Short-term rental properties are nothing new. People are constantly on the lookout for short-term rentals as weekend vacation spots, places to spend extended holidays, or locations to stay while scouting out long-term living quarters or new career prospects. Westchester County, and a good portion of the lower Hudson Valley provide excellent short-term rental opportunities for NY property investors.
The Benefits of Short-Term Rental Properties
Short-term rental properties in NY are a hotly-debated issue. Older residents in Westchester Country feel that short-term rentals – like AirBNB listings – reduce available housing for people and drive up the rent to inaccessible levels. On the commercial real estate side of things, short-term rentals offer a number of benefits which extend to communities and the local economy. Short-term rentals allow people to visit and get away from the heart of the city, without having to make expensive hotel reservations. The money guests spend during their stays goes directly into the local economy. The major benefit for property investors is that the revenue generated from short-term rentals can quickly pay off any loans on the property itself, and provide capital for other projects.
A Long View of Short-Term Rental Properties
The rise in short-term rentals has an uncertain future. More properties in Westchester County are being zoned to allow for the conversion of existing structures to rentals. However, no one can say if the market trend will run its course or if legislation will limit the existence and use of properties as short-term rentals. For now, there are a lot of growth opportunities for commercial real estate investors to purchase and renovate properties to fill the short-term rental niche and make a very big profit. If the market starts to wane for whatever reason, those properties could be turned into long-term rentals or even permanent housing.
Financing Short-Term Rentals
There are a number of approaches which can be used for short-term rentals. SBA loans can be used for purchasing and renovating properties, provided the owner uses a portion of the structure as a residence. A combination of conventional and bridge loans can be used to acquire standalone properties in need of renovation or rehabilitation. There are even fix and flip/fix and hold financing programs available to NY real estate investors who see the long-term use and profitability of these properties.
Express Capital Financing provides solutions to help investors get the properties they want in Westchester County. Contact our offices today and put our expertise to work for you.
