The revolutionary hospitality app offers you the chance to turn your home into a luxury rental unit for well-paying travellers from across the globe
Whether you do it on your own, or use a company to do it all for you, there’s never been a better time to consider short-term rentals to turn your home into flexible income that you control
It is a well-known fact that residential rentals in Dubai are not performing compared to previous years. That being said, the flip side is that vacation rentals across the city are thriving.
If your Dubai apartment is available for just a few days a month, or for months at a time, here are five reasons proving that short-term rentals are more profitable than long-term ones.
1. Online platforms bring the guests to you
Airbnb began fully operating in the Dubai market in 2016 and has become the most popular online booking site for short-term vacation rentals. Other sites such as booking.com, homeaway.com and vrbo.com also showcase Dubai properties. This means you have access to tourists from around the world who are looking for an apartment to rent when they come to Dubai. If you’re organised, you can list the same property on all four booking sites, giving your apartment maximum exposure.
2. Charge more for short-term lets
When compared to standard long-term rentals, short-term lets generate up to 50 per cent more income. What’s not to love? This is the best way to generate the most income from your property. And, you can adjust the price based on the season (or events that increase demand for properties) so you’re always taking advantage of opportunities. Hint: When Expo 2020 hits, your apartment will be in high demand.
3. Full control of your apartment
You get to decide when your apartment is available. Did you book a last minute mini vacation for yourself this weekend? No problem — set the availability on your apartment and book a paying guest. Do you have family wanting to come for a visit? No problem —all you need to do is block off the days as unavailable.
4. Don’t wait for payment
Traditional rentals can cause challenges when collecting payment. When you rent out your apartment with a short-term vacation let, the booking platform takes payment from guests before or as they check in. That means you’ll receive payment when the guest checks out. And platforms like Airbnb also provide homeowner protection, helping to protect the value in your home while you increase the balance in your bank account.
5. You don’t have to do anything
Does renting out your apartment sound great—except for all the work? It’s true, there’s work involved. In Dubai, you must register yourself, your property, and provide specific information to Dubai’s Department of Tourism and Commerce Marketing (DTCM). You also need to stage, photograph and list your property, maintain contact with guests and adjust your availability when using multiple platforms.
Fortunately, companies such as Frank Porter can do all the work for you so you can sit back, relax and count your dirhams. Is your apartment not quite ready for guests (or even completely bare)? Find a company that offers everything from staging to full design services. Such a supplier could even communicate with potential guests, manage arrivals and departures, coordinate across platforms and take care of all the paperwork and regulations. If you’re lucky, they’ll even do the laundry!
The writer is CEO and Founder of Frank Porter