If you're taking the trip of a lifetime to a national sporting event, you likely want to splurge and get the best accommodations available. However, hotel rooms can book up quickly, and you may want to ensure that you're in the same location as a group of friends or family members. There may be another good option available—renting out someone's home. Read on to learn more about short-term real estate rentals, as well as some factors to consider if you're debating renting out someone's home for the week or weekend.
What Are These Short-term Rentals?
When a national sporting event comes to town, some residents may choose to rent out their homes to groups visiting from out of town for the event. This is an opportunity for the homeowners to escape the noise and crowds in town for the event while earning more than enough to cover their own mini-vacation. Generally, these homes are advertised and rented by a third-party property management firm. This firm will screen you, accept your payment of the rental fee, and likely charge an additional deposit for damage. After you and your group have vacated the rental, this firm will inspect it and refund your security deposit if there is no physical damage to the unit or its contents.
Is It a Good Idea to Rent One of These Homes?
If you're traveling with a large crowd, a short-term rental can be ideal—not only will you be able to avoid the expense and hassle of booking separate hotel rooms in the same area, but you'll be able to take advantage of central kitchen facilities and other gathering spots that will help make your trip unforgettable.
However, these homes generally have a higher potential for inadvertent (or negligent) damage to belongings or fixtures. Although you'll usually have a credit card on file when you stay at a hotel (to cover such incidental damages), if you cause damage to a homeowner's property, you may find yourself facing not only the loss of your security deposit, but a potential lawsuit in small claims or civil court.
If your group tends to get rowdy after drinking, or you're a little concerned about your ability to keep the home in clean or good condition, you may want to opt for a hotel instead, where the financial worst case scenario may just be your group's emptying of the mini bar. For more information, contact ABA Rental Properties Inc.