Short-term rentals have become increasingly popular in recent years, and investors are taking notice of their potential for high returns. However, managing these rentals can be challenging, particularly when it comes to cleaning and maintenance. According to a recent survey of short-term rental owners, cleaning was the most common challenge they faced, with 68% reporting that they spend over $1,000 per year on cleaning services. According to a study conducted by NerdWallet in June 2022, which analyzed 1,000 U.S. Airbnb reservations with check-in dates in 2022 or 2023, the median cleaning fee per listing for a one-night stay was $75. The cost for larger properties or hosts who hire cleaning help can increase to around $105.
Cleaning and maintenance costs are one of the key expenses to remember when buying a short-term rental.
Other points to remember for cleaning costs:
- Short-term rentals can be lucrative, but they require more work than long-term rentals.
- Cleaning is the most common challenge faced by short-term rental owners.
- 68% of owners spend over $1,000 per year on cleaning services.
- Other challenges include maintenance, guest communication, and compliance with local regulations.
- To manage a short-term rental effectively, owners should consider hiring a property manager or using a vacation rental platform that provides support.
For real estate investors managing their own short-term rentals, the following actionable items may be helpful:
- Develop a cleaning schedule and budget that accounts for the additional cleaning required for short-term rentals.
- Consider hiring a professional cleaning service to ensure that the property is consistently clean and well-maintained.
- Use a property management software or vacation rental platform to streamline guest communication and ensure compliance with local regulations.
- Research local regulations and tax requirements for short-term rentals in your area to avoid potential fines or legal issues.