Just under half of Nashville-area homes are renter-occupied, and the market is becoming more competitive for renters. Now is a great time to invest in a rental property, but long-term renting isn't the only model to choose from.
Nashville is also a popular city for tourists, many of whom prefer unique, home-style accommodations. In other words, the short-term rental market can be equally as rewarding as the long-term rental market.
No matter which model you choose, you can hire rental management services. What's the difference between long-term and rental vacation management? Read on to find out.
Pricing Strategies
When thinking about rental management comparisons, the first thing to consider is pricing. With long-term rentals, you'll set a single monthly price for the duration of the entire lease. With reliable tenants, you can secure a steady rental income.
Can you stand to make as much with vacation rentals? Pricing tends to fall under both short-term rental pros and cons. While it's not a guaranteed income, dynamic pricing can make up the difference.
Marketing Strategies
When you're marketing your rental, you're aiming for two entirely different audiences depending on your rental model. With long-term rentals, you'll need a strong, high-quality listing that you can take down after securing a tenant.
With short-term rentals, you'll want to market your property on popular platforms like Airbnb and VRBO. The goal is to show why your property is ideal for a few nights, rather than an entire year. That means focusing on luxury amenities (like hot tubs) over practical amenities (like closet space).
Laws and Regulations
When you're renting to a long-term tenant, your management approach needs to center around tenant rights. It's your job to provide a safe, healthy, and livable environment while respecting your tenant's right to privacy.
With short-term rentals, you'll have an easier time getting in and out of your property when renters aren't there. However, you'll need to get the right Nashville short-term rental permits.
Maintenance Oversight
As we mentioned already, landlords for long-term tenants need to keep up with maintenance while respecting their tenant's right to privacy. This requires ongoing communication about when you can inspect the property and schedule maintenance.
With short-term rentals, you can often wait until your property is vacant to make repairs. However, the constant turnover of vacationers can lead to more wear and tear. This means your property manager will need to stay just as vigilant about preventative and emergency maintenance.
Need Long-Term or Rental Vacation Management? Call PMI Greater Nashville
Nashville is a great market for both long-term and short-term rentals. These two models can both generate substantial income, but they also require pricing, marketing, legal, and maintenance savvy. That's where professional property managers come into play.
At PMI Greater Nashville, we offer both long-term and rental vacation management. You can customize your services to fill in the gaps or invest in turnkey services. Our experience in both markets allows us to help investors determine the most lucrative use of their properties.
Contact us to learn more.
