Is renting a lake house profitable?
Yes, the lake and waterfront homes in our region could be very profitable to rent. This comes down to some factors that will affect the profitability.
The location of the property can come into effect when figuring out the profitability. Currently Lake Placid and the Town of North Elba have rules restricting the number of days that you can rent. The village of Lake Placid allows you to rent for 90 days while the Town of North Elba allows you to rent of 120 days unless you are part of an HOA or in a commercial area. The other towns around Lake Placid like Saranac Lake do not currently have restrictions on days but are working toward finding limits to rent.
If you are planning on using the property for yourself as well as renting you could lose out on the event weeks that are more profitable then others. In Lake Placid some of the most profitable weeks for renting are the Horse Show in June/July, Ironman in July as well as the holidays throughout the year. Using your property during the Holidays and some of the events lose you a large portion of profitability.
Staying up to date on the cleanliness and maintenance of your property can affect your profitability. While it may seem expensive ahead of time to take care of all the small issues that may arise it will affect the long-term profit of your property. Bad reviews over the maintenance and cleanliness of your property will make you lose rentals to others who have taken care of their property.