Vacation Rental Management in Harrison Hot Springs
Harrison Hot Springs is a great vacation rental market provided you are familiar with the restrictions of the community. Harrison has strict restrictions related to properties listed on Airbnb, Homeaway, and VRBO especially when it comes to residential zoned properties.
Summary of This Article About Property Management In Harrison Hot Springs
Educating yourself on property management services in Harrison Hot Springs involves understanding the local vacation rental market, legal restrictions, management options, and the potential revenue from such investments. Here’s a concise overview based on the provided information:
Understanding the Local Market:
Harrison Hot Springs is a promising vacation rental market, but it comes with strict community restrictions, especially for properties listed on platforms like Airbnb, HomeAway, and VRBO. The primary concern is the zoning of properties; residential-zoned properties face more restrictions.
Legal Aspects and Zoning:
Short-term rentals are only legal in commercial zones (C-1, C-2, and C-3) and require a valid business license. The total cost for obtaining a license, which includes property inspection, is $150 annually.Specific condominium buildings on Esplanade Ave prohibit short-term rentals. However, buildings like Harrison On The Lake and The Oasis permit them.
Management Options:
For those unable to manage their property locally, hiring a vacation rental management company like Lifty Life is advisable. They offer comprehensive services including guest screening, professional cleaning, listing management on major platforms, and monthly performance reports, all for a commission on revenue.
Revenue Potential:
Income from vacation rentals varies widely based on several factors, including property size, furnishing level, and location. Estimated annual revenues range from $19,000 for a 1-bedroom unit to $98,000 for properties on Rockwell Drive.
Short-term vs. Long-term Rentals:
The choice between short-term and long-term rentals depends on zoning restrictions, personal needs, and preferences. Short-term rentals offer higher earning potential and flexibility for personal use but require more management effort and upfront costs. Long-term rentals provide consistent income and are less management-intensive but don’t allow for personal use and can pose challenges with tenant eviction.
In summary, successful property management in Harrison Hot Springs requires a thorough understanding of local regulations, effective management strategies, and a clear decision on the rental model that aligns with your investment goals and lifestyle preferences.
How will I Manage the Vacation Rental Property?
If you’re purchasing a vacation rental property presumably you won’t be local. Managing properties remotely, while not impossible can be extremely difficult and time consuming, the alternative is to utilize a vacation rental management company such as Lifty Life. Vacation rental companies operate all aspects of your vacation rental in exchange for a commission on revenue.
- Guest screening & communication
- Professional cleaning services
- Free professional photography
- Hotel quality linens and towels
- Complimentary August Smart Lock
- Airbnb, VRBO, & Homeaway listings
- Restocking of consumables (soap, tea, etc)
- Monthly performance reports
- Nightly rate & occupancy optimization
- Guest review & follow-up
Are Short Term Rentals Legal in Harrison?
As long as your operating in a commercial zoning and with a valid business license, then yes, short term rentals are legal in Harrison Hot Springs.
Short term rentals are restricted to the commercial zonings C-1, C-2, and C-3 as seen below in pink, purple, and burgundy. Essentially everything north of the the Miami Creek and Lillooet Ave. Bed and Breakfasts are a notable exception to this rule.
All legal Airbnb properties in Harrison Hot Springs must have a valid business license. The total annual cost of gaining a license will be $150 which includes an inspection of your property.
Where Can I Operate in Harrison Hot Springs?
Commercial zoning is a must but many buildings in Harrison have further restricted vacation rentals through strata bylaws. The four large condominium buildings on Esplanade Ave disallow short term rentals, this includes:
- Echo Beach – 328 Esplanade Ave
- Laguna Beach – 378 Esplanade Ave
- The Cascades – 410 Esplanade Ave
- Aqua Shores – 120 Esplanade Ave
The only condo buildings on Esplanade Ave to allow short term rentals in Harrison Hot Springs are:
- Harrison On The Lake – 450 Esplanade Ave
- The Oasis – 470 Esplanade Ave
Aside from condominiums all other homes in the commercial zoning are legal to operate as Airbnb units.
Properties on Rockwell Drive are also legal to operate as short term rentals but are governed by the District of Kent rather than the Municipality of Harrison Hot Springs.
How Much Can My Vacation Rental Generate?
All properties are different and income can vary widely depending on the nights available, level of furnishing, and quality of property. The below estimates are based on aggregated data from all active Airbnb, VRBO, and Homeaway listings in the region.
| Property | Annual Revenue |
|---|---|
| 1 Bed | $19,000 – $39,000 |
| 2 Bed | $27,000 – $48,000 |
| 3 Bed | $39,000 – $56,000 |
| Rockwell Drive | $69,000 – $98,000 |
| Oasis Development | Contact Us |
Short Term Rentals Vs Long Term Rentals?
Long term leases are the alternative to listing as a short term rental on Airbnb. The question is what is better? Well the answer depends on you and the zoning of your property. If your property is zoned residential or zoned commercial but has strata restrictions then the answer is simply; rent your property with a conventional long term lease.
For flexible properties, those capable of being short or long term rentals, you’ll need to evaluate your needs and preferences.
- Long term rentals have more consistent income unlike the high seasonality of short term rentals.
- Short term rentals have higher earning potential but can require greater time investment assuming you’re not using a property manager.
- Short term rentals require a larger upfront cost in order to furnish and stock the property.
- Long term rentals will not allow for personal use unlike short term rentals.
- Tenants of long term rentals can be difficult to evict if needed. Short term tenants are just that, short term.
How to Get Started?
The first step is to contact a realtor about the opportunities in the region. Consider using Taylor Roth. In addition reach out to Lifty Life to hear more about our services and prices. We are experts in operating vacation rentals in Harrison and would be happy to provide our expertise.
