Common Reasons to Rent Your Home

The Isle of Palms was developed to be a tourist destination following the construction of the first vacation home in 1897.  In fact, at the turn of the last century, the island was renamed from Long Island to the Isle of Palms to attract tourist.   

Today, out of 4,569 total dwellings on the Isle Of Palms less than 1,300 are offered as active vacation properties.   With nearly 1,000 new registered voters on the Isle of Palms since the epidemic, there are more residents on the Isle of Palms than ever before.

For the 1,300 active vacation properties, there are almost too many reasons to count as to why a family would offer their home as a vacation rental, but here are some of the most common:

The cost of homeownership is high on the Isle of Palms.  With the population of Charleston surpassing the one million mark, with the expectations it will double in five years, the demand for housing on the island is greater than ever and it is only expected to increase.  Short-Term rental income will help with insurance expense, property taxes and maintenance costs.

It is a retirement strategy.  Many homeowners will purchase a home on the island with the plan to keep it for retirement.  In the interim, vacation rental income will offset some ownership expenses. 

To keep the home in the family.  Beach homes are often passed down to children or grandchildren who may not able to live on the island.  Offering their home as a vacation rental allows these descendants to keep the family's beach home in the family.  

If a family most relocate for a job or to care for a loved one, by offering their home as a vacation rental, they are able to keep ties to the Isle of Palms until they return permanently.

An occupied home is a deterrent for crime, plus it is beneficial to the property.  Vacant homes invite maintenance challenges to escalate and is an easy target for criminals.