Have you always wanted to start your own vacation rental business, or are you looking to improve your current vacation rental business in 2021? Look no further. We’re going to cover everything you need to know to take your vacation rental to the next level!
The vacation rental industry is in a period of unprecedented growth. Your vacation rental business should be, too! In 2019, the U.S. vacation rental market showed revenue of more than $17 billion! Industry experts predict that by 2023, revenue could grow to early $19.5 billion. Shouldn’t some of that revenue be rolling your way??
Working in the short-term-rental industry means our team stays at rentals around the world. Along the way, we’ve picked up on some clever tricks from hosts that made their property memorable for all the right reasons. Today we’re sharing them with you.
Research has found that vacation rentals are becoming more popular to travelers than ordinary hotels. That doesn’t mean that we, as hosts, still can’t learn a lot from the way hotels operate. A study by HomeAway (now Vrbo) and the University of Texas found that travelers are 73 percent more likely to remember their trip if they feel happy and excited about it during the planning stages, before the trip ever starts. So it’s all about offering your guests a great experience.
Start by sending them a welcome message, and include a guide with recommendations for restaurants and things to do in the area. Nine out of 10 times, guests staying at short-term rentals want to experience life as a local.
Who doesn’t love a nice welcome present? This is the part where you can get creative. You might want to leave your guests a local specialty like a bottle of wine, some snacks, or even a little souvenir to remind them of their wonderful stay at your property. It’s a small gesture, but it will make a massive difference to your guests and might even help you to get that 5-star review.
Ever thought about creating a welcome book for your guests? Your welcome book will serve as a guide for your guests during their stay. It will inform the guests of the house rules and everything that’s available to them during their stay.
Does your property have a few quirks? You’re not alone. Every property does! Let your guests know where the hard-to-find light switches are, which remote is the one that actually turns on the television, and info about that one burner on the stove that gets way too hot. And remember, while most of these things are common knowledge to you, your guests will have no idea. They can get frustrated when searching to find the answers. Make it as easy as possible for them. Your welcome book is the perfect place for descriptions, instructions, pictures, and all the rules your guests should follow during their stay. Just make sure to keep it short, fun, organized and easy to read.
Haven’t jumped on the smart-home train yet? Well, it’s about time that you do so! Smart-home technology devices are a MUST for every vacation rental owner in 2021. Not only are they adding more value to your property (highly appreciated by your guests), but they serve as a protection for your property, to make managing a vacation rental business so much easier.
Smart locks are a simple way to make your guests’ life a breeze. They are revolutionizing how property managers and homeowners keep their guests happy. No one has to worry about losing a key again. With smart locks, all our guests have to do is look at their phones and type in the provided key. It’s that effortless!
Ever considered using noise monitoring at your property? NoiseAware’s noise monitoring sensors allow you to have an insight into the well-being of your property without interfering with your guests’ privacy. If your guests end up being too loud, NoiseAware allows you to step in from wherever you are, and ensure the safety of your property as well as your community. Learn more about smart-home technology here.
This might seem like a random tip to you, but doesn’t every host struggle with the same problem? Of course, everyone loves white towels. They look fresh, clean, and add that hotel vibe to our vacation rentals. But sadly, most of the time, our nice white towels won’t stay white super long. It only takes one guest to wash their makeup off with your pristine towel to ruin it completely.
Ever wondered how to keep your washcloths clean and makeup-free from guests washing their faces? It’s something you wished you thought of before all of the trips to the store for replacement towels! The answer: black washcloths. Monogram them with “MakeUp” to ensure your guests reach for the black towels instead of your white ones.
Who doesn’t love to travel with their pets? Pet-friendly vacation rentals are on the rise. According to Booking.com, 42% of pet owners around the world would choose their accommodation based on whether or not they could bring their pets.
As vacation rentals typically offer more space than a simple hotel room, it makes them far more desirable for pet owners looking for a place to stay. So why not change your rules and allow pets at your property? While allowing pets at your property might mean more work for you, just think about all of the new bookings you will get. If you are nervous that someone is going to bring a pack of animals, set a limit on the number of pets and their weight limit, to make you feel more comfortable. Some hosts even ask for a picture of the pets before the stay, so they have an idea of what type of pet will be at their property.
An increasing number of travelers are opting for health-focused vacations. A report by the Global Wellness Institute found that wellness tourism is now a booming $639-billion market. You want to highlight things that will help people relax and rejuvenate when staying at your property!
Have a pool or a hot tub in your backyard? Make sure to showcase it on all of the booking platforms you use! Create a little wellness oasis in your backyard that guests will love and never want to leave. Make sure to get some high-quality outdoor furniture that offers enough space for everyone to sit or lay by the pool. You also want to provide nice pool towels and consider having an outdoor kitchen area where they can grill food without leaving the relaxing space you have created.
Don’t we all love to experience a little more luxury when we’re on vacation? Spending a little more money upfront to invest in a few luxury amenities for your guests will make a huge difference. Don’t worry, we don’t want you to break your bank account but here are a few suggestions on items you might want to consider getting for your vacation rental:
Having all of these products in your rental will not only increase your bookings but will give your guests the best vacation experience they can get.
These were our top 7 tips to improve your vacation rental business in 2021! What are you waiting for? Let’s go ahead and turn your vacation rental into a place that guests won’t want to ever leave. Here’s to a great 2021, more bookings, and happy guests!
With vacation-rental occupancy rates and booked ADR both on the rise in the second half of 2021, the STR revenue outlook is strong, and growing stronger. But threats to profitability still loom. The most daunting of these are unexpected, unplanned-for and easy-to-neglect costs, all of which can throw a massive wrench into profit predictions. In this post, we focus on the four most problematic “surprise” short-term-rental costs. And, because we’re cool like that, we also offer our expert tips to minimize these vacation-rental expenses and maximize vacation-rental profits.
Property cleaning and maintenance are regular operating expenses that can be calculated fairly easily. But major property repair or replacement? That’s another story. Yes, you can anticipate the need to upgrade an ailing HVAC system or replace an old roof, and figure these “milestone” fixes into a property’s CapEx expenses. But with the post-lockdown “revenge travel” boom comes a growing concern about another type of property repair. This type of repair is for damage that can result from larger groups finally getting out of town to relax and revel. And maybe get a little out of control.
Reports of Airbnb “party houses” became a regular news feature in late 2020. As the great travel recovery of 2021 commences, Airbnb and Vrbo are both taking proactive steps to prevent parties and de-list problematic party houses.
But guest groups don’t have to be throwing an official party for party-like behaviors to ensue. A beautiful location, a great house, a bunch of friends, a case of tequila and a blender, a year’s worth of pent-up celebration energy…these can lead to broken blinds, stained upholstery, cracked tiles, broken windows or damaged floors. And the cost of fixing these damages can quickly cancel out vacation-rental profits associated with high demand and strong ADR.
Almost all cities and counties have long lists of stipulations that short-term rentals must abide by in order to receive a rental permit. These include regulations on parking, trash disposal, safety sensors and occupancy limits. By applying and paying for a short-term-rental permit, the property owner agrees to comply with these regulations. And complying with regulations means compelling the property’s manager and, of course, guests, to abide by the rules.
Some rules apply to things guests are directly responsible for. Guests, for example, are responsible for parking their cars. They’re also generally responsible for taking out trash, controlling their noise level and letting only registered guests stay at the property.
Other permit rules have to do with property location (for example, Nevada’s proposed restriction on short-term vacation rentals within 2,500 feet of any resort hotel), or fire prevention (i.e. Lake Tahoe’s requirement for inspection of natural and landscaped areas around STRs in high fire rating zones). And still other rules may apply to regular maintenance, upkeep or landscaping.
Regardless of who is primarily responsible for complying with rules, violation of permitting rules can result in expensive fines. In many locales, an initial permit fine may be around $500, with subsequent fines doubling and tripling. Operating a vacation rental condo or apartment in Florida’s Miami-Dade County—a sizzling STR hotspot? You’re looking at a first violation penalty of $1,000, and a second of $2,500. Ouch!
To avoid fines and penalties, and protect vacation-rental profits:
Unlike long-term leases, short-term rentals cannot pass utility bills along to tenants. Utility costs also rise year over year, and can spike during high seasons, as local electricity grids are maxed out. For this reason, it’s incredibly important to monitor utility costs closely, before they eat into anticipated vacation-rental profits.
Installing a smart-home thermostat is one good way to avoid overspending on heating or cooling, by adjusting a property’s HVAC system remotely between guest stays.
Other utility cost-cutters include switching to LED lighting (which, alone, can cut electricity costs by up to 75%), and swapping out high-wattage plasma televisions for lower-wattage LED TVs. Energy-star appliances also cut back on utility expenses, as do double-pane windows and good insulation. Yes, these CapEx expenses require upfront payment. But when a property’s primary guests are short-term visitors, who are not paying the utility bills, and are much less likely to switch off lights or turn down the A/C at night than long-term residents, the investment is well worth it.
Equally important is cutting cables. More than 95% of Americans own a mobile phone, so there’s little reason to have a landline in a vacation rental property. Likewise, cable TV, which can cost hundreds of dollars a month for “premium” packages with endless unwatched channels, is a cost that’s ripe for slashing. Instead, install a Smart TV system with a handful of great streaming platforms, and let guests take their pick of movies, TV shows, sports events and other screened entertainment, at a fraction of the cost of cable.
In addition to natural seasonal dips, plenty of other factors can affect short-term-rental vacancy rates. But do they have to? Maintenance neglect, ho-hum marketing and poor responsiveness to guests can lead to a non-operational property or negative reviews. And the cost of unbooked nights can quickly take a big bite out of planned vacation-rental profits.
To mitigate unanticipated vacancy, take these proactive steps toward management and marketing:
Make cleaning Priority One. Great guest reviews are vacation-rental gold. And Airbnb consistently reports that the leading factor in garnering positive guest reviews is cleanliness. In the current post-COVID travel market, cleanliness is more important than ever before, as guests seek out safe, sanitized accommodations. Have cleaning QA standards firmly in place and confirm that they are being met (see our Pro Tip in section #2 above).
Make maintenance Co-Priority One. A broken A/C, leaky faucet or faulty shower head can lead to poor vacation-rental reviews, while a non-functioning toilet, broken window or crumbling drywall can put a property out of operation entirely. Perform necessary repairs as soon as they are needed to prevent further damage and avoid any unnecessary non-operational nights.
Offer flexible rates. While the current travel recovery points to strong ADR even for normally low seasons, there will be times of the year, month and week when bookings dip. Lower rates during these periods may entice guests who are looking for a bargain. Consider using a flexible pricing platform to track trends and adjust pricing accordingly.
Natasha Garber covers short-term-rental industry trends, news, regulations and compliance for NoiseAware. Her posts on STR property management technology, privacy-safe noise monitoring, and licensing laws can be found weekly on the NoiseAware blog.
As vaccination distribution widens and pandemic-related restrictions lift, a 2021 summer travel boom is already underway. An increase in short-term rental bookings started even before the larger travel recovery took off. And it appears destined to continue on a sharp upward trajectory. Travel site Expedia reported that even while its overall accommodation bookings fell by 67% in the fourth quarter of 2020, short-term rental platform Vrbo, which Expedia owns, actually showed year over year growth for the same quarter.
While Expedia doesn’t disclose specific Vrbo numbers, industry analysts estimate that the short-term-rental platform accounted for more than 40% of Expedia’s 2021 Q1 gross bookings. They further predict that Vrbo’s 2021 revenue could exceed 2019 revenue by 35%. A large chunk of that change is credited to the 2021 summer travel spike.
All of this is welcome news to short-term vacation rental owners and managers. Also promising: Short-term rental reservation volume is up by 400% over last summer, even while nightly rates have increased significantly over 2019 rates.
A big-time summer travel bounceback. Strong short-term rental earnings. Higher nightly rates and a huge spike in rental reservation volume. In short, short-term rental owners and property managers are looking at a major opportunity to capitalize on the coming season’s demand. But strong demand is just part of the revenue picture. To truly reap the rewards of the 2021 summer travel boom, vacation rentals must take these steps to protect property, profits and future viability.
Get to know your neighbors, and don’t let your short-term vacation rental be a surprise to them. While 33% of homeowners report that they are not very familiar with their neighbors, nearly 50% who are very familiar with neighbors say they would approve of a short-term rental next door.
Communicate to neighbors that your property is being rented out as a vacation accommodation. Express that you are invested in the neighborhood, and care about the security and comfort of the people who live next door to or near your Airbnb rental.
List out the steps you are taking to ensure that guests are quiet, well behaved and respectful. Explain that you thoroughly screen guests prior to booking. Note that you have house rules that must be followed. Make sure to tell neighbors if you have remote noise detection sensors installed. You may even consider offering your Airbnb property to neighbors’ own visitors at a special “friends and neighbors” rate. And, of course, make sure your neighbors can get in touch with you should they need to inform you about anything questionable taking place at your property.
If your short-term vacation rental property or properties are managed by a professional property management company, find out how the company notifies neighbors of new STRs adjacent to them. Ask how they respond to neighbor noise complaints, and how you can expect to be informed about complaints. Get their complaint-response policy in writing, including liabilities and exclusions.
Most booking platforms accept “upon-request” bookings. This feature gives hosts an opportunity to check out the guest before booking. Before accepting a booking, make sure to:
Multiple negative guest reviews, incomplete or duplicate profiles, opposition to the security deposit, evasive answers to questions, or no answers at all—these guests may be more likely to violate noise and occupancy rules, or cause costly damage.
Make sure to fill out all fields in the “house rules” section of your vacation rental listing. Clearly state what’s allowed and what is not (special events, parties, amplified music after a specific time, no smoking, only registered guests allowed at property, no photo shoots, etc.).
Letting guests know they will be charged penalties for violating house rules is a great way to prevent noise, permit violations and neighbor complaints. These rules, and reminders about penalties, should be included in booking and pre-stay correspondence, and be on display at the property. Emphasizing and enforcing house rules is one of the ways the most profitable short-term-rental hosts mitigate unanticipated costs such as ordinance fines, legal conflicts and damaged property repair or replacement.
Almost all localities that allow short-term-rental permitting have occupancy rules built into their permitting ordinances. Violation of these rules can result in steep fines if discovered. To avoid fines, as well as neighbor complaints and potential property damage, occupancy limits should be strictly detailed in listings. It’s also important to include reminders about occupancy limits and guest penalties in booking confirmations and follow-up correspondence, and to display occupancy limits clearly on property.
Like occupancy limits, permitting ordinances include noise rules. These may prohibit noise that is audible outside the property during certain hours. Owners and managers may also set their own noise rules, and enforce them with penalties for violations. One of the best ways to avert noise issues before they become a problem is to install privacy-safe noise sensors both inside and outdoors at the property. Privacy-safe noise monitors, which must be disclosed upfront in the rental listing, measure decibel levels and duration of noise, but do not identify specific sounds or record sounds.
A remote noise monitoring system will alert the short-term-rental owner or property manager when excessive noise is an issue, and allow them to send a gentle text reminder to the booked guest to lower the volume a bit. In more than 75% of cases, this initial reminder resolves the issue without further intervention, preventing neighbor complaints, ordinance violations and the potential for expensive property damage.
Taking full advantage of the 2021 summer travel boom also means advertising competitively. Take the time to stage your vacation rental and include special touches such as cookbooks on the kitchen counter, a fancy espresso machine, vases filled with blooming flowers, stacks of luxurious bathroom towels, and fluffy, inviting bedroom linens. Shoot professional-quality photos both indoors and out, and edit them for maximum impact. Consider including a video tour of the property. These virtual 3D tours have been shown to significantly increase booking rates.
Property descriptions should include references to local attractions, dining and summer activities. They should also highlight amenities including outdoor kitchens, barbecues, swimming pools, decks and patios, and beach or lake toys. If the property is located in a hot-weather area, mention AC and/or ceiling fans. All of these marketing points can help guests “see” themselves enjoying their summer vacation at your property, and can be the deciding factor between your rental and other listings. And that can make the difference in reaping the full revenue benefit of the 2021 summer travel recovery.
Natasha Garber covers short-term-rental industry news, regulations and compliance for NoiseAware. Her posts on STR property management technology, privacy-safe noise monitoring, and licensing laws can be found weekly on the NoiseAware blog.
Following in the footsteps of New York, San Francisco and Santa Monica, Denver is the latest city to impose fines on short-term-rental platforms like Airbnb for listing unlicensed properties. Airbnb, meanwhile, appears to be doing its part to minimize non-compliant short-term rentals in the Mile High City. It is also taking steps to prevent noise complaints and “party house” situations as the summer holidays heat up. So what does this mean for short-term vacation rental owners and property managers? And how will it impact the upcoming Fourth-of-July weekend?
In late November 2020, the Denver city council voted to fine online short-term-rental platforms up to $1,000 per transaction “if they help unauthorized people rent out their homes to vacationers and other short-term occupants.” The council says it took this action to prompt rental platforms such as Airbnb to cooperate with its licensing regulations by prohibiting unlicensed rentals from marketing through the platform. The new legislation, which came in part as a result of complaints about excessive guest noise and rowdy gatherings associated with short-term rentals, was scheduled to go into effect in 2021.
Then, in February 2021, following several months of negotiation, city officials rejected a proposal by Airbnb on how to remove unlicensed or otherwise illegal listings from the site. For its part, Airbnb says the move to cease negotiations and move forward with the new legislation, and its associated $1,000 fine, came as a surprise.
Denver first started requiring licenses for short-term-rental operation in 2016. Since then, the city has worked to ensure that all short-term rentals and vacation rentals are in compliance, and operating under license guidelines. Colorado’s most populous city currently has just under 1,960 licensed short-term rentals. But, city officials have said, if rental marketplace platforms don’t require proof of a current license, it’s inevitable that some owners will rent out their properties on those platforms without the proper license. Without a license, a property is not subject to licensing requirements governing safety measures, trash abatement, noise mitigation, or sufficient parking spaces, or the fines levied by the city for violating those requirements. And since Airbnb controls over 90% of Denver’s short-term-rental market, getting the platform, and others like it, to cooperate with the licensing requirement is paramount to ensuring owner compliance.
Enacting legislation that compels listing sites to show proof of license for listed rentals (and levying fines on listing sites rather than individual owners) appears to cover the most compliance-enforcement ground in one place at one time.
The good news: Since the new legislation went into effect there have been no violations cited, which means both listing platforms and owners seem to be on board with improving short-term rentals for guests, neighbors and communities.
In response to community concerns, legislative measures, and a general recognition that “large gatherings remain a potential public health issue,” Airbnb is enforcing its “party ban” in Denver, as travelers make their Fourth-of-July-weekend plans.
Guests without a history of positive reviews will not be allowed to book one-night stays in Denver over the holiday weekend. Airbnb notes that these types of bookings most often correlate with parties and noise complaints. The rental platform is also imposing additional “defenses” on two- and three-night stays, including verifying that the booking guest is 25 or older, and placing restrictions on whole-house rentals within a certain radius.
Get more information on Airbnb’s “Summer of Responsible Travel,” and find out how you can prevent noise issues and neighbor noise complaints at your Denver short-term vacation rental on Independence Day weekend…and every weekend!
After one year of isolation, cancelled parties, unspent travel budgets, and postponed getaways, the travel industry is preparing for what is expected to be a massive surge of revenge vacationers, looking to make up for lost time. The Washington Post speaks of the “pent-up wanderlust” that is splitting almost all of us at the seams as weather gets warmer, case numbers drop, vaccination availability increases, and travel restrictions are lifted. Sandals Resorts deputy chairman Adam Stewart said in an interview with the Post, “Summer 2021 is seeing a double-digit percentage gain in overall occupancy when compared with previous summer booking trends, including summer 2019.”
While this surge in travel activity will increase profits and fill calendars for vacation-rental owners, it will also increase chances of property damage, HOA violations and noise fines. As an example, look no further than Miami Beach, where the recent chaos of spring break revelers prompted the city to implement an 8 p.m. curfew, and both business owners and residents expressed outrage and travelers’ boisterous and reckless behavior.
To avoid the risk of rowdy guests upsetting neighbors, or worse, damaging property and causing financial loss, owners should take the following measures to protect their rentals before, during, and after the coming market surge:
With £130bn ($179 billion) annually being lost to fraud and £27bn ($37 billion) lost to property damage, per SUPERHOG industry statistics, having a cost-effective booking validation system, allows hosts to prevent problematic guests from arriving at their property in the first place.
Proactive protection increases profits and peace of mind. Smart guest screening, noise monitoring and strategic insurance coverage will help keep your rentals protected. After the previous lockdown lifts last year, an almost 50% increase in noise incidents and consequential property damage occurred.
Hosts who had seen their business go from booming to bust due to the first lockdown, were desperate to take on bookings when restrictions were relaxed. Large volumes of one night stays were accepted and with that came an increase in incidents reported.
The widespread travel regulation lift is sure to have even greater consequences. Take precautions now to protect profits, property, and peace of mind later.
As of April 1, 2021, certification of a noise detection device is required for Hollywood, Fla., vacation rentals. Along with regions like Henderson County, Nev., which includes tourist magnet Las Vegas, the popular Miami-area vacation destination has made it mandatory to show proof of an approved noise monitor in all rental properties seeking short term rental approval. So what does that mean for you as a Hollywood short-term rental property owner or manager?
Whether you’re applying for a short-term rental license for the first time, or renewing your existing license for your Hollywood rental, you will need to sign and submit a document certifying that you’re aware of the noise detection requirement, and that your property adheres to it. The document, which notes that, “The City Manager may refuse to issue or renew a license or may revoke a vacation rental license issued under this chapter, if the property owner has willfully withheld or falsified any information required for a vacation rental license,” must be notarized.
This should probably go without saying, but your noise monitor needs to be installed the right way and able to detect noise. Fortunately, noise detection devices are extremely easy to install. Like many other smart home devices, installation begins with downloading and opening an app on your phone. Once you click on the “setup sensor” tab, you simply find an unobstructed wall outlet within 75 feet of your wifi router, and follow the setup prompts to firmly secure your sensor and ensure that it is registering noise. Once your noise control device is installed and working properly, you can monitor it from your phone, no matter where you are.
While noise detection devices do not record or play specific sounds—rather they monitor decibel levels—they are monitoring devices. And, as such, rental listing companies such as Airbnb and Vrbo require that guests be notified of their presence in rental properties. Notification of noise monitoring devices should be included in the “House Rules” section of your property’s rental listing. There is currently no legal requirement that property managers or owners notify guests of noise level monitors—so, if for example, you only rent out your short-term rental property by word of mouth, you don’t technically need to alert guests to the noise control device. But it is always a good idea to be forthcoming about the device in your property, if, for no other reason, than to encourage guests to manage their volume preemptively, rather than having to take measures when it gets out of hand.
One of the great benefits of having a noise detector in your Hollywood vacation rental is being able to take action on noise issues before they go too far, so that your property’s neighbors have a peaceful environment. As soon as your noise monitor detects an issue, your guests receive a simple automated message alerting them to the situation. Nine times out of 10, guests decrease their volume to an acceptable level, without any further action needed, making for a peaceful neighborhood, happy guests and a happy property owner (you!).
In those rare cases where guests continue being loud or rowdy, despite receiving notifications about their excessive volume, you may need to take action. If the noise level at a property exceeds your customized programmed levels, you will receive an alert and a link to the property’s Noise Risk Score graph. The graph takes noise and turns it into data so you can evaluate the property’s risk in real time. You can then decide to message or call your guests. 80% of the time, guests quiet down within 15 minutes of being contacted.
With its warm weather and tropical vibe, Hollywood is the perfect spot for al fresco socializing and festivities. But when outdoor revelry gets out of hand, it can be a major nuisance to neighbors and other rental guests. To prevent outdoor noise from becoming a problem, consider installing an outdoor noise monitor, along with an indoor device. Installation of outdoor sensors is similar to indoor sensors, but should be done after the indoor sensor is installed, and mounted within 100 feet of the indoor sensor. It’s also a good idea to avoid placing your outdoor noise sensor near noise-makers in your short-term rentals, such as AC units, hot tubs and generators.
While most well-maintained, well-monitored short-term rentals coexist harmoniously with their long-term neighbors, conflicts do occasionally arise. If either you or the online vacation rental marketplace where you list your property receives a noise complaint that you feel may be either unjustified or completely untrue, a noise monitor will provide you with the documentation to defend against the complaint. If the detected decibel levels during the time of the purported disturbance are within normal limits, you’ve got clear evidence that no violation occurred. If, on the other hand, your noise device shows that guests were shouting, playing loud music or otherwise being excessively noisy, you have a way to verify your neighbor’s complaint.
The most important advantage of excessive-noise monitoring for Airbnb hosts, VRBO hosts and vacation-rental owners and managers, is preventing issues before they happen. By letting guests know they are expected to keep noise within acceptable limits—and giving them a little reminder when they don’t—you can avoid serious problems including property damage, angry neighbors and visits by the police to your Hollywood, Fla. rental. And you can relax and take advantage of an excellent source of passive income, without expensive fines and penalties eating into your profits.