One thing that is more important than most people consider is figuring out who is your ideal renter? Who is the person who will look at your house and want to stay there? And what are you offering that person? When you are a landlord of any sort, you need to pick who you are serving. Everyone needs a place to live. In both long-term and short-term rental situations, it is important to determine what type of renter you want. Someone who is going to demand more or not enough- leaving items broken, etc. You are looking for the goldilocks of renters- the one that is just right. For example, if you’re giving a bargain in the best area of town, you are still charging quite a bit for rent, but you’re much more likely to have less headaches.
Let’s say you have a house in a great area of town and your house is small, nothing fancy but clean. You are very likely to get a great renter, either short or long term. But let’s say you have a huge house but in a not nice area of town. You will likely have more headaches.
Another part of knowing your market is knowing your client. Who is your ideal renter? Are you creating a party house for bachelor parties and family reunions? Are you near the convention center and you’ll be hosting lots of business travelers? Each renter has its own need. For example, if you’re near a large company headquarters you may want to consider doing a really nice workspace, getting the highest speed internet possible, and gearing everything toward the business traveler. (Pro tip: contact HR at the company and let them know you have a short term rental right near their company—often large companies will rent space for newly relocated employees!)