# 7 Out-of-the-box Vacation Rental Upgrades > Renting out a vacation property can be a lucrative financial decision, providing additional income and tax benefits while allowing owners to utilize idle properties instead of selling them. Although managing a rental requires time and effort, property management firms can alleviate these responsibilities, enabling owners to earn income without being directly involved. Benefits of renting include tax deductions for improvements, the ability to still use the property, and the ease of getting started in today's online market. Ultimately, renting can be a better option than selling, preserving the property's value and providing a potential retirement asset. *Generated: 2026-01-26T08:12:05.352Z* ## Page Information - **Canonical URL:** https://www.minnestay.com/blog/7-out-of-the-box-vacation-rental-upgrades - **Type:** post - **Last Updated:** December 23, 2024 --- ## Content # 7 Out-of-the-box Vacation Rental Upgrades ![Stock image of person getting a massage](https://minnestaycom.wpengine.com/wp-content/uploads/2019/12/Minnestay-concierge.jpg) Renting out your vacation property is a financial decision that makes a whole lot of sense, and one that can earn you a nice chunk of additional income. In some instances, the rent amount may not cover the mortgage payments but regardless, the tax benefits and income generated from a rental property is almost always worthwhile. Furthermore, this is often a better option than selling a home. You could be using an idle piece of property to generate some extra income. With this in mind, we will take a look at why you need to consider renting out your vacation property and some common benefits from the process. ## The Decision to Rent Out a Vacation Property For many vacation property owners, there is simply no way to be in two places at the same time. This will mean that the property is sitting idle and going to waste. Similarly, it is often the case that an owner is unable to sell this property for a sufficient price and hence, renting out their vacation property is a much more sensible solution. Some vacation property owners are simply looking for an easy way to improve cash flow and renting out a vacation property can be a highly profitable way to do so. ## The Downside to Renting a Property As you might expect, renting out a property requires a great deal of time and effort. Whether this refers to carrying out repairs or dealing with listings, the tasks are many and this is especially true in the case of ongoing maintenance or assisting renters. On the other hand, there is always the option of working with a property management firm who can take care of these issues. Aside from the above, some property owners are concerned that the building or furnishings will incur damage from those staying at the home. Conversely, renting your vacation property is often a chance to improve conditions and keep on top of anything which needs attention. Here are the 10 reason you should rent out your vacation property. ## 1. Take Advantage of Tax Benefits As already mentioned, renting out your vacation property will enable owners to offset their rent or income with tax breaks. However, this is also an opportunity to use the income from this rental property to cover other expenses such as insurance and mortgage payments. ## 2. Carry Out Vacation Home Improvements Although some owners may not be able to sell up, renting out your vacation property is the perfect excuse to renovate the home. In fact, many of the expenses incurred during these improvements are likely to qualify as tax deductions. On a slightly different note, having tenants in the property is likely to help you or the property manager to keep tabs on the condition of the home. ## 3. Someone Else Manages the Property As you may know, many vacation property owners choose to work with a property manager. For this reason, when it comes to listing the property, vetting guests, or carrying out maintenance, there is no need for the property owner to get involved. In this sense, for a small monthly fee, homeowners can generate an extra income without needing to lift a finger. ## Professionally Managed Properties Properties Managed by MINNeSTAY [View All Properties](/vacation-rentals?amenities=managed&sortBy=distance&sortDirection=asc) ## 4. You Never Need to Be There In fact, when renting out your vacation property, you never need to be there. From maintenance and bookings to inquiries and payments, property management firms can take care of all the business while you get on with your life. ## 5. No Rental Income Report Needed If you rent out your vacation property for less than fifteen days in a calendar year, there is no requirement to file a report on your income taxes. At the same time, it must be remembered that if you do not file this same report, you will be unable to deduct any expenses from taxes. ## 6. You Can Still Use Your Rental Property Even though this is now treated as a rental property, you still have the option to stay in this home whenever you want. In this sense, the property is still your private hideaway and you simply choose to rent it out to earn some extra income throughout the year. ## 7. the Opportunity is Now At a time when almost everything is online, there has never been a better opportunity for renting out your vacation property. That is to say, property management firms are extremely experienced when it comes to listing the property and finding renters. That being said, there is always the option to do this for yourself, although this is certainly a time-consuming task. ## 8. Getting Started is Easy While there are several formalities for renting out your vacation property, this process of getting started in this business is pretty straight forward. You will need to inform the insurance company that this is now a rental property but otherwise, most of the work involved involves preparing and maintaining the home. ## 9. Renting Out Your Property is Better Than Selling Renting out a property is often an option for owners who are unable to sell the property due to a low valuation. At the same time, there is a strong likelihood that the value of your property will grow over time and this effectively makes a vacation home a sound investment. ## 10. Planning for Retirement Needless to say, if you do not sell a vacation property, you will still have this as an option at retirement. However, if you ever did decide to sell your initial property, you will then have the opportunity to use this equity to pay off the mortgage on your vacation home. That being said, let us stay focused on the present and not so far down the road! ### Renting Your Vacation Property with MINNeSTAY As you can see, there are many benefits to renting out your vacation property. While you can absolutely take full responsibility for the entire process, employing a property management firm can make this a rather seamless process. Moreover, it makes perfect sense to take advantage of the tax breaks and start generating an extra income as the value of your vacation property continues to grow. If you're looking for an experienced vacation rental management company to help shoulder the busy work of renting and overseeing a vacation rental property, let MINNeSTAY help! ## List Your Property with MINNeSTAY ## Featured Minnesota Properties Professionally Managed Vacation Rentals by MINNeSTAY [View All Properties](/vacation-rentals?amenities=featured-property&sortBy=rating&sortDirection=desc) --- ## Related Links - [View this page](https://www.minnestay.com/blog/7-out-of-the-box-vacation-rental-upgrades) - [Back to LLMs Index](https://www.minnestay.com/llms.txt) - [All Pages](https://www.minnestay.com/llms-pages.md) --- *Part of MINNeSTAY - Premier Minnesota Vacation Rentals*