3. is it competitive?
Once you have determined that your rental business is legal and makes financial sense for you, you must determine whether your rental will be competitive in your market.
The location of your space is the most important consideration. Not all places are suited for a short-term rental business. Some places, despite the amazing location, may only make sense only seasonally.
Think about what it will take to get your rental up to par with your similar rentals in your area:
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Will it need a major renovation, or just a few cosmetic touches?
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Would it suit business travelers as well as tourists?
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Does everything in the kitchen and bathroom function properly?
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Is there a designated, comfortable, quiet sleeping area?
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Are there any safety hazards you need to remedy?
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Can you offer parking?
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Do you have an outdoor area like a garden or a balcony?
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Will your guests have access to community amenities like a pool or gym?
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Does it have curb appeal?
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Is it near transportation, entertainment, sights and restaurants?