A lot of Austinites have their eyes on an investment opportunity: short term rental properties. Short term rentals offer buyers flexibility in both lifestyle and income. However, it can feel overwhelming to dip your toe into short term rental property management. With this guide, we’ll help you get started on your STR journey.

Looking for short term rental opportunities in Austin? Check out Cerca at The Domain. We are located conveniently in North Austin near The Domain, North Seton Hospital, and Q2 Stadium. When you invest in our townhomes, you can use them for both short term and long term rentals.

What is a Short Term Rental (STR)?

The IRS classifies a short term rental as any property rented out for 30 days or less at a time. Short term rentals have been around for ages, but they drastically increased in popularity with companies like Airbnb and Vrbo.

Short term rentals are the perfect solution for homeowners who are on the move, live part-time in their home, or want to generate extra income. 

Why Manage a Short Term Rental in Austin?

You might be wondering if short term rentals in Austin are a good idea. According to Visit Austin, Austin receives over 30 million domestic visitors each year. Inside Airbnb reports that most STRs in Austin make 10k in annual revenue, with an average daily rate of $224.

Not to mention, Austin is a growing city that attracts visitors, working professionals, tourists, and more. It’s the state capital, boasts several tech hubs, is home to the University of Texas, and hosts the annual SXSW. There is always a demand for short term rentals in Austin!

Tips for Short Term Rental Property Management

Want to get started with short term rental property management? Here are a few tips to help you defeat the overwhelm.

#1 Hire a Management Company

Managing your listings, cleaners, and maintenance can be a pain, especially when you’re traveling or away from home. When you use a management company, they’ll take the heavy lifting off your plate, so you can simply reap the rewards: more income.

We recommend using Nomad STR for your short term rental management needs in Austin.

#2 Get to Know the Area

You’ll have the most success with your STR when you do your research and give people what they want! You can use sites from AirDNA and Inside Airbnb to check out the competition, rental history, and rental pricing. This will help you price your STR competitively to attract travelers.

You should also investigate the types of people most likely to stay at your short term rental. For example, will your rental attract business professionals? Traveling nurses? Small families? This can help you determine the amenities you’ll add to your property and the messaging you use in your listing.

#3 Ask for Help

Short term rental property management is like any other business. It’s best to seek advice from professionals who can help you avoid mistakes and manage your STR correctly. Reach out to a bookkeeper to manage expenses. Get advice from a lawyer on managing customer damage or broken contracts. Contact a financial advisor to create a budget.
We hope you look into Cerca at The Domain as a short term rental opportunity. You can choose to live in the property part-time or purchase the townhome as an investor wanting to make some extra income. We also have furnished short term rental units available. No matter where you stand, we’re here to help!  For more information, give us a call at (512) 599-2927. Ask us about our low interest rates, fully-furnished units, and investor-friendly policies.