Thinking about converting that long-term rental into a short-term Airbnb? Or even considering a new investment for this purpose? You might want to think twice if everything on the other end of the pond is looking to be peaches and roses. Because that’s far from the truth.
In addition to the fact that short-term rentals are an entirely different business model, requiring constant cleaning and guest attention, marketing and communication with tenants is also much more intensive. Additionally, where you might end up with a bad tenant here and there with a long-term rental, the chances of having a bad resident with a short-term rental is much higher due to the number of residents you’ll be dealing with and the inability to perform the same level of pre-screening.
A quick search on youtube for “Airbnb nightmare” brings up over 10,000 results with a wide range of issues. Here are a few must watch videos. Warning, some of these videos are a little graphic in nature.
There is even airbnbhell.com where you can read other horror stories.
While these nightmare stories certainly underscore some of the challenges with the short-term rental market, the considerations in terms of the operations required for success cannot be ignored. The truth is, the short-term rental market is an entirely different beast and does not mix well with existing long-term rental operations.