The state of California's population decline is the subject of national attention. Since 2020, more than half a million people have left the state.
In particular, residents are fleeing San Francisco and Los Angeles. The high cost of living is too much for these Californians to bear.
What many people do not realize is that losses from the major cities are benefiting California's Inland Empire. Over the next quarter-century, the Inland Empire's population is expected to grow by 20%.
This population growth makes for an amazing opportunity for property owners. Read on to learn three things about starting a short-term rental in California's Inland Empire.
1. The Difference Between Short and Long-Term Rentals
A long-term rental is a traditional arrangement in which a landlord enters a year-long lease agreement with a tenant. The tenant plans to make this property their household for an extended period of time.
On the other hand, a short-term rental is more like a temporary living situation. Tenants are typically on vacation or staying in the area temporarily for work travel.
There are pros and cons to both short and long-term rentals. Landlords enjoy long-term rentals because they can lock in a revenue stream for a year or more. Short-term property owners charge higher rents and can earn more profit.
2. Cleaning
Every time a new tenant comes in, you need to arrange for the property to be cleaned. Some ambitious property owners clean it themselves to reduce expenses. Others hire a cleaning service to come in between rentals.
If the property is not adequately cleaned before each stay, you will certainly hear complaints. Often, those complaints lead to poor reviews online or on social media. Just one scathing review on cleanliness could cost you future reservations and revenue.
A short-term rental management company can handle the logistics of cleaning for you. They will make sure your property is cleaned for each rental so that you do not have to worry about it.
3. Filling Vacancies and Ensuring Demand
Filling vacancies is key to maintaining a steady revenue stream. With a short-term rental, this means filling up to 52 weekly spots.
A vacation rental management company can manage all of these bookings for you. They market your property to help fill the vacancies.
Without a long-term lease in place, you need to ensure the demand is there to fill all these vacancies. The good news is that people are flocking to Inland Empire.
The population growth is going to translate to more dollars flowing into the region. Cities like Riverside and San Bernadino expect more visitors and you can capitalize off of it.
Your Guide to Owning a Short-Term Rental Near Inland Empire, CA
You are now ready to start up a short-term rental near Inland Empire. Demand is certainly there as U.S. Census data shows a surging populace.
The next step is establishing a short-term rental property with positive reviews for cleanliness and customer service. If you own a short-term rental property near Inland Empire, contact us today for property management services.
