Feb. 1, 2023

The Benefits and Challenges of Owning a Short-Term Rental Property in Toledo, Ohio
If you're a homeowner in Toledo, Ohio, who's looking to make a change, you may be considering using your home as a short-term rental property instead of selling it. Short-term rentals (STRs) have gained popularity in recent years as an alternative to hotels, and a Harris Poll survey found that 28% of homeowners have considered using a rental service for additional income. However, owning an STR comes with responsibilities and risks, and not every home is ideal for this type of investment. In this blog post, we'll discuss the benefits and challenges of owning a short-term rental property in Toledo, Ohio.
Benefits of Owning a Short-Term Rental Property
Additional income: One of the main benefits of owning an STR is the potential to generate extra income. Renting out your home on a short-term basis can bring in more money than if you were to rent it out long-term.
Flexibility: As the owner of an STR, you have the flexibility to decide when and for how long you want to rent out your property. You can choose to rent it out for a few weeks or a few months, depending on your schedule.
Control over the property: When you rent out your home on a short-term basis, you have control over the property, including who rents it, how it's maintained, and what amenities are offered.
Challenges of Owning a Short-Term Rental Property
Time-consuming: Managing a short-term rental property can be time-consuming, especially if you're handling the responsibilities yourself. From screening tenants to making repairs, you'll need to invest time and effort into making your rental successful.
Responsibility: As a landlord, you're responsible for managing the property and ensuring that everything runs smoothly. You'll need to be prepared to handle issues that may arise during a rental, such as property damage or neighbor complaints.
Risks: Owning an STR comes with risks, including theft, property damage, rude guests, and regulatory violations, among others. It's important to consider these risks and plan accordingly before making a decision.
Is Your Home Ideal for a Short-Term Rental Property?
Not every home is ideal for a short-term rental property. One of the biggest factors is the location of your home. Properties located in popular vacation destinations tend to attract more renters than those located in less desirable areas. Additionally, the property should cater to a variety of travelers and offer amenities that will make their stay comfortable. Before deciding to rent out your home, it's a good idea to research the rental market in Toledo, Ohio, and see how your property compares.
The Bottom Line
Owning a short-term rental property can be a great investment for homeowners in Toledo, Ohio, but it's important to understand the benefits and challenges that come with it. Consider your responsibilities, the risks involved, and whether your home is ideal for a short-term rental before making a decision. To get a better idea of the viability of your property as a short-term rental, it's best to consult with a local real estate advisor.