Three tips to help you run an amazing rental property in Shenandoah Valley.
Did you know that Shenandoah Valley was recently voted one of the hottest short-term rental markets in the country? These types of rentals are a critical part of our local market, so today I’ll share a few tips to help you run one:
1. Understand Local Ordinances
You need to know the rules of running a rental property because some areas are more restrictive than others. For example, in Harrisonburg, you need to use your primary residence and own a special-use permit. You have to be present as the onsite manager and go through two public hearings to get that permit. However, rules are not as restrictive in other areas, like Rockingham County for example, so make sure to be educated before you start.
2. Register for Transient Occupancy Tax.
This is sometimes called lodging and accommodation tax, which is the same tax hotels pay. You can collect this tax through your booking service, like Airbnb, but ultimately you are responsible for registering and ensuring things are correct.
“Ultimately, you are responsible for being educated and doing things correctly. ”
3. Know Your Niche and Get Reviews
It’s no secret that rental services like Airbnb are an experience. People aren’t looking for that typical overnight stay; they want a beautiful cabin, a super modern house, or something unique. Offer something special, and make sure you get reviews—they help people know you’re a good host and help you better understand your niche.
If you do all of these things correctly, owning a rental property in our area can be extremely lucrative. If you have any questions about these points, or if you want to talk about how to get into the rental and Airbnb market, feel free to Contact me. I’d love to help.