We were intrigued by a recent KOB4 article — see below — that focused on how Albuquerque is changing and adapting to accommodate more and more tourists.
With a great mix of affordable outdoor attractions, climate and a diverse cultural program, the area is already nationally recognized as a top summer and winter vacation destination and it looks like a trend that is only going to grow in the future.
Apart from mentioning the important fact that 3000 hotel rooms have been added since 2000, the article chiefly focuses on how accommodation rental sites like Airbnb have been instrumental in attracting more visitors.
With such a healthy tourism sector, attracting many hundreds of thousands annually, there are unquestionably developing opportunities for enterprising property investors in the local vacation rentals market.
Vacation rentals offer some distinct potential benefits with the more usual rental business models. While price is still important to vacationers, holiday costs aren’t viewed in the same way as standard living costs, so the rental yield is potentially much higher.
Of course there are additional costs/factors to consider when looking at a vacation rental business, not least that the property needs to be maintained in tip-top condition at all times and will need to be spotless in readiness for the next guests each time.
But, thanks to sites like Airbnb, owners of vacation rental properties can now market their offer all over the world, greatly increasing the potential customer base. Is it any coincidence that tourism is at an all-time high in this area!
And never forget that just because you don’t have the same tenants all the time doesn’t mean an absence of loyalty. It’s very common in the vacation sector for the same property to be rented out at the same time every year on a very long term basis. Once people find a place they love, they often choose to stay with what they know.
Another key plus is that, because everyone pays in advance, there are never going to be any rental payment delays or defaults to cope with.
All this being said, location is arguably even more important than for a classic rental situation. The nearer you are to attractions or areas of interest, the better.
Equally, there’s also something to be said for providing a quiet haven away from the hustle and the bustle.
The really good news is that, with Albuquerque’s increasing high profile as a holiday venue, there is a really solid base for this kind of enterprise.
Why not call us today and discuss the whole subject in more depth. We can show you a range of properties ideally suited this kind of business model.
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The Romero Team is a group of top New Mexico REALTORS that works together to provide only the best service to each and every client whether it be buying or selling Real Estate in New Mexico. Find FREE Home Valuations, Market Data, and all Information about Buying or Selling a Home in Albuquerque, Santa Fe, Rio Rancho, Corrales, Placitas and Valencia County. The Team provides expert representation in many areas including home sales and marketing, serving as Buyers Agent, luxury homes, and vacant land.
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