SXSW is coming up, when Austin is transformed for 2 weeks into a big city, people everywhere, fun stuff non stop. One of the questions as a Realtor that I get asked a lot in the time leading up to it is if I know of the perfect, close to downtown, sleeps 12, super cheap pad to rent.
You might be thinking right now, that renting out your place for SXSW attendees (or ACL, or anytime) would be a lucrative way to make a little cash. It may be! But it may also be trickier than you think.
The short term rental business has taken off like crazy lately, but before you dive in and become a temporary landlord there are some risks (and some pluses) you should consider.
Ashley Halligan, an analyst for a local software company, wrote this article on the Risks and Rewards of Short-Term Rentals.
In the article she outlines 4 Rewards: Income, Preservation, Tax Break & Community Reweards, as well as 4 Risks: Hidden Costs, Competition, Restrictions & Community Risks.
Everyone in Austin is aware of Home Away, which is the leading short term rental company, I have not looked into the costs of listing with them or any of the procedures but I know it’s super successful
AirBNB is another popular way to find a place to stay. I get facebook ads about it all the time especially around SXSW and ACL, I beleive it’s more casual and “grassrootsy” than Home Away.
And then there’s good old Craigslist. I would imagine Craigslist would pose the most risk, less ability to screen renters. Yet I know many people who list their houses on there for SXSW then go off to the beach for spring break, paid for by thier temporary tenant!
I would love to hear any of your experiences either as a temporary landlord or renter!
Also, let me know if you ever have a place available, I’d be happy to put people together!
Tags: 3 Comments
Hello
I am looking for a room to rent in austin till i can get my feet on the ground. I live in lufkin, tx and i have to get out of here. I am a young 42 yr old. My daughter has moved off and now i need to be in the town that i fell in love with long ago!
I dont know enough about austin though to know where to start (besides finding a good job first) i dont know anyone there i just know that austin is where i need to be. Please help i’d appreciate it.
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