Nashville is known worldwide for its country music and cultural festivals. According to WPLN news, despite growing inflation, tourists continue to flock to Nashville. Given the gigantic demand, it's a great city to own a vacation rental.
However, there's more to profitable short-term rentals than simply investing where there's demand. Without skillful management, you'll struggle to make a solid return on your investment. A key part of vacation property management is having clear guest house rules.
Interested in learning more about the vacation rental rules and guidelines you should set in your Nashville vacation property? Read on to learn more about this essential topic.
Understanding Nashville Vacation Rental Policies
According to hubNashville, short-term rental regulations in Nashville require all owners to get a short-term rental property permit. If you own property that's being rented more than 30 days a year, you need the permit. There are two types of permits; the one you need depends on whether you also live on the property.
You're also responsible for renewing your permit every year. No matter your permit, you'll have to respect occupancy limits and noise ordinances. If you don't live on the property, it's your responsibility to ensure your guests follow the rules.
Set Clear House Rules
When you're on vacation, every second counts. People won't have time to read through multi-page rulebooks.
Keep your house rules clear and simple, so that there's no confusion. You'll need to clearly outline your expectations about your:
- Check-in and check-out times
- Smoking policy
- Occupancy limits
- Pet policy
- Security deposit
Always make these clear ahead of time, as guests tend not to respect the rules if they're caught by surprise.
Provide Safety and Security Guidelines
Vacation is a time to relax and unwind. While this is great for reducing stress levels, fun in an unfamiliar environment can lead to accidents. Give your guests easily accessible information describing what to do in an emergency.
Encourage guests to read your safety guidelines, but assume they won't. List clear information about:
- Emergency contacts
- First aid kits
- Smoke detectors
- Alarms and security cameras
- How to safely operate appliances
Set a Security Deposit
Rules only work if there are consequences. Your vacation rental rules and guidelines need to include a mandatory security deposit.
A deposit encourages good behavior and ensures you're covered for any accidental but negligent damage. Make sure you clearly list your deposit price and policy on your rental listing.
Set Clear Vacation Rental Rules and Guidelines
As you can see, clear vacation rental rules and guidelines are a vital part of being a successful vacation rental landlord. You'll need to follow the rules set by the city of Nashville and the Federal government while making sure your tenants pay attention to yours. With this many responsibilities, it's easy to see why landlords work with property management experts.
Here at PMI Greater Nashville, we can help simplify your landlord responsibilities. You make the big decisions, and let us worry about the details. Contact us today and let's discuss your property.
