What Is It Called When You Rent Out Your House for Vacation?

By Alice Nichols

Are you planning to go on vacation and leave your house empty? Or maybe you have a second home that’s not being used all the time?

Renting out your property for vacation could be a great way to earn some extra cash. But what is it called when you rent out your house for vacation?

Vacation Rental

The term used for renting out your house or apartment for short-term stays is called a vacation rental. Unlike traditional rentals, which usually involve long-term leases, vacation rentals are typically rented out on a nightly or weekly basis.

Types of Vacation Rentals

There are several types of vacation rentals available, depending on your needs and preferences:

  • Entire Home Rental: This type allows renters to have exclusive access to an entire home or apartment.
  • Room Rental: With this option, the owner rents out individual rooms in their home while still living in the property.
  • Shared Space: This type of rental allows renters to share common spaces like the kitchen or living room with the owner.

The Benefits of Vacation Rentals

Renting out your property for vacation can bring several benefits:

  • Extra income: You can make some extra cash by renting out your property while you’re away or not using it.
  • Flexibility: You can choose when and how often you want to rent out your property.
  • Tax benefits: Depending on where you live, there may be tax benefits associated with renting out your property as a vacation rental.

The Drawbacks of Vacation Rentals

However, there are also some drawbacks to consider:

  • Liability: If something goes wrong during the rental period, you may be held liable for any damages or injuries.
  • Maintenance and cleaning: Renting out your property requires regular maintenance and cleaning to ensure it’s in good condition for renters.
  • No guaranteed income: Unlike traditional rentals, there’s no guarantee that your property will be rented out consistently throughout the year.

The Bottom Line

Renting out your house for vacation can be a great way to earn some extra cash, but it does come with risks and responsibilities. Before deciding to rent out your property, make sure you understand the local laws and regulations, as well as the potential liabilities involved. With proper planning and management, however, a vacation rental can be a lucrative venture that benefits both you and your renters.