31 Oct Why Is The Short-Term Rental Market The Right Option For Developers And Multi-Property Owners
Whether you are a developer or a multi-property owner, what you ultimately want is to achieve the best returns over your investments.
We’ve been working with property developers in areas like Pyrmont, in Sydney, with the purpose of building apartment blocks for short-term rental and maximising nightly rates through bookings for tourists and corporate travellers. In the past, we also worked together with a property developer in Coogee for properties close to the beach. These properties are very suitable to the holiday rental market and executive stays over longer periods.
YIP: Are there any limitations for multi-property owners when it comes to the new regulation for short-term rentals in NSW?
Daryl: At MadeComfy we have welcomed the proposed new legislation in NSW, which is due to come into play sometime next year. It allows us to have clear regulations across each council area. We are still waiting to see the exact ruling around how long a “short-term stay” is defined within the new legislation. Read more about the new legislation here.
YIP: How does it work with insurance for short-term rentals?
Daryl: At MadeComfy, we advise all of our owners to take out suitable short-term rental insurance to cover their property during a guest’s stay. It’s fundamental to work with a good insurance provider so that your assets are protected.
YIP: How do investors create a standout property on Airbnb and other booking websites to maximise occupancy rates and returns?
Daryl: One of the key things to consider when setting up a short-term rental property is design and furnishing. Using our in-house interior design team can save owners thousands of dollars in time for sourcing and installing furniture, appliances and decor.
For multi-property owners, it can also mean having different themes and styles across a block of apartments in order to secure bookings for all of them simultaneously. Our case studies show that a well-furnished property can increase returns by up to 110% over long-term rental.
All that goes along with professional photography and copywriting to create a real wow factor for your listing. A compelling and informative description makes your property listing stand out, what helps increase the occupancy rate.