Traditional Rent vs Vacation home rent

[Yannie Ko]

Hi everyone,

I own a 2 beds 2 baths condo and rent it out. I'm wondering between traditional monthly rent income with rent it out on airbnb or other vacation home website which one will come with biggest income? In my area I can rent my condo at least $90/day if I post it on airbnb. I'm currently rent the condo to a tenant for $1300/month. what is your thought?

[James Carlson]

Thanks for the shout-out, @Myka Artis

@Yannie Ko Welcome! Where in Aurora do you live? Yeah, you're likely going to run into a number of issues. As others have said, and as you've now discovered, most HOAs don't allow anything less than 30-day rentals. (For others reading this, you'll likely find it in your declarations under a section called "use restrictions" or something like that.)

But you'd also run up against Aurora's Airbnb law. Their law is modeled off of Denver's Airbnb law, which allows you to rent on Airbnb (less-than-30-days) ONLY in your primary residence. It doesn't sound like this is your primary residence.

About corporate rentals, I'm not sure about that $2,800 quoted above. That seems a bit high for Aurora, depending on exactly where you're located. In general, I think in Denver -- and this likely holds true for the rest of Colorado -- I see people getting about 50% more for a furnished, medium-term rental than than they would for an unfurnished, long-term rental. My business partner @Erin Spradlin and I rent two places furnished for 3-month stays to traveling nurse types.

I'm not advocating deceit, but you could make people sign a 6-month lease, but with an easy-out termination clause after 3-months. That way,  you'd appease your condo building and may still attract 3-month stay visitors.

Good luck!