One question I am always asked is, ‘Can you make money renting your home in the mountains?’ There are a lot of factors that go into that, but rental rates have become so strong over the last year that most often the answer is yes! A couple years ago you would have been lucky to break even but we have seen at least a 5% increase in rental rates from year to year which has really helped Homeowners to cover their costs. In addition, Summit County has become a year round destination so we are no longer seeing very slow months like we have in the past.
One of the keys in maximizing your rental income potential is the quality of the updates done to your home. Homes that are remodeled, staged well and have professional pictures will be some of the first homes that potential renters will be attracted to. The next factor is the number of people your home can sleep. That doesn’t necessarily translate to the number of bedrooms. If renters can comfortably sleep 4-6 people in a 1 bedroom home, you can charge a premium. What that means is that you need high quality pull-out couches, Murphy beds, or other sleeping solutions. Also, don’t forget, renters love hot tubs and are willing to pay for them!
Summit Mountain Rentals is a great resource for Homeowners who are looking to rent their homes. Their blog has a lot of wonderful information for Owners.
Please contact me if you have any questions or concerns about the rental potential of your current or future mountain home!