Pros and Cons to Owning a Vacation Rental

The “new” form of hospitality, short-term rentals, has been around for decades. However, the concept became mainstream in recent years and started to compete with hotels and other more professional establishments. The reason is that it offers an unprecedented opportunity for travelers and investors alike!

Platforms such as Airbnb, HomeAway, and VRBO allow landlords to offer their properties for rent with little hassle. The arrangement is more lucrative than typical long-term rentals, so it has become a popular option for homeowners in many touristy locations like Fort Lauderdale, Florida.

Short-term rentals come with their advantages and disadvantages. If you consider investing in this new type of housing, keep reading to find out more about the benefits and drawbacks.


Advantages of Vacation Rentals

When it comes to investing in rental properties, the main idea is maximizing your income. The nightly rate for short-term rentals is typically higher than what you would pay monthly. For example, you could charge $300 a night for a home typically rented for $3,500 per month. If you make it into a short-term rental, the 3,500 dollars in monthly income can be earned in just twelve days!

Vacation rentals also offer the possibility to raise the nightly fee on days when demand is higher, such as weekends, holidays, special events, and so forth. Even with a higher vacancy rate for short-term rental properties, the income more than covers the difference.

Short-term rentals are less rigid than traditional leases. It is an excellent opportunity for homeowners who wish to access the property occasionally, such as with a second home. With vacation rentals, you can easily block nights or weeks off the availability calendar for your personal use. You can also temporarily withdraw the property from the rental market with short notice should an unexpected need arise. It is a great way to make money from a property that’s only vacant part-time while still using it as needed.

Short-term rentals are also great for tax deductions. You can claim multiple deductions, including insurance, cleaning and maintenance fees, or property management fees.

With a short-term tenant, the issues are usually more manageable than those with a long-term tenant under a lease. Travelers occupy your property for a short period, and all transactions are made through your platform of choice. Common landlord problems like unpaid rent or dealing with evictions is highly unlikely. If you get a long-term tenant that is less than ideal, you’re likely stuck with them until their contract expires.


Cons to Vacation Rentals

Short-term rentals have many advantages, but there are also reasons why investors might want to think twice before converting their units.

Short-term rentals are riskier than long-term ones. Visitors who stay in short-term rentals are not thoroughly vetted the same way they would be if they were renting for a more extended period. Most landlords require extensive background checks for long-term tenants, including credit and employment history, references from previous landlords, and so on. Although there is no certain chance that the tenant will be good, homeowners can stack their chances to make sure that the experience is positive by considering all these factors before signing any agreements with potential renters.

When it comes to short-term rentals, landlords have little control over who they can rent their property to. Most home-sharing platforms developed a review system that allows past homeowners to share their experience with each guest. There are also iffy at best verification systems to confirm the guests’ identity. However, the process is not perfect and potentially biased compared to traditional background checks.

Short-term rentals are a more time-consuming investment than traditional rentals. The property needs to be cleaned and restocked for each reservation, which can turn into a full-time job. There is higher maintenance because short-term properties are furnished, and everything falls within the owner’s responsibility. Using scheduling software specifically designed for managing your property can help streamline these processes. Some investors also prefer using a property management company to reduce the time spent doing these tedious tasks.

Finally, the short-term rental industry is still in its infancy, and establishing it comes with many growing pains. The local rules of vacation rentals are constantly changing and may vary depending on your location. Before buying a property to be used as a short-term rental or listing your home on Airbnb, you should talk to an attorney about whether such use complies with local zoning regulations or homeowner’s association codes if applicable.


Conclusion

Investing in short-term rentals can be a very profitable move for investors, especially in locations with high tourist demand. However, it is not as simple as just listing your property on one of the various platforms available. Although returns may look attractive at first glance, short-term rental properties are riskier and more time-consuming than traditional long-term rental properties. You will also need to consider the legal consequences of this project, such as zoning regulations, before finalizing your decision to purchase a property.

Vanessa

A true local to South Florida, I was born and raised right here in Broward County. As an avid traveler, I have always loved staying in AirBNBs because it allowed me to have a more authentic experience of the city I was exploring. When presented with the opportunity to become a host in my hometown I was thrilled to bring that same experience to people visiting South Florida.

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Our Favorite Date Night Spots in Fort Lauderdale

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Are you coming to visit Fort Lauderdale with that special someone? Whether you prefer a nice romantic dinner, an evening boat ride, or a night out, Fort Lauderdale has the perfect date night spot for everyone. Below are our top date night things to do in Fort Lauderdale.

A Romantic Dinner

Takato is a favorite if you’re looking for nice date night vibes. This Asian fusion tapas restaurant, located right on Fort Lauderdale Beach, has a 26-foot sushi bar and an oceanfront indoor/outdoor dining experience. Be sure to try the Wagyu Bulgogi.

Are you visiting South Florida and in the mood for some Peruvian cuisine? If so, check out Bravo Peruvian Cuisine. It has some of the finest lomo saltado I’ve had in the area. The empanadas and sangria are also a must. For those seeking decent food in a laid-back setting, Bravo is a fantastic choice.

Louie Bossi is an Italian restaurant located on Las Olas Boulevard, and it is a great place to dine for brunch or martinis. This establishment has a lively ambiance ideal for an exciting date night venue. Although it is well known for its brunch, the décor and lighting in the evening make it the perfect place to enjoy a dinner with your significant other. Make a reservation, as this restaurant is often busy, and difficult to obtain a table without one.

Gondola Rides Along with Canal

While the city of Fort Lauderdale isn’t the first thing that comes to mind when you think of a gondola ride, there are several places where you can take an enchanting ride down the New River and see the city in a new light. The tours around the holidays can be very romantic as you’ll be able to see the entire city lit up as you cruise at a slow and comfortable pace around the city. Check out our article to see some of our favorite gondola spots around town.

Wine Tasting

A wine tasting can be the perfect romantic date night to relax and spend quality time with that special someone. If you’re into wine, Fort Lauderdale has many places where you can sample and enjoy different pairings from a local professional. Check out some of our favorite wine-tasting spots around the city.

Stay in a Private Romantic Vacation Rental for Two

After experiencing all these romantic dates in Fort Lauderdale, what better way to end the night than to return to a luxury and romantic vacation rental for two? Our private waterfront home in Wilton Manors is the perfect getaway with plenty of space to enjoy but cozy enough to feel together. This waterfront retreat is perfect for spending your mornings and evenings during that romantic getaway.

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Exploring The Fern Forest Nature Center

Exploring The Fern Forest Nature Center

There are several destinations in Fort Lauderdale that are perfect for any nature lover. Fern Forest Nature Center, one of our favorite attractions, is one of them. Here is everything you need to know about it.

What is Fern Forest Nature Center?

The Fern Forest Nature Center, a 247-acre urban wilderness located in Coconut Creek, Florida, is a nature center that sits on the Great Florida Birding and Wildlife Trail. It is named after the many native fern species (over 30) found there. Researchers from Florida Atlantic University and Broward College, among others, have visited the center to study its rich flora and fauna. This wonderful and well-preserved botanical community is one of the most beautiful in South Florida.

Fern Forest Trails

Fern Forest offers a pleasant hiking experience that has several trails available to explore. The Cypress Creek Trail, for example, is a one-half mile long trail that is wheelchair accessible and winds through a hardwood forest. The Wetlands Wander trail takes viewers alongside a canal that offers a peek into the swamplands of South Florida. Each trail offers a different experience so that you can come back and enjoy something new every time.

Other Activities

For all nature enthusiasts, the Fern Forest Nature Center is a must-see here in Fort Lauderdale. In addition to the nature trails, Fern Forest Nature Center has an outdoor picnic area, an exhibit hall with live displays of reptiles local to the area, an amphitheater for concerts or events, and even a butterfly garden. Check out our luxury homes near the Fern Forest Nature Center for a fantastic place to come back to after a day out exploring nature.

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Cooking classes in Fort Lauderdale are a great way to spend an evening or take a break from the daytime heat. Fort Lauderdale doesn’t have to be all fun in the sun and outdoor activities. If you’re trying to switch things up, taking a cooking class can be an excellent opportunity to have fun and learn something new. Below are our three favorite classes in the area.

Chef Alice Cooking Class

Chef Alice Colin has been teaching public and private cooking classes since 2005. This highly sought-after cooking class will show you the essentials of handling a knife, cooking techniques, and pro tips applicable to your day-to-day life. You’ll receive a welcome snack and drink at the beginning of each class. From there, you’ll spend about two hours learning how to cook a three-course meal, which you’ll then sit down and eat together. Chef Alice can advise you on the perfect wine or beer pairing if you’d like to BYOB.

Chef Baba’s Cooking Classes

Called “Chef Baba” by his students, Chef Andrew Bennardo is passionate about teaching the fine art of Italian cuisine. He has a variety of dishes ranging from homemade ricotta gnocchi to chicken scarpariello and chicken marsala. Chef Baba also has classes for all levels of cooks and makes it his mission to create fresh, tasty cuisine in a fun environment.

Chef Jean-Pierre’s Cooking School

Chef Jean-Pierre runs a high-end store that sells some of the world’s finest oil and vinegar samples in addition to teaching cooking classes. Whether you’re a culinary novice or an expert, Jean-Pierre offers a variety of classes each month. Check the online schedule to reserve one of his pasta, vegetarian or French cuisine-focused classes.

Create the Perfect Romantic Getaway

Are you planning a quick romantic getaway with that special someone? After taking one of the fantastic cooking classes above, come back and stay at our beautiful 
private waterfront home, perfect for couples looking for that intimate escape. Relax in this luxurious home, lounge on your private dock, or take the kayaks around the Wilton loop. Check us out and book your vacation today!

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