Seasonal Rentals In Collingwood and The Blue Mountains – What you need to know
A Seasonal Rental as an Investment Property
Are you looking to invest in a real estate rental property? Or perhaps you have a second home that you aren’t using on a regular basis and are considering renting out for part of the year. The Southern Georgian bay area is one of the most popular places in Ontario for just such an investment with its high tourism demands.
With the help of an experienced Realtor®, the experience can be a financially beneficial venture. When investing in income properties for rental purposes, homeowners need to have a clear vision of what they want to do with their property. Seasonal rentals are great as they provide a steady monthly income, and allow more flexibility for personal use.
What is a Seasonal Rental?
Unlike short-term rental properties, a seasonal rental or long-term accommodation is typically leased for a period of 30 days or more, but less than 6 months. In the Town of the Blue Mountains, the winter months of December through March are the most popular for vacation homes. Summer months are gaining popularity in long-term rentals, peaking from July through Labour Day.
Before buying a seasonal rental property it’s important for the owner to decide if they will be using the property as the location will dictate what season it’s best suited for. Think of a Seasonal Rental to offset expenses while you enjoy the property during your preferred season.
What Makes a Great Seasonal Rental?
The number one factor in a successful seasonal rental is its location. Properties that are closer to the ski hills and private ski clubs are considered prime locations, renting out more consistently and quickly. Most seasonal ski rentals are aimed at families who are here to enjoy the 9 to 12-week ski programs for their kids, so they’re looking for somewhere more like a home to stay. Ski Season Guests are like today’s buyers; they love new, updated and stylishly decorated. It’s also important to have a well-stocked kitchen. Think of everything you would need to make a Turkey dinner for 10. During the peak winter season, prime location rentals need to be as close as possible to one of the seven ski clubs in the area.
During the summer months, rental properties are afforded a little more flexibility in their location. Best vacation rentals will be properties that are closer to the waterfront or town centers. The shores of Georgian Bay offer incredible boating, beaches and a vast network of trails including the Bruce Trail and Georgian Trail. Renters will be looking for locations that are within walking or biking distance to downtown Thornbury or Collingwood.
Vacation house rentals should offer all the comforts, features and space to meet your guests’ needs for an extended getaway. It’s important to note that when marketing your property to highlight the key features that make your rental a perfect vacation home.
For the Best Guest Experience Your Rental Should Include:
1. Storage for equipment like skis and bikes.
2. Close proximity to local restaurants
3. Washer and dryer on site
4. Well-stocked kitchen
5. Snow removal
6. Cleaning services
7. Uncluttered decor
8. Large family room
9. List of local services like taxi and childcare providers.
10. A comprehensive list of local attractions
Why Would Someone Choose to Have a Seasonal Property Versus a Short-Term Rental?
Consistent Income
A key advantage to having a seasonal rental is knowing long-term you’ll have a consistent monthly income. This can alleviate the pressure of booking weekly renters. Often long-term renters are responsible for paying monthly bills for electricity, water, internet and heat. These costs are not covered when marketing our property as a short-term rental.
Less wear and tear
In comparison to short-term rentals there is less wear and tear on the property. Ideally, your renter will be one family that comes in for the season, typically only using the property on the weekends.
Easier to manage
Long-term rentals have a much lower turnover rate and therefore require less time to manage the property. You will spend far less time marketing the property and won’t have to hire someone to come in to turn it over for new renters as often as STA. Unlike many STA in the Blue Mountains, seasonal rentals don’t’ require you to hire a property management company to oversee your home.
Personal Use
During shoulder seasons you can use the property for yourself. This is ideal for any snowbirds heading south for the winter who are looking to offset some of their expenses with rental income.
There’s no one size fits for investment property. It just depends on your needs, your wants, and your objective. Is it seasonal or is it a short-term rental? I’m here to help you navigate and determine what works best for you.
If you are looking for help finding a great property to have a seasonal rental, be sure to reach out or click here to search local listings.
