Data Shows Summer a Great Time to Upgrade Short-term Rentals
According to NerdWallet, summer months and holidays offer the best times of year to purchase appliances — some of the most common rental property upkeep items. Additionally, Amazon holds Prime Days in July, and many retailers, such as Home Depot and Lowes, will price match. Scroll to decide if it’s time to upgrade the short-term rentals in your portfolio.
Upgrade Short-Term Rentals: Best Times and Energy-saving Tips
With a little careful planning, replacement costs can reduce by as much as 20% – maybe even more. If any of the following apply, consider replacing:
- Appliances 10 years or older could cost up to 40% more than newer models to operate
- Heat pumps or air conditioners more than 10 years old
- Furnace more than 15 years old
- Windows and doors over 20 years old
What Are the Best Times to Buy?
Memorial Day, Independence Day, Labor Day: Mattress, Appliances (Large), Paint
June and September: Cookware
August: Grills
End of Summer August/September: Furniture, Appliances (Small), Home Furnishings, Patio Furniture
August clearance/Black Friday: Electronics
Home Energy Savings Tips
The Inflation Reduction Act (passed summer of 2022), means several tax credits are set to peak this year, offering an average of 30% of the associated costs back. These savings will help offset the expense to update, retrofit, or replace equipment in short-term rentals.
Save on clean energy products like solar systems, air conditioners, water heaters, new windows and doors, insulation, and electric panel upgrades. Energy-efficient investments in rental properties could save 35% of energy use, reducing bills while upping the home’s overall value.
Guests searching for eco-friendly rentals are on the rise (KeyData, 2023). This trend is expected to continue, and sharing these energy savers or using them to acquire a certification will give short-term rental owners and managers an edge over the competition.
Plus, there are tax credits available for installing electric vehicle chargers, an excellent amenity for guests and potential money-maker. In addition to the savings, upgrades help improve the health and comfort of the property.
Schedule a Home Energy Assessment and help determine which areas to invest to see the most energy savings. This is often a free service through local electric providers, and tax credits are available to cover associated costs.
Want to let a professional handle these upgrades? List with an iTrip manager to get started.
Need more decor ideas? Spruce up outdoor patios, yards and spaces.
Article by: Valerie Goodman, iTrip Operations Account Manager