Guide to Getting Started in Short-Term Rentals

By Home Link Realty | homelinkrealtysc.com

1. Introduction to Short-Term Rentals

Short-term rentals (STRs) have become a lucrative investment opportunity, offering flexibility and higher returns compared to traditional long-term rentals. With the rise of platforms like Airbnb, Vrbo, and Booking.com, the STR market has grown exponentially. However, success in this industry requires careful planning, market research, and strategic execution.

2. Key Resources for Short-Term Rental Investors

• Market Research Tools: Platforms like AirDNA, Mashvisor, and Rabbu provide data on rental rates, occupancy, and revenue potential for specific markets.
• Property Management Software: Tools like Guesty, Hostaway, and Lodgify streamline operations, including bookings, guest communication, and pricing.
• Legal and Compliance Resources: Check local government websites for zoning laws, permits, and tax requirements. Consult STR-specific legal guides for compliance.
• Financial Planning Tools: Use calculators like BiggerPockets and STR-specific ROI tools to estimate returns and plan your investment.

3. Best Practices for Short-Term Rentals

• Property Selection: Focus on high-demand areas with strong tourism or business travel. Choose properties with unique features like waterfront views or proximity to attractions.
• Pricing Strategies: Use dynamic pricing tools like PriceLabs or Wheelhouse to adjust rates based on demand. Offer discounts for longer stays to attract remote workers or families.
• Guest Experience: Prioritize cleanliness, comfort, and amenities like Wi-Fi, kitchen essentials, and workspaces. Provide a digital guidebook with local recommendations and property details.
• Marketing and Listings: Optimize listings with professional photos and detailed descriptions. Highlight unique selling points like proximity to attractions or pet-friendly policies.

4. Microsection: Greenville, SC and Surrounding Areas

Market Overview: Greenville’s STR market has seen steady growth, with occupancy rates averaging 65-75% and average daily rates (ADRs) ranging from $150-$250. Popular areas for investment include Downtown Greenville, Travelers Rest, and Simpsonville.

Local Regulations: Greenville requires STRs to obtain a business license and adhere to occupancy limits. STRs are also subject to local and state lodging taxes.

Tips for Greenville Investors: Focus on properties near attractions like Falls Park on the Reedy or the Swamp Rabbit Trail. Cater to business travelers by offering workspaces and proximity to downtown offices.

5. Additional Resources