Short-term rentals are making a comeback in Denver
DENVER, Colorado – Renting a primary residence can be quite lucrative. But the pandemic has changed a lot of things in this world. The question now: is it smart to participate in the short-term rental game?
Dana Lubner, with the band Mile High Hosts, said things were getting better and more. More and more people feel comfortable traveling, but still want to keep their distance from others.
“Short-term rentals are fast becoming the accommodation preference of travelers,” said Lubner. “They are looking for places to spread out.”
It’s so popular right now that supply and demand are becoming a concern. Part of this is linked to a significant drop in the number of people applying for short-term rental licenses since the pandemic, according to the Denver Department of Excise & Licenses.
Lubner said the occupancy rate for short-term rentals in Denver is currently 88%. It was even harder to find an Vrbo or an Airbnb in the city of Denver during the summer. This opens the door for others who may decide to make their home a short term rental destination.
“There is going to be a very big opportunity for places capable of providing this offer to travelers,” Lubner said.
Eric Escudero, of the Excise and Licensing Department, said people who get a license to make their homes a short-term rental are slowly bouncing back. The figures are up 9% after the initial drop in the pandemic, according to the city.
“It’s not a dramatic increase, but when you think about the negative impact of the pandemic on the tourism industry, it’s really encouraging to see more people traveling and booking,” Escudero said.
This means that, even with a pandemic, the short-term rental game could certainly help bring in some extra cash for homeowners.
“More and more first-time travelers are choosing to book a Vrbo or an Airbnb and now they don’t want to book anything other than this type of accommodation,” said Lubner.