You may be able to have someone else assist pay for your dream home or condo while you are not in town to enjoy it by renting it out on a short-term basis.

Of course, rental income varies substantially across the four seasons and over the years. I can give you with any accessible previous rental income on the units you’re interested in, as well as future rental predictions from respected local vacation rental management businesses.

It’s critical to understand that, on many Breckenridge and Summit County residential homes, purchasers may only see a cash flow with a significant down payment, and even then, they may have a property that only breaks even – a “cash flow neutral.”

Nonetheless, keep in mind that your equity in the house will grow as you continue to pay your mortgage. And if the property’s worth rises while you hold it, you can gain significant equity. There could also be tax benefits.

In addition to short-term rental chances, you might think about renting the property long-term or seasonally. Many locals are looking for long-term renting possibilities all year round. Summit County provides numerous choices that we may discuss one-on-one.

Please be aware that Breckenridge and Summit County have implemented new short-term renting rules. To stay up to date, bookmark my Summit County Short-Term Rental Restrictions page.

So, how much rental income might you expect from your Breckenridge investment?
The answer is dependent on the property and the marketing and/or vacation rental management business you use. Again, I can always obtain rental income records or predictions for you from these management businesses.

In general, for short term rentals in Breckenridge, we observe an occasional property – a house, townhouse, or condo – with an annual gross rental revenue approaching 10% of the market price. These are often units with a long-term rental client base and little owner use. Typically, the annual gross rental income of short-term rental properties is closer to 5% of the list price. Of course, it’s critical to evaluate HOA costs and what they cover.

When I come across new listings with rental income that is unusually high in proportion to list price (in our market), I add them to my resource named Summit County Active Listings with Strong Rental Income (which you should bookmark because it is constantly changing). If you see something here that piques your interest, please contact me and I will send additional information about rental revenue and HOA dues.

Also, keep in mind that this resource only includes a sample of the properties that perform well in the short-term rental market. Please let me know the price range, area, and type of property you are looking for, and I will find some options that are personalized to you. You may also be interested in my article, Luxury Subdivisions in Summit County with Strong Short Term Rental Income.

Short Term Rentals in Summit County: Breckenridge Vacation Rentals
People prefer to rent homes and condominiums in Summit County over hotels because it allows them to feel more like a local than a tourist. When you list your house or condo on the short-term rental market, you will be able to use it whenever you are in town, as long as you or your management firm do not arrange a rental on those dates.

There are several ways for managing short-term rentals. Once we begin working together, I will be able to share with you a resource I have put together to assist you in making this decision. Meanwhile, keep in mind that, on average, property management organizations (also known as “vacation rental management companies”) will take 25% to 50% of your gross rental income. These figures often seem alarming until you consider how much time and effort goes into managing a short-term rental.

Depending on the location of your unit, you can even run your own property management through services like VRBO or FlipKey.

A word of caution: if a full-service property management business charges less than 30% of your total rentals, keep an eye out for additional expenses. Also, check at prior rental numbers for the property. The company may not be marketing it well. Of course, rental numbers will vary depending on location, facilities, and the time of year.

Furthermore, it is critical to realize that all short-term rental properties (defined as rentals of less than 30 days) in Summit County are subject to the sales tax, public transit tax, and lodging tax imposed by the connected town. Here is a PDF with the sales and hotel tax rates for each town/area, which range from 6.375% to 12.275%. Each community has its own short-term rental legislation and licensing requirements. The same is true for unincorporated Summit County.

These policies and recommendations may change over time. Summit County has also enacted or is currently considering new excise fees. To stay up to date, bookmark my Summit County Short-Term Rental Restrictions page.