The rise of VRBO real estate is introducing a new segment of homebuyers to the housing market, especially as Americans seek new ways to relieve the financial burdens of a market defined by rising mortgage rates and record high home prices. Not only do VRBO properties allow owners to reap the benefits of home equity gains, but they also provide a stream of revenue from renters.
Best of all, homeowners don’t always need to give up their homes in order to rent them out. According to Housing Design Matters, separate floors or living spaces can be split between owners and renters, leaving kitchens and entryways as communal spaces. With a number of live-in options and financial benefits, a growing share of short-term rental owners are leasing their homes out for a short time and moving in full-time down the road.
In addition to a locked closet, what else can we do? Can the residence be divided in such a way that it can be rented and still have a space for the owner? You can’t add a second kitchen, but you could include a beverage center with a sink, under-counter refrigerator, coffee pot, and a small microwave.
One of our clients has a three-story townhome project about to start construction in the hip part of Greenville. We are now exploring how we can take the bottom floor and hold it for the owners’ occasional use and then rent the top two floors with VRBO. Of course, the owners can block out certain dates so they can use the entire place when they want.
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