Having the ability to rent a ‘home away from home’ while on vacation has become synonymous with travel. Over the last decade the demand for short-term rentals has grown immensely, and with the help of online hosting platforms the growth has opened up opportunities for owners and renters alike.
When cousins Garfene Grandison and Richard Mitchell decided to pool their resources to purchase an investment property within Kingston’s Devon House area – turning it into a short-term rental location wasn’t necessarily at the forefront of their minds. “What we knew is that we wanted to make this purchase as an investment,” says Mitchell. “We liked the central location and saw how nicely renovated the place was and turned to our realtor Dawn to put in an offer.” Once the purchase was made Grandison says, “Certainly we knew about Airbnb and analyzing the location of the property
in proximity to local tourist attractions [Devon House and Bob Marley Museum], and other ideal amenities, it made sense to give it a try. “With tourists from all over the world staying at their location since placing the property on the Airbnb hosting platform in late 2017, Grandison says, “Ever since we started we have been booked out, unless we decide to block out days.” With regard to whether there has been an upswing in the market for short-term rental properties as investments, Coldwell Banker realtor Dawn Ruddock, who was responsible for brokering the deal for Grandison and Mitchell’s property explains, “It’s hard to gauge. People buy homes for different purposes. They may not specifically have it as a plan, but then see it as an option.” Continuing she adds,
“If I see where the property can also work as a potential short-term rental location for a client, then I will suggest it.”Roger Drinkall and Antonia Graham renovated and decorated the garden cottage of their Irish Town property as a place for friends and family to enjoy with them. Having several visitors they knew a long-term rental situation could not be an option. However, a friend suggested in passing that they try short term rentals. Drinkall and Graham took the advice and listed the cottage the next day and were amazed to get their first booking about ve days later.