Vacation season is here, and the market for private short term rentals is thriving. I recently visited Sean Degnan of iTrip Vacations Annapolis in one of the beautiful downtown Annapolis homes he and his wife, Jennifer, manage.
The house, a quintessential Annapolis home just steps away from the attractions of downtown, is owned by four Naval Academy graduates. The former classmates rented the house themselves for a class reunion, and snapped it up when it came on the market, knowing what a great investment property it is. Being spread far in North Carolina, Virginia, and Seattle, they knew managing the day to day tasks involved with short term rentals would be a challenge. Enter iTrip Vacations Annapolis.
Sean and Jennifer assured the owners that iTrip would handle everything including photos, marketing, the cleaning crew, maintenance, and guest communications. iTrip sets up welcome baskets and start kits for each guest at the beginning of their stay.
Said Sean, “We had given them a projection report based on comparable rental properties in the area over the previous 3 years. The income potential was considerably better than what they could’ve earned from a long-term renter. Even net of our management fee, they were projected to almost double the long-term rent.” The home is right on target to meet that projection.
Sean also noted that using the property as a short term rental allows the owners to block off time to enjoy the home themselves.
iTrip Vacations manages several homes in downtown Annapolis, as well as properties elsewhere such as Edgewater and Kent Island. This particular location is well appointed with an impressive professional wet bar and decorated with a Navy/Nautical theme. The home sleeps up to 11 and has rare onsite parking.
For more information about using your existing property as a short term rental, contact iTrip Vacations Annapolis.
626C Admiral Dr. #234
Annapolis, MD 21401
As always, for guidance in purchasing an investment property or primary home, get in touch with me today!