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Short-Term Rentals: Is STR Right for Me? | By: Loreal Loftus
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| | | | --- | --- | | | | | | --- | --- | | Short-Term Rentals: Is STR Right for Me?
By: Loreal Loftus
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A short-term lease agreement lasts anywhere from three to six months or can go month-to-month until the tenant decides to move out. Long-term leases are anything longer than six months and can go up to 15 months before needing to make a new lease.
STRs can include a variety of properties, including:
Single-family homes, Condos, Townhomes, Apartments, RVs, Teepees, and Chuckwagons.
STRs are often used as an alternative to hotels and can be 25–50% cheaper. They can also offer additional amenities, such as kitchens, washers and dryers, and some allow pets.
When investing in STRs, it's important to consider the following:
- Local rules and regulations
Check with your city and HOA to understand the rules regarding short-term rentals in your area.
- Financing
Lenders may not finance STRs, so you'll need to be clear about how you intend to use the property.
- Taxes
Short-term rental income is considered active income, so you can deduct expenses and pay taxes on the profit.
- Personal use
If you stay on the property more than 14 days or 10% of the days it's rented in a calendar year, the IRS may consider it a personal residence. | | |