While short term accommodation facilities aren’t significantly causing rental affordability to be a serious issue, it is however, reducing the number of properties that are available for long term renters in popular suburbs of Melbourne.
With the recent trending popularity of short-term accommodation sites such as Airbnb, many property investors have opted to place their properties up for short term leases with hopes to significantly increase their revenue. By jumping on the social media phenomenon, investors believe their smart investment will generate even more funds rather than renting to a consistent but lower-paying renter.
With all property investment ideas though, there comes many risks. This option is certainly not short of them. While this may be a great investment during peak seasons, when the colder seasons arrive, the need for the accommodation lessens leaving you struggling to cover costs. Expenses such as cleaners, cost of time with scheduling the use of the property and general wear and tear, can add up to be a costly and time-consuming investment.
Whether you decide to invest with the intentions to rent out for short or long term leases, we recommend that before you purchase your investment that you also invest in an Pre-Purchase Building Inspection.
When you book with The Hub, the team will endeavour to accommodate your needs, with typically only a 3-4 day wait for booking availability as well as a 24-hour report turn around.
Call us today on 1300 071 283 or click here for a quick online quote and we can help you through the stress of the process.