With its rich music history, bustling nightlife, and world-famous barbecue, it's no wonder millions of people visit Memphis, TN, yearly. Indeed, according to MemphisTravel.com, Bluff City welcomed 13.5 million visitors in 2023 alone. The city's domestic visitors left a positive economic impact of $4.2 billion that year.
With the Home of the Blues being a top tourist attraction, renting your home to travelers in Memphis could prove lucrative. So long as you implement the right vacation rental management strategies, you could earn a hefty income.
Join us here at PMI Bluff City as we share essential vacation home rental tips to help you start generating rental income.
Know Your Legal Responsibilities
As the Memphis, TN, government notes, all short-term rentals (STRs) operating in the city must have a valid STR license. You must obtain one before marketing your property to Bluff City vacationers. You can apply for one through the Shelby County Clerk's Office.
For your Memphis STR license application to be successful, you must meet several other legal considerations for vacation rentals, including:
- Zoning laws
- Building codes
- Housing safety standards
- Tax duties
- Vacation home insurance
So, before applying for an STR license, do your due diligence, have your home inspected by a pro, and bring it up to code as needed.
Make Your Rental Stand Out From the Crowd
Let's say you've met all your legal STR-related duties. If so, you can begin marketing your property via vacation rental platforms.
Start by creating engaging property listings using direct-to-the-point descriptive language. Describe your home by highlighting its best features.
Here are some examples of property listing headlines to make your rental stand out:
- "Modern, Pet-Friendly 3-BR Memphis Home With Fantastic Views"
- "Secluded Pet-Welcoming Memphis Cabin w/ Hot Tub"
- "Contemporary 2-BR Memphis Home Near Beale Street"
Then, back your claims with high-quality photos and high-resolution videos. Ensure the visuals showcase all your home's primary rooms and amenities. Doing so can help potential guests develop traveler accommodation ideas regarding your property and help them imagine themselves enjoying their stay.
Hire a Property Management Firm
Yes, home sharing benefits your wallet and the local economy while allowing you to meet travelers from all walks of life. Still, being a vacation host means taking on a 24/7 job. When an emergency happens (e.g., a plumbing pipe bursts at midnight), you must take care of it immediately, regardless of the time.
A full-service vacation rental property management firm can take over those burdens. They'll do most, if not everything, on your behalf, from marketing to guest management and property maintenance. So, you can simply relax while earning rental income.
Follow These Tips When Renting Your Home to Travelers in Memphis
Renting your home to travelers in Bluff City is an excellent way to earn income on the side. However, it can also be time-consuming, especially since many laws surround STRs in Memphis.
If you want to generate vacation rental income without doing any of the hard work, PMI Bluff City can help. We're a full-service property management company owned and operated by Darrell W. Harden, a Memphis local since 2005. He brings over two decades of business management/vacation rental experience to the company.
Learn more about what we can do for you by contacting us today and requesting your free property consultation!
