Real estate investing can take many different forms; nevertheless, owning a rental property is the most common option. There are many different ways to own rental properties, and the one that stands out the most is long-term rentals; however, owning short-term rental properties is also worth looking into.
The real estate market has changed over the past few years and has witnessed the growth of a short-term rental industry due to new digital platforms like HomeAway, VRBO, and Airbnb. Even though short-term rentals have a much higher rate of turnover, owning one could result in significantly more rental income per year than long-term rentals. Therefore, numerous property owners are shifting to the short-term rental market to increase their income as the overall demand for short-term vacation rentals continues to grow at a fast pace.
There are many reasons why vacation rentals and short-term rentals have become more popular in recent years, but the most important aspect is the space and privacy they provide. They let people see different parts of the world and move around as they desire without having to stay in one place.
The increasing fame of companies like Airbnb demonstrates that short-term rentals are not just popular in big cities but are also in demand in cities of different sizes all around the world. The pandemic has significantly sped up areas of growth in demand for rental flexibility.
Travelers have turned to rentals due to a preference for group travel, amenities, space, and rural areas. In addition, there is significantly less risk of contracting COVID in a short-term rental property because there are fewer touchpoints. Additionally, demand for short-term rentals is likely to continue for the foreseeable future as the expectations and requirements of travelers have shifted due to the pandemic, which is expected to have a lasting effect on workplace freedom and flexibility.
Short-term rentals, in contrast to conventional long-term rentals, which necessitate strict rules and lease agreements, permit travelers to stay for as long or as little as they require. A short-term rental property management company can help you run and advertise your business if you have a second home. Looking after the daily operations of a rental property, such as booking, upkeep, and marketing, is part of short-term rental property management. If managed properly, short-term rentals can be excellent investments with high ROI. Thus, many property owners find that short-term rentals are worth the effort, despite the difficulties. One person who has benefited property owners, travelers, property management companies, and the traveling industry by establishing a vacation rental revenue management company, Rented, Inc., is the American entrepreneur Michael Andrew McConnell.
McConnell, born in Birmingham, Alabama, United States of America, on June 24, 1981, graduated in 2003 from Harvard University with a Bachelor’s degree in history and later earned his LL.M. from Cambridge University, followed by a Doctor of Law degree from Harvard Law School.
McConnell stepped into the professional world through the formation of Rented Capital, LLC. and Vacation Futures, Inc. Before becoming the Mentor at Techstars, a member of the Atlanta Tech Leaders advisory board, a member of the 2020 Leadership Atlanta Class, an industry advisor, and the Chief Executive Officer of Rented, Inc., and he worked as an Engagement Manager at McKinsey & Company. He also served as the Director of Solutions Design at Axiom Global, Inc.
As a best-selling author, he has written various books such as Get Out of My Head: Creating Modern Clarity with Stoic Wisdom, and the fame and recognition of the book made him rank number five on the Wall Street Journal bestseller list. Throughout his career, he has written sections and articles for Forbes, Inc., Huffington Post, and other publications to share his valuable knowledge of the industry. Under McConnell’s supervision, Rented Inc. won the VRTECH Startup Competition in 2021 and the Inc. 500 in 2019 and 2020. Additionally, in 2021, Rented Inc. came in fourth place on the FT list of America’s Fastest-Growing Companies because of the efforts of McConnell.
Through the inception of Rented Inc., McConnell not only cemented his place as a successful entrepreneur but also contributed to the overall prosperity and success of the travel and tour industry. Through Rented Inc., he provided owners with reputable property managers who would accept a fixed monthly payment in exchange for the right to rent out their homes to travelers for a short period. This platform not only brought property management companies and property owners on the same platform but also helped real estate property owners generate additional income.