There was a time when the vacation rentals industry was little more than a cottage industry. It took a an awful lot of work to make any money from it.
But then, the internet happened.
Today, with just a few clicks, vacationers can book a place to stay for a week, a month, or longer anywhere in the world. In 2016, less than a decade after Airbnb was founded, the worldwide vacation rentals industry was worth over $100 billion. Last year, it closed in on $170 billion. And those numbers are projected to continue growing in the years to come, as vacation rentals acquire a great market share.
Generating rental income is an important part of my personal investment strategy. With the right real estate, in the right place, you can set yourself up with an income for years to come…or make enough to pay for your property while enjoying it yourself for a few weeks or months of the year.
Below are three properties my research team found that offer three very different types of vacation rental…one in a vibrant, European city, one in the tranquil countryside of Italy, and another in the heart of a Latin American city full of history.
I haven’t personally visited or done any due diligence on any of the properties presented here. Always do your own due diligence before considering any real estate transaction.
A City Pad in Budapest, Hungary
Listing for: HUF39,900,000 ($115,300)
The Hungarian capital of Budapest has been drawing visitors in their millions since the Soviet occupation of Hungary ended in 1989. Today, it’s a buzzing city steeped in history with each of the city’s 24 districts offering something different. The city is separated by the mighty Danube River into the districts of Buda and Pest and the sides are linked by 9 bridges, with the Chain Bridge being the most famous.
This 1-bed, 1-bath apartment is located in District 7, also known as the Jewish Quarter. It has an edgy and contemporary vibe and is home to the gilded Dohány Street Synagogue, the second-largest in the world, and has a wide variety of restaurants and bars as well as quirky design shops and street art. The district also has good transport links to access the rest of the city. The apartment comes fully furnished and so would be ready to list as a vacation rental straight away.
A Hill Town Retreat in Pomarance, Tuscany, Italy
Listing for €90,000 ($99,300)
Tuscany is famous for the cities of Florence and Pisa and all their Renaissance history. But away from all the tourists and the big-city bustle, the rolling hills of this region of Italy also have a lot to offer visitors. For a quiet, relaxing vacation, this 2-bed, 1-bath apartment could be just the place. Recently renovated, it has a modern kitchen and an open-plan living area that’s bright and with stunning views of the surrounding countryside.
Pomarance is a small town in the heart of the Valle del Diavolo. It has plenty of historic sights, like the town’s 3 gates, the Church of San Giovanni Battista which is home to 16th- and 17th-century works by the painter and architect Cristoforo Roncalli, and Renaissance palaces. Nearby is the town of Sasso Pisano, which holds an annual olive oil festival and has is known for its health spas, powered by area’s hot springs. And if all the relaxing gets too much, Florence and Pisa are both about 37 miles away.
A Bigger-Budget Home in San Miguel de Allende, Mexico
Listing for: $385,000
San Miguel de Allende’s churches are masterpieces of Baroque architecture. The colonial-era mansions pressing in upon its cobbled lanes and shady plazas hide flower-filled courtyards with tinkling fountains.
There are restaurants of every cuisine; more than 350 in all. You’ll find more art galleries and craft markets than night clubs. Live music runs more toward jazz, flamenco, and classical. And it seems like there is always some sort of traditional parade, fair, or celebration of some sort.
This colonial city is a fashionable place, drawing sophisticated visitors from across Mexico and around the world.
Right in the heart of San Miguel’s historic center is this is a 4-bed, 4-bath, top-floor apartment. It features a large open-plan living/dining area with big windows that give lots of light and has a boveda ceiling, a traditional Mexican brick vaulted ceiling. There’s also a kitchen, the master bedroom is ensuite and has built-in closets and also has bodeva ceilings and a fireplace. This apartment has a large roof-top terrace which is its crowning glory. Perfect for families, or groups of friends, looking for a place to vacation right in the heart of the action.