Nightly Rental Real Estate
There are still real estate opportunities in the nightly and weekly rental business. There are even some new construction projects that are offering this type of real estate for sale. Basically what this means is, a real estate investor can purchase a condo or a house, and offer it for rent to families that would like to stay in St George, but not in a Hotel. The nightly condo’s and houses are furnished, and are typically rented through a property management company. Many families would much rather stay in a “home away from home” than a hotel making this option very attractive. With an on site kitchen some larger families may actually save money by eating in the condo rather than going to a restaurant.
Property Management Companies
Property Management companies charge around 30-35% to keep the unit rented, and cleaned after they are used. This may seem like a hefty charge, but the process is time consuming, and requires a lot of coordination in booking and keeping the property ready for the next tenant. The “rental pool” is what the process is known as. Some property management companies handle multiple locations making it more cost effective to advertise and pool their resources. Like anything, when someone specializes in something they tend to do a better job than someone who dabbles in it. That being said there are those who handle their own property and nightly management.
Furnishing Your Condo
One advantage of having you own rental condo is the ability to furnish it how you would like. The more nicely furnished units rent more quickly and have a tendency to be requested for the families next visit creating repeat customers. An added bonus of having your own rental space in the area is the ability to book time for your family when you will be coming here. There are times when places to stay are hard to find. With St George growing in popularity and national events sometimes it is difficult to find a room at any of the nicer hotels.
St George is truly becoming a destination location. If you have interest in acquiring a rental property or two, give us a call we would be happy to assist you with this process. The local zoning authorities are beginning to tighten up on this type of opportunity which is creating an increase in demand for the nightly rental properties in the St George and surrounding areas. If you have been waiting, now may be the perfect time to pick up a great investment, and a home away from home in Southern Utah. With St George growing in popularity the nightly rental business is surely here to stay, and may be the perfect investment for you and your family.