Case Study: How One Short-Term Rental Netted $24K in Just 90 Days
Can switching from a long-term rental to a short-term rental really pay off? For one Norfolk property owner, the answer was a big YES.
The owner’s 4-bedroom, 4-bathroom home was earning about $2,500 per month as a long-term rental. After making the switch, it brought in $24,000 in just 90 days. And that’s net income, after expenses.
Here’s how it happened.
From Long-Term Lease to Short-Term Success
The home is in Norfolk’s Ocean View neighborhood, only a seven-minute walk to the beach. For years, it was a long-term rental. Reliable, but the income was capped.
When the owner saw the potential numbers for short-term rentals, it was hard to ignore. After six months of permitting and a few upgrades, he decided to give it a try.
Why the Switch Made Sense (By the Numbers)
As a long-term rental, this property made about $30,000 per year. Not bad, but the income was capped.
Here’s the side-by-side comparison:
In just one summer, the home earned almost as much as a full year of long-term rent. With an off-season plan in place, it’s projected to bring in $50,000+ per year.
Try This With Your Own Numbers:
Multiply your current monthly rent × 12.
Then compare it to: (average nightly rate in your area × occupancy % × 12 months).
This quick formula shows whether a short-term rental could beat your current setup.
Smart Upgrades That Pay Off
Before listing, the owner added a fourth bathroom, updated the kitchen, and furnished the home. These improvements helped attract larger groups willing to pay more.
Pro Tip: Big upgrades help, but they aren’t required. Simple changes like fresh paint, updated décor, and professional photos can also boost bookings and income.
The Launch Strategy
The property owner hired Host My Home to help set the property up for success, and our management team focused on:
Professional photography to stand out in listings
Dynamic pricing to capture the best nightly rates
Multi-platform listings for maximum exposure
The home was also fully prepared to deliver a great guest experience. Early five-star reviews built credibility right away, which made it easier to keep attracting bookings.
The Results: $24K in 90 Days
The payoff was fast. In its first summer as a short-term rental, the home netted $24,000 in 90 days. That’s nearly a full year of long-term income in just three months. The home also built up strong reviews, creating a solid base for future bookings.
Looking Ahead
Summer is peak season in Norfolk, but this home won’t sit empty in the off-season. Instead of lowering prices, the plan is to target mid-term rentals like insurance stays and extended bookings.
With this approach, the home is on track to net $50,000+ per year. Encouraged by the results, the owner now plans to convert more of his long-term rentals into short-term rentals.
Takeaways for Other Homeowners
Not every property needs a remodel to perform well. Success usually comes down to:
Highlighting what makes your home unique
Using professional photos and thoughtful décor
Pricing strategically to fill your calendar
Delivering a guest experience that earns 5-star reviews
This Norfolk home is proof that with the right setup, even a property that’s been a long-term rental for years can turn into a high-earning, low-stress short-term rental.
Conclusion
In just 90 days, this property made nearly as much as it used to in a whole year. And with smart management, it’s now set to double its annual income.
The difference wasn’t just the upgrades, it was the strategy behind how the home was marketed, how it was priced, and how the guest experience was managed.
That’s where Host My Home comes in. We help property owners turn rentals into profitable short-term stays by handling the details that matter most. From setup to strategy, we take the guesswork out of short-term rentals.
If you’ve been thinking about turning your property into a short-term rental, now’s the time. With the right plan, your home could be the next success story!