Snowbirds have arrived. Hundreds of thousands of tourists have started their winter migration to Arizona and they all need a place to stay. As our resorts fill to capacity, we may all be tempted to join the links of Airbnb and VRBO. Have you thought it through?
The short-term rental market and sharing economy may sound like easy money, but it’s important to do some research. Before you take on the additional responsibilities of being a host, be sure to read through the recommendations of these sites carefully, and review your lease for any issues around subletting your rental home, condo or apartment.
Check with your manager or owner to be sure you are permitted to sublet your home, even under the new Arizona state rules. If your lease expressly forbids sublets or short-term paying guest, you could put your own lease in jeopardy.
Set up requirements for your listing. If you are permitted to rent your home, it’s worth spending a bit time reading about the experiences and recommendations of experienced hosts. Most services allow you to set requirements for your guests that could protect you and your home.
Remove valuables from your home.
Develop usage standards in your home to protect your home, appliances and your neighbors. This should include rules around the usage of common areas in your community.
Consider buying additional insurance. Your renter’s insurance likely will not cover any claims due to damage or loss as a result of a home stay.
These services within the sharing economy are making travel more interesting and affordable. Your home could make a great location for visitors coming for any one of Arizona’s premiere events. Learn how to protect yourself and home before you open your home.