Short term rental is a famous concept of leasing your property for a short period of time in order to make some extra cash. Likewise other parts of the world, it is a booming industry as more and more properties are taking part. If we specifically talk about dubai, short term rental has taken over long term rental plan. Millions of tourists are visiting dubai to enjoy its luxury and entertaining life. Short term rental providers are getting benefits from this massively profitable market by offering their apartments/villas for short term rent.
When dubai holiday homes idea was introduced a few years back, all the real estate experts knew that this will become a huge thing in the future. As of now, short term rental properties are empowering the residents of dubai to make extra cash on their used or unused properties. Platforms like Airbnb and dubizzle are industry-leading by having the largest database of rental properties. In this article, we will try to find out the ways short term rentals are impacting our societies. Here you can find Short term rental Dubai based company that will help you out and consult about all short term rental properties.
Taking Part In Economy Growth
Short term rental is impacting the economic growth in a positive way. The government can collect more tax on the revenue these properties generated in the form of rent. I think short term lease properties provides 3 major benefits:
- Tenants Save Money – This is a cheaper form of accommodation if we compare it to conventional lodging like hotels. It is also more spacious than the hotel space and tenants can feel more home like feeling while living there.
- Empower Owners – A great way to make extra cash on your unused property. Just register your property on the biggest property rental platform and start receiving inquiries. There is one more benefit in it for the owner is that it will improve your business and negotiation skills. You will learn things like customer support and satisfaction. It will help you to interact with the guests to know about their culture and traditions. On a personal level, it will surely groom your personality.
- Community Benefit – Nearby community will also get benefit from short term rentals as guests can spend money on different amenities around the property whether they are restaurants, grocery shops or shopping outlets.
Despite dubai real estate is facing slow progress, holiday home or vacation rentals are doing great business. Overall short term renting is adding good revenue into economic growth.
Impact on Neighbours Life
It is not wrong to say that neighbors are the one who suffers due to short term rental properties. Loud noise, parties, parking space and density of guests are some of the problems that neighbors have to face. Community peace, safety and quality are declining through vacation rental. In some parts of the world, people have raised their voices and request the government to limit these rental properties to designated areas.
Encourage Local Tourism
According to reports, the short term rental industry is taking a huge part in improving the country’s tourism business. Accessibility to good quality properties in the least tourist areas encourages people to visit these areas. So in a way, it will generate more revenue for that area and the government can collect more tax. Property management companies have reported that we have seen a positive spike in client inquires after property owners put the property for vacation rental.
Traditional Lodging Suffers
Hotel and motel owners are complaining about low revenues due to short term rentals. According to them, there is a unfair playing field as short term rental offers a low price because they don’t have to pay staff salaries. In some cases, they even don’t have to pay tax on their revenue. Even you don’t need big capital to set up like hotels.
As per real estate companies in Dubai there is no doubt that short term rental industry is growing big time and it is creating an overall positive impact on society. It enables residents of dubai to make extra income with minimal efforts by renting their property. Good thing is that in dubai, you have to register your property before starting getting inquiries. All in All, i think short term rental properties are bringing positive impact in the city.