Report shows Seattle vacation rentals can make up to $4,000 per month.
Thinking about renting your home as a short-term vacation rental? According to VRBO, the site for renting vacation homes, cabins and condos, Seattle homeowners earned an average of $2,900 a month in rental income in 2017, with many owners making up to $4,000 per month. The data is a clear signal of the potential rental income homeowners could make renting their property in the Seattle area.
Each year, with vacation rentals becoming the preferred choice for travelers, homeowners also are realizing the financial benefits of renting their homes as a substantial source of income. Homeowners can rent out a variety of different properties to earn extra income, including primary residences rented for only a few weeks and vacation homes or second homes rented throughout the year.
Currently, over 50 percent of VRBO owners use their rental income to cover at least 75 percent of their mortgage. VRBO’s new rent potential calculator takes the guesswork out of the equation, so homeowners can get a preliminary estimate of what they could earn before they list. This offers Seattleites a clear idea of their potential extra income, which gives them the opportunity to plan for expenses like retirement, college tuition, or other household costs.
Holidays and large citywide events like the Seattle Boat Show and Emerald City Comic Con bring in travelers from all over the world looking for a place to stay. As these events approach in early 2019, expect a spike in vacation rental demand, especially in core Seattle neighborhoods like Queen Anne, Capitol Hill, Ballard, Fremont and Belltown. Increased demand works in favor of homeowners, as Seattleites who are already taking advantage of this opportunity can attest.
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For those Seattle homeowners looking to rent for the first time, VRBO provides everything needed to get started from helping you decide on the best price for your rental to effectively promoting your rental to their hundreds of millions of travelers.
“Seattle is an incredibly popular destination for families and groups,” says Bill Furlong, VP of North American Business at VRBO. “We’re here to help homeowners capitalize on the many visitors to the city in the easiest way possible. Once a property is listed on VRBO, we work to match that property to the right travelers and maximize bookings and rental income for homeowners.”
Interested to see how much your home could make? At www.vrbo.com/earn, you can enter basic information about your home’s size and location. You’ll receive an instant estimate of your property’s rental potential based on nearby comparable Seattle rentals.
Based on average annual rental income for Seattle homes in 2017.
Based on average annual rental income for top 20% of Seattle homes in 2017.
VRBO Vacation Rental Marketplace Report, June 2018, 754 owners surveyed.