Starting a short-term rental business in New Mexico presents a massive opportunity for bold entrepreneurs ready to dominate the vacation rental market. With stunning landscapes from Santa Fe’s artistic vibes to Albuquerque’s cultural hotspots, New Mexico draws travelers craving authentic experiences beyond bland hotels. At 10XBNB, we equip ambitious hosts with battle-tested rental arbitrage strategies to launch and scale short-term rentals that generate serious cash flow. This article lays out the no-nonsense steps to build a powerhouse Airbnb business in New Mexico, focusing on compliance, profitability, and smart growth to crush the competition.
Grasping the Short-Term Rental Boom in New Mexico
New Mexico’s short-term rental scene is exploding, fueled by tourists hitting Santa Fe for its galleries, Taos for skiing, and Roswell for its quirky alien lore. Short-term rentals outperform traditional lodging by offering personalized stays that match the state’s rugged charm. Success demands mastering local regulations, locking in insurance, and fine-tuning properties for peak guest satisfaction.
Demand for short-term rentals in New Mexico spikes in major cities like Santa Fe and Albuquerque, where events pull in crowds year-round. Pinpointing high-traffic zones through market research sets the foundation for your rental business. Short-term rental operators must align with state and local taxes, zoning rules, and permits to operate legally and avoid costly pitfalls.
Diving into Market Demand for Short-Term Rentals
Short-term rentals thrive in New Mexico’s diverse regions, from Santa Fe’s historic adobe homes to Carlsbad’s cave adventures. Analyze tourism data to spot where vacation rentals command premium rates. In Santa Fe, cultural festivals boost bookings, making it prime for short-term rental units that cater to art lovers.
Short-term rental properties in New Mexico benefit from the state’s natural wonders, like White Sands National Park, drawing adventure seekers. Your Airbnb business can capitalize on this by targeting underserved niches, ensuring steady occupancy and strong rental income.
Navigating the Regulatory Framework for Short-Term Rentals
Research local regulations early to build a compliant short-term rental business in New Mexico. Starting a short-term rental business in New Mexico involves understanding specific regulations, legal requirements, and compliance procedures unique to the state. Each municipality enforces unique short-term rental regulations, from permit requirements to occupancy limits. In Santa Fe, for instance, short-term rental permits mandate safety inspections and adherence to building codes.
Contact local authorities like the short-term rental office in Santa Fe to clarify rules on short-term rental units in residential zones. Ignoring local laws can derail your rental business, so prioritize the permitting process early to secure your edge.
Understanding Short-Term Rental Permits in New Mexico
A short term rental permit is a mandatory approval process for operating short-term rentals in many New Mexico areas, requiring applicants to complete an application and follow renewal procedures to stay compliant. Santa Fe requires a short-term rental license, including an application to the short-term rental office and payment of a permit fee. These permits often come with annual fees and renewal obligations.
In Albuquerque, a short term rental permit limits the number of short-term rental units per owner, promoting balanced growth. Apply for your STR permit promptly, as processing times vary, ensuring your Airbnb business launches without delays.
Zoning Considerations for Short-Term Rental Units
Zoning plays a critical role in where you can place short-term rental units in New Mexico. Residential zones in Santa Fe may restrict short-term rentals to prevent neighborhood disruptions, favoring fewer units in multi-unit buildings. Verify zoning with local planning departments to align your rental business.
Opportunities arise in commercial or mixed-use zones, where short-term rentals face fewer restrictions. This allows scaling your short-term rental business by clustering properties in compliant areas like downtown Santa Fe.
Occupancy Limits and Parking Rules for Short-Term Rentals
Short-term rental regulations often impose occupancy limits based on property size, ensuring safety in New Mexico’s short-term rentals. Parking rules require adequate parking spaces, especially in dense areas like Santa Fe, to avoid neighbor complaints.
Turn these rules into advantages by marketing your short-term rental units as spacious and convenient, boosting guest satisfaction and reviews for your Airbnb business.
Building Codes and Safety Standards for Vacation Rentals
Compliance with building codes is non-negotiable for short-term rental operators in New Mexico. Inspections cover fire safety, electrical systems, and structural integrity for vacation rentals. In Santa Fe, short-term rental permits demand proof of code adherence.
View code upgrades as investments that enhance property value and attract premium guests to your short-term rentals, solidifying your rental business’s reputation.
Local Operator Requirements for Short-Term Rentals
Many New Mexico jurisdictions require a local operator or contact for short-term rentals to handle emergencies. This local presence ensures quick responses, complying with short-term rental ordinances in places like Santa Fe.
Designate a reliable local operator to streamline operations, turning potential hassles into seamless management for your short-term rental business.
Good Neighbor Agreements in Short-Term Rental Communities
Some areas mandate a good neighbor agreement for short-term rental units, outlining commitments to community harmony. In residential zones of New Mexico, this fosters positive relations and reduces complaints.
Embrace these agreements as tools to build alliances, positioning your vacation rentals as assets that elevate neighborhood appeal.
House Rules and Guest Guidelines for Airbnb Properties
Establish clear house rules in your rental agreement to set expectations for guests in short-term rentals. Cover noise, check-in times, and usage policies to prevent issues in New Mexico’s diverse markets.
Strong house rules protect your property and enhance guest experiences, driving repeat bookings for your Airbnb business.
Securing Business Registration and Licenses
Launch your short-term rental business with proper business registration in New Mexico. Obtain a general business license from local authorities, which may include a business license specific to short-term rentals.
In Santa Fe, the business license process ties into short-term rental permits, ensuring all bases are covered for legal operation.
Choosing the Right Business Structure
Select a business structure like an LLC to protect assets in your short-term rental business. While not always required, an LLC shields personal finances from liabilities in New Mexico’s vacation rentals.
Do you need an LLC to start an Airbnb? Not strictly, but it’s a smart move for serious business owners aiming to scale short-term rentals without unnecessary risks.
Forming a Business Entity for Protection
Register your business entity with New Mexico’s Secretary of State for tax and liability advantages. This step formalizes your rental business, allowing deductions on business expenses like cleaning fees and maintenance.
Opt for structures that align with your goals, turning potential vulnerabilities into fortified growth platforms.
Obtaining a State Tax ID and Sales Tax Permit
Secure a state tax ID from the New Mexico Taxation and Revenue Department to handle state and local taxes. This enables you to pay gross receipts tax on rental income from short-term rentals.
The process is straightforward, empowering you to manage applicable taxes confidently in your Airbnb business.
Understanding Gross Receipts Tax Obligations
Short-term rentals in New Mexico are subject to state taxes, including the gross receipts tax on business income. Hosts must pay gross receipts tax monthly or quarterly, depending on revenue.
Does Airbnb pay gross receipts tax in New Mexico? Platforms like Airbnb collect and remit some taxes, but as a host, you’re responsible for ensuring full compliance on your end.
City Lodgers Tax and Local Taxes
In addition to state tax, short-term rental operators face city lodgers tax in places like Santa Fe. These local taxes fund tourism, varying by jurisdiction.
Track and remit lodging taxes accurately to avoid penalties, optimizing your rental business’s financial health.
Occupancy Taxes for Vacation Rentals
Occupancy taxes apply to short-term rental units rented for under 30 days in New Mexico. Collect these from guests and remit to local authorities.
Incorporate occupancy taxes into your listing price to maintain transparency and profitability in vacation rentals.
Hospitality Fees and Additional Levies
Some areas impose a hospitality fee on short-term rentals to support local infrastructure. Factor these into your pricing strategy for short-term rental properties.
Use these fees as reminders to price dynamically, maximizing rental income amid New Mexico’s seasonal demands.
Income Taxes on Rental Earnings
Report rental income on your personal or business income taxes in New Mexico. Deduct business expenses to minimize your tax burden.
Consult a tax professional to navigate income taxes, turning obligations into opportunities for savings in your short-term rental business.
State and Local Taxes Compliance Strategies
Stay ahead of state and local taxes by using software for tracking in short-term rentals. The Revenue Department provides resources for short-term rental operators.
Proactive compliance builds a resilient rental business, freeing you to focus on growth in New Mexico.
Estimating Startup Costs for Your Airbnb Business
How much money would I need to start an Airbnb business in New Mexico? Expect $5,000 to $25,000, covering furnishings, permits, and marketing for short-term rentals. Rental arbitrage lowers barriers by leasing properties.
In Santa Fe, higher-end setups command more investment but yield bigger returns in vacation rentals.
Budgeting for Property Acquisition or Leasing
For owned properties, allocate for down payments; for rental arbitrage, budget security deposits and initial rent in New Mexico’s short-term rentals.
Leverage arbitrage to start lean, scaling your rental business with minimal capital outlay.
Furnishing and Amenity Costs for Short-Term Rental Units
Invest in durable furnishings suited to New Mexico’s climate for short-term rental units. Cleaning fees and Wi-Fi setups add to initial outlays.
Prioritize high-ROI amenities that boost guest satisfaction and bookings in your Airbnb business.
Permit Fees and Licensing Expenses
Budget for permit fees, annual fees, and business license costs in short-term rental regulations. Santa Fe’s STR permit may include inspection fees.
These are small prices for legal peace, enabling unchecked expansion in New Mexico’s vacation rentals.
Marketing and Platform Fees for Vacation Rentals
Allocate for listing optimizations on Airbnb and VRBO, including professional photos for short-term rentals. Platform fees eat into margins, but smart pricing covers them.
Turn marketing spends into revenue multipliers by targeting local events in Santa Fe.
Ongoing Operational Costs Like Cleaning Fees
Factor in recurring cleaning fees, utilities, and maintenance for short-term rental units. These ensure property readiness in New Mexico’s demanding market.
Efficient systems reduce costs, amplifying profitability in your rental business.
Financial Planning and Business Plan Development
Craft a solid business plan outlining revenue projections for your short-term rental business. Include tax strategies and growth targets in New Mexico.
This blueprint guides decisions, turning visions into dominant Airbnb operations.
Insurance Coverage Essentials for Short-Term Rentals
Secure liability insurance beyond standard homeowners’ policies for short-term rentals. New Mexico’s Insurance Department recommends specialized coverage for vacation rentals.
Comprehensive insurance coverage protects against guest claims, safeguarding your rental business.
Liability Insurance to Protect Against Risks
Liability insurance covers injuries or damages in short-term rental units. It’s crucial in active areas like Santa Fe.
View it as armor for your Airbnb business, enabling bold scaling without fear.
Property Insurance Tailored for Vacation Rentals
Dedicated property insurance addresses short-term rental risks, including theft or weather damage in New Mexico.
Customize policies to fit your operations, turning potential losses into non-issues.
Applying the 80/20 Rule for Airbnb Success
What is the 80/20 rule for Airbnb? It means 20% of efforts—like killer listings and dynamic pricing—drive 80% of results in short-term rentals. Focus laser-sharp on these in New Mexico.
In Santa Fe, top photos and reviews skyrocket bookings, embodying this principle for your rental business.
Prioritizing High-Impact Actions in Short-Term Rentals
Concentrate on listing optimizations and guest communications for massive gains in vacation rentals. This rule amplifies efficiency in New Mexico’s competitive market.
Harness it to outpace rivals, building an unstoppable Airbnb business.
Optimizing Listings for Maximum Bookings
Craft compelling descriptions and set competitive listing prices for short-term rental units. Adjust for local events to capture peak demand in Santa Fe.
Optimization turns average properties into cash machines in your short-term rental business.
Dynamic Pricing Strategies Based on Local Events
Use data to price short-term rentals around festivals or seasons in New Mexico. Santa Fe’s markets offer prime opportunities.
This approach maximizes rental income, aligning with the 80/20 rule’s focus on leverage.
Enhancing Guest Satisfaction for Repeat Business
Deliver exceptional experiences to earn rave reviews in vacation rentals. Quick responses and amenities boost satisfaction.
Satisfied guests fuel organic growth, scaling your Airbnb business effortlessly.
Scaling Your Short-Term Rental Business in New Mexico
Once established, expand short-term rentals across New Mexico’s hotspots like Santa Fe and Taos. Rental arbitrage accelerates growth without buying properties.
At 10XBNB, we guide hosts in mastering arbitrage to multiply units and dominate markets, turning single properties into empires.
Exploring Rental Arbitrage Opportunities
Lease properties for subletting as short-term rentals, minimizing ownership risks in New Mexico. This strategy fits Santa Fe’s high-demand zones.
Arbitrage builds wealth fast, positioning your rental business for explosive expansion.
Adding More Short-Term Rental Units Strategically
Target fewer units initially in residential zones, then scale to multi-unit buildings compliant with local regulations.
Strategic additions compound revenue, creating a portfolio of powerhouse vacation rentals.
Overcoming Challenges in New Mexico’s Short-Term Rental Market
Regulatory changes? Treat them as chances to adapt and lead in short-term rentals. Seasonal dips in New Mexico become off-peak promotions.
Convert hurdles into strengths, ensuring your Airbnb business thrives relentlessly.
Adapting to Short-Term Rental Ordinance Updates
Stay informed on short-term rental ordinances from the Revenue Department. Updates in Santa Fe may affect permits.
Proactivity keeps you compliant, turning regulations into competitive barriers for others.
Managing Seasonal Fluctuations in Vacation Rentals
New Mexico’s winters slow some areas, but promote cozy stays to maintain occupancy in short-term rental units.
Fluctuations teach pricing agility, optimizing year-round rental income.
Building Relationships with Local Authorities
Forge ties with short-term rental offices and officials for insider insights on local rules.
These connections streamline operations, enhancing your short-term rental business’s resilience.
Why New Mexico Dominates for Short-Term Rental Operators
New Mexico’s blend of culture, nature, and adventure makes it unbeatable for short-term rentals. Santa Fe alone offers endless potential for vacation rentals.
With 10XBNB’s proven tactics, hosts crush it here—join us to 10X your success and build the Airbnb business you’ve envisioned. Visit 10XBNB today to get started.
Handling Tax Remittances for Gross Receipts Tax
Remit gross receipts tax through New Mexico Taxation and Revenue Department portals for short-term rentals. Accurate reporting avoids audits.
Streamline this to focus on growth in your rental business.
Deducting Business Expenses Effectively
Claim deductions on cleaning fees, insurance, and marketing as business expenses. This reduces taxable income from short-term rentals.
Maximize savings to reinvest in expanding vacation rentals in New Mexico.
Consulting a Real Estate Attorney for Compliance
Engage a real estate attorney to review short-term rental permits and business structures. Their expertise prevents legal snags in New Mexico.
Turn advice into armor, fortifying your Airbnb business against challenges.
Working with a Tax Professional for Optimization
A tax professional deciphers Mexico taxation nuances for short-term rental operators. They ensure you pay gross receipts tax correctly.
Their insights unlock deductions, boosting profitability in your rental business.
Registering as a Natural Person or Business Entity
Operate as a natural person for simplicity or form a business entity for protection in short-term rentals. New Mexico allows flexibility.
Choose based on scale, evolving from solo host to empire builder.
Understanding Dwelling Unit Rented Definitions
Short-term rentals define a dwelling unit rented for under 30 days, subject to taxes. Clarify this for compliance in New Mexico.
Precise understanding ensures smooth operations in vacation rentals.
Seven-Day Period Rules in Some Jurisdictions
Certain areas restrict short-term rental units to a seven-day period minimum in residential zones. Check local laws in Santa Fe.
Adapt by targeting longer stays, attracting premium guests, and predicting trends and maximizing bookings for your Airbnb business.
Multi-Unit Buildings and Short-Term Rental Limits
Regulations may cap short-term rentals in multi-unit buildings to maintain housing balance. New Mexico’s major cities enforce this.
Focus on quality over quantity, optimizing fewer units for higher yields.
Parking Spaces and Accessibility Requirements
Provide sufficient parking spaces as per short-term rental regulations. This enhances appeal in urban Santa Fe.
Ample parking differentiates your vacation rentals, driving bookings.
Local Events and Pricing Adjustments
Capitalize on local events like Santa Fe’s Indian Market for surges in short-term rentals. Adjust listing prices accordingly.
Event-driven strategies amplify the 80/20 rule, concentrating efforts for outsized returns.
Business Owner Responsibilities in Short-Term Rentals
As a business owner, oversee all aspects from permits to guest interactions in your rental business. Delegate wisely in New Mexico.
Ownership demands boldness, rewarding those who execute flawlessly.
Annual Fee Renewals for Permits
Pay annual fees for short-term rental licenses to maintain status. Santa Fe’s short-term rental office handles renewals.
Timely payments prevent disruptions, keeping your Airbnb business humming.
Local Permits Beyond State Requirements
Secure local permits in addition to state ones for short-term rental properties. These vary by city in New Mexico.
Layered compliance builds a bulletproof foundation for expansion.
Rental Packet Preparation for Guests
Prepare a rental packet with house rules, local tips, and emergency contacts for short-term rentals.
This elevates guest satisfaction, fostering loyalty in vacation rentals.
Legally Operate with Confidence
To legally operate short-term rentals, align every step with local regulations and taxes. New Mexico rewards prepared hosts.
Confidence comes from mastery, propelling your rental business forward.
Short-Term Rental Office Interactions
Engage the STR office, the official city department responsible for managing, enforcing, and assisting with short-term rental permits and regulations in Santa Fe, for guidance on permits and ordinances.
These interactions provide clarity, streamlining your Airbnb business launch.
Pay Gross Receipts Tax Accurately
Always pay gross receipts tax on time to avoid penalties in short-term rentals. Use department tools for calculations.
Precision in taxes preserves profits, fueling growth in New Mexico.
Business Income Reporting Best Practices
Report business income from short-term rental units comprehensively. Deduct applicable taxes and expenses.
Accurate reporting positions you as a pro, ready to scale vacation rentals.
Short-Term Rental Business Expansion Tactics
Expand your short-term rental business by adding units in compliant zones. New Mexico’s diversity offers endless spots.
Tactics like arbitrage from 10XBNB accelerate this, creating wealth machines.
Airbnb Hosts’ Unique Insights
Airbnb hosts in New Mexico succeed by blending local charm with modern amenities in short-term rentals.
Insights from experience guide optimizations, turning properties into top performers.
Vacation Rentals in Santa Fe Specifics
Santa Fe’s vacation rentals demand artistic touches to match the vibe. Short-term rental units here fetch high rates.
Specialize in this market for premium rental income in your Airbnb business by partnering with Airbnb real estate agents.
New Mexico Taxation Nuances for Hosts
Master New Mexico taxation, including gross receipts tax and lodging taxes, for short-term rental operators.
Nuances like these, when handled right, minimize burdens and maximize gains.
STR Permit Application Tips
When applying for an STR permit, submit complete docs to the short-term rental office. Include proof of insurance coverage.
Tips like early submission speed approvals in New Mexico.
Permit Fee Budgeting
Budget for the permit fee, often $100-$500, in your startup costs for short-term rentals.
This investment unlocks legal operations, essential for your rental business.
Local Authorities Collaboration
Collaborate with local authorities to stay updated on short-term rental regulations. This builds favor in New Mexico.
Partnerships ease expansions, benefiting short-term rental units.
Annual Fee Management
Manage annual fees by setting reminders for renewals of short-term rental permits.
Efficient management keeps costs predictable in vacation rentals.
Local Rules Mastery
Master local rules on occupancy limits and parking to excel in short-term rentals.
Knowledge empowers dominance in New Mexico’s market.
Listing Price Optimization Techniques
Optimize listing prices using tools for dynamic adjustments in short-term rental properties.
Techniques drive higher occupancy and revenue for your Airbnb business.
Business Structure Selection Criteria
Select a business structure based on liability needs and tax benefits for your rental business.
Criteria like these ensure long-term success in New Mexico.
Natural Person Operations Pros
Operating as a natural person simplifies startup for short-term rentals, with fewer formalities.
Pros include quick launches, ideal for testing waters in Santa Fe.
Dwelling Unit Definitions in Ordinances
Understand dwelling unit definitions in short-term rental ordinances to classify properties correctly.
This avoids missteps, streamlining compliance.
Seven-Day Period Compliance Strategies
For seven-day period minimums, market to longer-stay guests in short-term rental units.
Strategies turn restrictions into niches for higher-value bookings.
Multi-Unit Buildings Opportunities
In multi-unit buildings, opportunities abound for clustered short-term rentals under one management.
Capitalize on efficiencies to scale in New Mexico.
Parking Rules Enforcement
Enforce parking rules to comply and satisfy guests in vacation rentals.
Enforcement prevents issues, enhancing reviews.
Local Events Marketing
Market short-term rentals around local events for booking spikes in Santa Fe.
Marketing ties into dynamic pricing, boosting rental income.
Business Owner Mindset
Adopt a business owner mindset focused on growth and compliance in short-term rentals.
This drives decisions that build empires in New Mexico.
Hospitality Fee Integration
Integrate hospitality fees into your financials for short-term rental operators.
Integration maintains margins amid taxes.
Occupancy Limits as Selling Points
Position occupancy limits as cozy, intimate stays in listings for vacation rentals.
Selling points attract the right guests, improving satisfaction.
Parking Spaces Enhancements
Enhance parking spaces with lighting or signage for short-term rental units.
Enhancements add value, differentiating your properties.
Local Operator Benefits
Having a local operator provides on-ground support for emergencies in short-term rentals.
Benefits include faster resolutions, elevating your Airbnb business.
Business Expenses Tracking
Track business expenses meticulously to claim deductions on taxes for rental income.
Tracking optimizes finances in New Mexico.
Rental Business Profit Maximization
Maximize profits in your rental business through cost controls and revenue strategies.
Maximization comes from bold actions in short-term rentals.
Short-Term Rental Properties Management
Manage short-term rental properties with software for bookings and maintenance.
Management efficiency scales operations in Santa Fe.
Airbnb Business Scaling Secrets
Scale your Airbnb business by replicating successful models across New Mexico.
Secrets like data analysis from 10XBNB unlock rapid growth.
Vacation Rentals Demand Analysis
Analyze demand for vacation rentals in areas like Taos for informed investments.
Analysis guides profitable decisions in short-term rentals.
New Mexico’s Unique Short-Term Rental Advantages
New Mexico offers advantages like low competition in emerging spots for short-term rental units.
Advantages position savvy hosts for dominance.
STR Permit Renewal Processes
Follow renewal processes for STR permits to avoid lapses in operations.
Processes ensure continuity in your rental business.
Permit Fee Variations by City
Permit fees vary by city, with Santa Fe’s potentially higher due to demand.
Variations require tailored budgeting for short-term rentals.
Local Authorities Resources
Utilize resources from local authorities on short-term rental regulations.
Resources empower informed strategies in New Mexico.
Annual Fee Payment Best Practices
Adopt best practices for annual fee payments, like automating reminders.
Practices prevent oversights in vacation rentals.
Local Rules Updates Monitoring
Monitor updates to local rules affecting short-term rental operators.
Monitoring keeps you ahead, turning changes into opportunities.
Listing Price Seasonal Adjustments
Make seasonal adjustments to listing prices for optimal occupancy in short-term rentals.
Adjustments capture New Mexico’s tourism cycles.
Business Structure Evolution
Evolve your business structure as your short-term rental business grows.
Evolution supports scaling without vulnerabilities.
Natural Person to Entity Transition
Transition from natural person to business entity when expanding short-term rental units.
Transition protects assets in growing operations.
Dwelling Unit Rented Tax Implications
Consider tax implications for each dwelling unit rented in short-term rentals.
Implications guide pricing and reporting in New Mexico.
Seven-Day Period Marketing Angles
Use seven-day period requirements to market extended escapes in vacation rentals.
Angles attract wellness or workation guests.
Multi-Unit Buildings Efficiency Gains
Gain efficiencies in multi-unit buildings by centralizing management for short-term rentals.
Gains reduce overheads, boosting profits.
Parking Rules as Amenities
Frame parking rules as premium amenities in listings for short-term rental properties.
Framing enhances appeal in urban New Mexico.
Local Events Integration
Integrate local events into your calendar for proactive pricing in Airbnb business.
Integration maximizes revenue spikes.
Business Owner Leadership
Lead as a business owner by innovating in short-term rental strategies.
Leadership differentiates in competitive markets.
Hospitality Fee Compliance
Ensure compliance with hospitality fees to avoid fines in vacation rentals.
Compliance builds trust with authorities.
Occupancy Limits Creative Compliance
Comply creatively with occupancy limits by offering add-ons in short-term rentals.
Compliance innovates guest offerings.
Parking Spaces Value Addition
Add value with secure parking spaces for urban short-term rental units.
Addition boosts appeal.
Local Operator Training
Train your local operator on house rules and emergency protocols.
Training ensures consistent quality.
Business Expenses Categorization
Categorize business expenses for easy tax filing in rental business.
Categorization streamlines operations.
Rental Business Growth Metrics
Track growth metrics like occupancy rates in short-term rentals.
Metrics inform expansions in New Mexico.
Short-Term Rental Business Legacy Building
Build a legacy with your short-term rental business through ethical scaling.
Legacy comes from impactful presence in vacation rentals.
