While many people prefer to rent a vacation home by the week while on the Outer Banks, long term rentals are becoming more trendy. Typically these long term rentals are paid monthly, but the length of the stay varies. There are some things to think about when considering long term or short term beach vacation rentals, and we will lay them out for you. As always, if you have questions about which Outer Banks beach rental is best for you, reach out to a qualified realtor.
How much flexibility does the owner have?
Short term rentals offer the owner of the vacation home much more flexibility, as the beach house is usually rented by the week. If the owner of the home wants to use it for a specific week each month, they would simply make the house unavailable to be rented that week. With a long term vacation rental, the owner has much less flexibility, and reduced opportunities to use their vacation home. This is perfect for an owner who may not spend much time on the Outer Banks, or who does not want to constantly be trying to fill a home week by week.
How involved can the owner be?
Some owners of vacation homes on the Outer Banks are integrally involved with the rental of their homes, while others prefer to be insulated from this. For those owners who have the time and interest to be involved in the day to day operation, short term rentals are a favorable option. In addition to being able to charge a bit more for the rental, they will be aware of everything that happens at the vacation home. If the homeowner has no desire or time to be involved in the management and administration of the rental, there are two choices: Outsourcing that administrative work, or long term rentals. A combination of these 2 strategies is also an option. If an owner chooses to go with long term rentals, he or she will know who is there, and will not have to “turn it over” to a new occupant every week.
As an owner of a vacation home, you can choose how and when to rent it. There are pros and cons of associated with short term and long term rentals, but ultimately they help the owner control how their home is enjoyed, and by whom.