Dallas, Texas is one of the best areas in the country to purchase an Airbnb property. If you are considering making this investment, keep reading to learn more.
According to a report by PricewaterhouseCoopers and the Urban Land Institute, Dallas is the top location to invest in property. The report claims that Dallas has, “potential for strong future growth,” and the increased demand for rentals combined with lack of inventory makes Dallas, Texas a promising location to invest in.
Let’s take a closer look at some of the benefits of purchasing a Dallas Airbnb.
- High Demand - Dallas, Texas is a popular place to visit, increasing the need for temporary rentals. The general rule is, the greater the population, the greater the demand.
- Manageable Costs - Real estate inventory in Dallas is relatively affordable. Although a bit higher than the nation’s overall average, rental costs in Dallas are much lower than those found in other major cities.
- Income Generating Potential - The average income earned from Dallas Airbnbs is greater than many other cities in the United States.
- Trends Show Continued Growth - The Growth of Dallas Airbnbs reached 37 percent from 2016 to 2017, resulting in more bookings. This upward trend is expected to continue.
What to Look for When Choosing a Dallas Airbnb
When looking for a good property to invest in, take note of the following considerations.
Where Is It located?
Although Dallas is a great city to find an Airbnb, that doesn’t mean every neighborhood is a smart choice. You want your Dallas Airbnb to be located near plenty of shops, restaurants, and other fun attractions.
To get you started on your search, here are the top three areas to purchase a Dallas Airbnb:
- Grand Prairie
- Fort Worth
What Is Its Income Potential?
When considering a specific neighborhood, do some online research to discover what other Airbnbs in that area are renting for. However for the areas above annual profit for 2018 was:
- Grand Prairie - $24,432
- Arlington - $19,824
- Fort Worth - $19,536
How Much Will It Cost?
In order to make a profit off your Airbnb, a certain amount of upkeep is required, so don’t make a purchase until you know exactly what you are getting into.
You must ask yourself:
- What will it cost to furnish the place?
- Can I afford the Dallas AirBNB cleaning expense?
- Will there be additional Dallas Airbnb property management costs?
Keeping the property in perfect shape isn’t easy. If you aren’t up to tackling this major job you will need to hire a third party or team up with a co-host.
Dallas AirBNB Property Management vs Dallas AirBNB Co-Hosting
- Dallas Airbnb Co-Hosting - If you choose this option you will be sharing the upkeep tasks and income earned with your co-host.
- Dallas Airbnb Property Management Service - If you are too busy, or you live outside the Dallas area, your best bet would be to hire a professional service that can lift the maintenance burden off your shoulders. You will be able to rest easy knowing that an expert property manager is taking care of your Airbnb.
If you want to learn more about HostStarter’s full AirBNB property management services in Dallas, contact us today!