaking the bank, and perhaps even make a profit: renting out your vacation home. That house on the beach or cabin in the mountains is attainable. More second homeowners than ever are renting out their second or vacation home to travelers, turning the industry into a $85 billion cash cow. For owners it provides a revenue stream that allows second home management to be a lucrative business venture. Listing a vacation rental can be personally as well as financially rewarding. For travelers it is extremely convenient, private, provides all the amenities of home, and is often cheaper than staying in a hotel. By staying in a vacation rental, travelers also have access to remote locations they may not have been able to visit otherwise and they will gladly pay for the right to do so. This arrangement clearly is a win-win for both sides.
The better news is renting out your second home is not nearly as hard as it seems. With the options of insurance and property management you can be financially covered and simply pay a property manager a commission to do the heavy lifting for you if you choose. You still have the option to visit your vacation rental as often as you’d like throughout the year too. Renting out your second home could start off as a hobby, but end up as much more if you become extremely successful.
When it comes to advertising your rental and generating leads – listing your property on FlipKey is all you’ll need to do. FlipKey by TripAdvisor is a vacation rental marketplace with more than 240,000 rentals around the world. We help travelers find the perfect place to stay for their trip, and get great value along with the space, privacy and amenities of home, and we help owners fill their vacation rentals with guests.