Should You Buy a Rental Property Near Tourist Attractions?

Should You Buy a Rental Property Near Tourist Attractions?

Admin
Admin

Should You Buy a Rental Property Near Tourist Attractions?

Whether a rental is near a theme park, resort, or natural wonder, people will likely flock to it for a convenient place to stay. However, having a property near famous sights and monuments isn’t for every landlord. To help you make the right decision for your rental business, read on to learn whether you should buy a rental property near tourist attractions.

The Pros

When tenants rent a unit near a tourist attraction, they want to be as close as possible to the area without spending excess time getting to the attraction. Because of this, most renters are willing to pay more for a prime spot near the attraction, which means you don’t have to undersell. And depending on how popular the attraction is, renters know how hard it can be to find a spot, so they may book long in advance.

Ultimately, renting out property near a tourist attraction can ensure seasons of consistent, high income. Then, the more you use that income to spruce up the property, the more tenants will want to come back for their next vacation.

The Cons

The biggest con of renting out a unit near tourist attractions is that income might not always be as consistent as you want. Certain tourist attractions—such as beaches, ski resorts, and national parks—experience seasonal popularity. For example, an area known for its beautiful beaches might not be as popular during the winter. Even places near theme parks and clubs are prone to seasonality, as they often get the most traffic during the holiday season and summer.

Additionally, depending on the attraction, you may not get the most qualified tenants. Remember, people going to tourist attractions are usually on vacation and looking to have fun. This means you can expect a little rowdiness from time to time. And because vacation rentals can be a revolving door, it can be hard to properly screen tenants beforehand.

Should You Buy a Rental Near Tourist Attractions?

Whether or not you should buy a rental property near tourist attractions depends on what you’re looking to get out of renting. If you’re looking for consistent, reliable income from tenants that you have time to vet, this may not be the best option for you. However, if you’re looking to make some more side income and are okay with the occasionally messy or rowdy tenant, then this can advance your rental business.

If you need help marketing, vetting, coordinating repairs, collecting rent, or dealing with tenants, Excalibur Homes is here to help. We offer leasing and management services and are dedicated to helping you find tenants and manage your property. Our job is to make your life as a landlord easier, so contact us today!

Similar Articles