Earning Passive Income through Short Term Condo Rentals

By: Hanna Rubio

Normalcy is slowly knocking at everyone’s doors, letting everyone get back on the way they lived before. And while some may say that the past events only affected everyone’s life devastatingly, you noticed the little changes that the pandemic caused. It made everyone think of their lifestyle, minding a bit more on building a safety net that can assist them when something unexpected happens.

There is no denying the fact that real estate investment is truly one of the best investments out there. And if you are the one who is not going to stay at your 8 to 5 desk job work forever, you must think of different ways how you can generate money whilst staying in the comfort of your home. There are various ways that you might want to try like being a virtual assistant or putting up your place for rent. Yes, you can maximize the space of your condo for sale and earn passive income through short-term rentals.

Passive income is defined as the manner of earning money by exerting little to no effort on it and does not require much of an active presence. Some other examples of passive income are affiliate marketing, dividend stocks, selling designs, or photography online. On the other hand, short-term rentals are rentals of a residential unit property or building space for a relatively short period. The maximum number of days will depend on the negotiation between the owner and the Rentee.

To make your condo for sale attractive to prospective renters, make sure that it has enough space, is situated in an accessible area, and is safe and secured. If everything is ticked off, then your place is now ready. Here are several ways how you can turn your real estate properties into a source of passive income.

Transform it into an Airbnb

Everyone missed traveling to picturesque places or planning a staycation, and now that they are free to do so, they are trying to take advantage of it. This being said, the demand for rental places will rise in no time. Transforming and listing your condo for sale into an Airbnb is one effective way to achieve a return on investment.

After listing it as an Airbnb, you might want to go ahead and arrange some of the furniture or appliances to make it kind of user-friendly for your tenant to avoid confusion or problem arising. Provide some pictures so they can get a visual of the place and so they can manage their expectations. In addition, the available amenities or the allowed recreational activities should be discussed. Other things to be considered are the pricing and the length or duration of stay.

Open your doors for bed spacers, condo sharing, or short-term rentals

If you think that your place is too big just for you and you have been dreaming of having a roommate, then open the doors of your condo for sale for bed spacers. Establish a division of the house so you still have your own spaces while sharing a common room. Discuss how long they will be staying, their budget, and your rates, but make sure to interview every person thoroughly to make sure that you will be safe from any harm.

Hold events and gatherings

There will always be a need for spaces that can be used and rented to hold events and gatherings. The condo can hold events such as birthday parties, art exhibits, Christmas parties, and milestones that the renters would want to celebrate. Before organizing events, make sure to consider the number of people that will be attending and if the space will be more than enough for them. Since there will be several people, it is safe to have an agreement with the rentee that they will be covering the damages that might be caused by them.

Workspace for businesses

Step up your home game by transforming your home space into a workspace! After everything that happened, some is busy thinking about where to invest and some are slowly building their empire and starting their businesses. They tend to look for places and spaces that can be their own office or warehouse for a short period or even just for a day. This is a great opportunity for you to maximize your unused space and be open to the idea of rentals.

Organize your condo, set your prices, and your good to go. List your condo for office rentals and wait to earn passive income without doing too much work.

Photography Studio

The photography studio is one of the trends nowadays. Everyone is looking for a space where they can freely take pictures without having to be stared at by a lot of people. Clear out some unnecessary things and only leave some decorations or appliances that can be used for a shoot. This will come as an inclusion once someone rented the place.

Specific hours will be set to avoid overstaying and if ever they need to stay for another hour or so, additional payment will be charged. You will need to emphasize that you are only renting the space, equipment or materials such as cameras or lightboxes will be provided by the clients.

Put it up for filming space renting

Movies, commercials, or short videos are usually on the lookout for places that they can use as a filming space. This will require quite physical work for you will be needing to constantly rearrange everything to get the attention of filmmakers. Because aside from the space, the overall aesthetic is something that filmmakers consider because they need to make sure that it matches the vibe of their movie scenes.

And if you fully decided to open your space for filming, one of the keys to attracting more filmmakers is about location, location, location! Every filmmaker wants to separate themselves from mainstream media or even places. They are trying to continuously find unique places that they can showcase in their movies. Take advantage of this and let your place be part of the film industry.

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