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Name:
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Address:
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Cost to replace STR furniture$20,000
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Property Management Expense Comparison Long Term Rental CostsVSShort Term Rent with Stay Flourish
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Gross Rent Monthly $5,200$8,000$2,800
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Gross Rent Yearly $62,400$96,000
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Property Management LTR 10% STR 22.5%$6,240$21,600
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Capital expenditures (5% of gross annual LTR. Same for LTR and STR)$3,120$3,120
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Small maintenance (5% of gross annual LTR. Same for the LTR and STR)$3,120$3,120
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*Vacancy: LTR 6 weeks per turn to allow for releasing, maintenance, and cleaning. STR vacancy is already built into monthly revenue assumptions$2,597$0
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*Releasing and marketing (50% of 1 month)$866$0
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*Turnover maintenance and repairs (one month rent)$1,732$0
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*Turnover cleaning (50% of 1 month)$866$0
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*Tenant background check $33$0
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Internet $100/month$0$1,200
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Utilities (gas, water, sewer, garbage, electric.) $250/month$0$3,000
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Lawn maintenance and snow removal (average of $100 per month)$0$1,200
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Furniture reinvest every 7 years $0$2,857
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$0$0
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Total annual expenses $18,574$36,097
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Total annual net income$43,826$59,903
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3 Year Profit Difference$48,230
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Profit Percentage Increase by doing STR26.84%
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All calculations are built on a 3 year LTR churn assumption.
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"For a single-family rental in the United States, you should expect an average tenancy to last about 3 years. And a multi-family/apartment should stay occupied for roughly 2.5 years." https://tenantplanet.com/blog/how-long-does-a-tenant-stay/#:~:text=A%20quick%20google%20search%20will,occupied%20for%20roughly%202.5%20years.
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Additional benefits of leasing with Stay Flourish
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No issues with eviction moratorium laws
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No issues collecting rent and Washington laws: You get paid on time every month
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No vacancy for 3+ years
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Home inspected and cleaned after every guest
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No opportunity for hoarders or tenants that damage the property with STR
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Home will always be kept in pristine, move-in ready condition
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You can use your home to host family and friends- for free!
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Home can be sold at any time because there are no long term contracts or tenants. There can even be buyer walk throughs between STR stays because the home is always staged.
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Deferred maintenance is always higher with long-term tenants, not so with short term rentals
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Our platforms offer damage insurance, but if a long term tenant trashes your place you will be left high and dry
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Owning a short term rental should feel like a paid vacation!!!
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