Rental properties are a great investment no matter where in the world you live, and Cayman is no different. As a major vacation destination, Cayman is seeing a rise in visitors annually with nearly 2.5 million visitors on island last year, which is an 11% increase from the same period in 2017.
Vacation rentals vary from homes and town houses to apartments and lofts. Sites like Airbnb and Homeaway have grown massively in popularity in the recent years mainly because visitors either want to save money on accommodation or simply prefer staying in an entire house or condo over a hotel.
Either way, the market for vacation rentals in Cayman is booming. Here is a quick guide to some of the benefits of owning a vacation rental.
The most obvious benefit to owning a vacation home is more money in your pocket! The average monthly revenue for a vacation rental is about $3.5k, according to airdna.co. Depending on where your rental is located, and the time of year, you can charge an average of $222 a night.
Due to ideal weather conditions, Cayman has an occupancy rate of approximately 65%. In recent years, “slow” or “low season” (April – August) has become less “slow” as tourists are visiting Cayman in the summer more frequently than in previous years. However, “high season” (September – March) still reigns as Cayman’s most popular time to visit.
Of course when your vacation rental is not rented, it serves as a convenient location to have a staycation. Pack up the family and head to your home away from home for an affordable get away.
Unlike commercial and residential properties, vacation rentals in Cayman are successful despite location. While residents favour more central locations due to work requirements, visitors who rent cars and want to experience the entire island don’t necessarily want to be staying in the capital. Quieter areas such as North Side, East End and Bodden Town are great locations to invest in.
Visit Berkshire Hathaway HomeServices Cayman Islands website and check out Cayman’s diverse properties and prime vacation rentals island wide. Contact us today to find out how we can help you invest in your money making property!
Data collected from: https://www.airdna.co/