There is nothing worse for a property manager than having a beautiful, large, immaculate house to rent, but no tenants wanting to move or buy. During times of pandemics like COVID-19, people are slower to pack up and move, commit to new financial obligations, or want to risk spending their money on application fees and background checks. They also won’t want to go door-to-door, looking at different available homes.
When a property manager has a vacant home for rent, and a long-term leaser doesn’t seem to be appearing, you can consider short-term lease options. Lease terms can go for a month, three months, summer, school semesters, or even month to month leases. South Carolina always needs short term rentals, especially for families spending the summer on the beaches and students from fall to spring.
During times of pandemics such as Covid-19, single-family homes can also be great accommodations for traveling nurses or nurses that are coming to the city to work temporarily in Charleston hospitals. Many of these nurses, doctors, or even volunteers don’t mind sharing their accommodations if it means a more comfortable space for them and also saves them some money.
Pros of Short Term Rentals:
- Allows rent to be collected, even when there is not a long-term renter
- Can sometimes allow for more rent to be charged because a group of renters can be charged per person or per bedroom each month rather than one price that covers the entire property
- Short term rentals allow flexibility for the house to have improvements or upgrades planned, or for the owner to live in the home short-term between renters if needed.
Disadvantages of Short Term Rentals:
- Short term renters are less invested in the property and could be more likely to cause damage or not clean.
- Short term renters often cannot be responsible for utility bills if they live in the home fewer than three to six months due to the way billing cycles work.
- A property manager has to put forth much more effort to run a short term rental because of the marketing, showing, and application processing happens more often.
One of the best things a property manager can do is talk to the owner about their best options. Many investors have no idea about the rental market where the homes are located and rely on a knowledge property manager to let them know about market trends and community needs.
Contact a Charleston Property Manager
If you’re looking for a property manager for your Charleston investment property, call Scott Properties at 843-790-4929.