How To Rent Your ADU: Short-Term Or Long-Term?
If you’re lucky enough to have an ADU, you’ve got a golden ticket to extra income. But how do you maximize that potential? Choosing between short-term and long-term rentals can be as puzzling as deciding between a latte or a cappuccino. Both have their perks and in this blog, we will help you choose the best option for your ADU. Keep reading!
Short-Term Rentals: For Stopovers
Short-term rentals, also known as vacation rentals, have been gaining popularity in recent years. Think weekend travelers, vacationers, and business folks looking for a cozy stopover. With platforms like Airbnb, listing your ADU for rent is as easy as pie. Short-term ADU rentals can offer flexibility and higher nightly rates, boosting your ADU ROI. It’s like having a hotel in your garage!
One major perk is the potential for higher earnings, especially during peak seasons. You can also block off dates for personal use or maintenance. But beware, it requires more management, cleaning, and marketing. You must keep your ADU in tip-top shape to earn those glowing reviews. It’s like running a mini hotel, with guests coming and going quickly!
Long-Term Rentals: Build A Tenant Relationship
Do you prefer a steady stream of income? Long-term rentals are your jam! Renting affordable housing ADUs for several months or even a year provides stability. You get consistent cash flow and fewer turnovers, making your life a tad less hectic. With ADU rentals, you’ll build relationships with your tenant, creating a sense of community and trust.
Long-term rentals mean less frequent cleaning and management while having a reliable tenant. However, the monthly ADU rental income might be lower than short-term options. Plus, you’re committing to a longer contract. But long-term is the way to go if you’re looking for stability and low effort. It’s like having a roommate who pays rent without raiding your fridge!
The Best Of Both Worlds: A Balanced Approach
Can’t decide between short-term thrills and long-term stability? Why not mix things up? Some property owners opt for short-term rentals during peak seasons and switch to long-term during quieter months.
This approach allows you to enjoy the best of both worlds and maximize your ADU ROI efficiently. Just remember that managing both rentals can be a bit more work. However, with proper planning and strategy, you can enjoy this ADU value addition.
Go ADU: Your Path To Rental Success
With the rise of ADUs in California and beyond, now is the perfect time to take advantage of this opportunity to earn extra income. Go ADU will help you with ADU financing, design, and building, ensuring it meets all legal requirements. We have seen countless success stories from ADU owners who have ventured into short-term and long-term rentals.
If you’re ready to go on this rental journey, we’re here to guide you every step of the process; our builders will design and construct your ADU with all the features that will attract potential renters. So go ahead and list your new ADU for rent—adventure or stability awaits! Contact our ADU Contractors in Santa Monica, CA, to learn more about our services and start your project.