As the popularity of short-term rentals soared during the pandemic, research shows that young homeowners are leveraging this popularity to generate additional income. Realtor.com has found through a survey that as many as 32 percent of homeowners have experimented with different ways to use their properties to boost their savings.
“As the next generation of home buyers has embraced ridesharing and short-term rentals, it’s a natural next step that they begin to think of their biggest asset – their home – as a potential income stream,” said George Ratiu, Manager of Economic Research for Realtor.com. “Even a small amount of income each month can multiple over a year or more and can turn into bigger returns.”
About 85 percent of respondents would consider constructing an addition onto their home to rent out. Other young homeowners were more open to non-conventional short-term accommodations like renting out a swimming pool or portions of their garage.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 percent.
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