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b'https://www.youtube.com/watch?v=SL8UOSLI6Ho\\n\\n\\n\\n\\n\\n\\n\\n\\nIn the past it used to be that short-term rentals were for people who own vacation homes and wanted to make a little bit of extra money from owning them. \\n\\n\\n\\nBut now with the introduction and the growth of places like Airbnb there\'s potential that you could make more rental income per year renting your property out short term then you could renting your property out to a long-term tenant.\\n\\n\\n\\nToday\'s episode is made in partnership with Made Comfy who offer professional Airbnb management services.\\n\\n\\n\\nA Growing Trend \\n\\n\\n\\nI\'ve had a lot of people in my life starting to do this, I\'ve got friends who are now renting out their properties through Airbnb. I know people who rent out extra rooms through Airbnb. \\n\\n\\n\\nI\'ve got friends of my dads who live in Sydney and they purchased a property in Tasmania that was a dual income property. They\'re renting out both sides of the property through Airbnb and using a property manager and I think they were getting upwards of around 13% rental yield for that property.\\n\\n\\n\\nIt has been so successful they were considering selling their Sydney property and buying a couple more properties in Tasmania to replicate the same strategy and become financially free.\\n\\n\\n\\nShort-term rentals may be a new way to make a property positive cash flow\\n\\n\\n\\nIn this article I want to explore some of the pros and cons and considerations that you need to have if you\'re considering a short-term rental for your property.\\n\\n\\n\\nDo Short Terms Rentals Make More Money Than Long Term Rentals?\\n\\n\\n\\nThe first thing we need to consider is the money and whether or not you can actually make more money through short-term rentals than long.\\n\\n\\n\\nI feel like if you can\'t make more money then it\'s going to be a lot more hassle for less money and that doesn\'t seem worth it.\\n\\n\\n\\n\\n\\n\\n\\nIf we have a look at the average monthly returns based on a two-bedroom apartment in Darlinghurst you can see that for long-term rental you\'re looking at around $3,500 per month. Self-managed Airbnb a bit higher and then using a professional property management service like Made Comfy that could even go upwards of $5,900\\n\\n\\n\\nThere clearly is the opportunity to make more money and it\'s not just Made Comfy that are talking about this either.\\n\\n\\n\\nThis article at The Courier Mail talking about Airbnb listings generating much more than pocket money. There\'s this article on Property Update talking about the Airbnb phenomenon and short term rentals then you\'ve got this article talking about the most profitable Airbnb locations. Then we\'ve got a forum post where people are talking about Airbnb and saying that "on average the returns are higher than a normal rental."\\n\\n\\n\\nIt definitely seems like there\'s potential to make more money through short term rentals.\\n\\n\\n\\nShort Term Rental Case Studies\\n\\n\\n\\nLet\'s have a look at some case studies here from Made Comfy\'s site \\n\\n\\n\\nCollingwood, MEL\\n\\n\\n\\n\\n\\n\\n\\nFor the Collingwood one you can see that they actually boosted their rental income by moving to a short term rental. They get a 40% higher net return than a long-term rentals.\\n\\n\\n\\nThat word NET RETURN is actually really important because gross return is how much total income that you\'re bringing in and net return is actually your return after expenses.\\n\\n\\n\\nSo 40% higher net return, not just a 40% higher gross return.\\n\\n\\n\\nOne of the I guess cons of short-term rentals is that they are more expensive to manage, you need to furnish them as well and you need to clean them so there\'s a lot more management and maintenance required that cost more money.\\n\\n\\n\\nPyrmont, SYD\\n\\n\\n\\n\\n\\n\\n\\nIf we look at the one in Pyrmont in Sydney, we can see a 73% higher net return.\\n\\n\\n\\nBondi, SYD\\n\\n\\n\\n\\n\\n\\n\\nIf we look at the one in Bondi that\'s 32% higher\\n\\n\\n\\nWest Melbourne, MEL\\n\\n\\n\\n\\n\\n\\n\\nIf we look at the one in where was this West Melbourne 55% higher \\n\\n\\n\\nManly, SYD\\n\\n\\n\\n\\n\\n\\n\\nLastly let\'s look at the one in Manly that was 46% higher.\\n\\n\\n\\nThese examples aren\'t 3% higher, 2% higher or 1% higher.'