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Answer:
David needs 8 short-term rentals monthly to match revenue from a lease. He can rent both ways because he is equally likely to get either type of renter.
Step-by-step explanation:
David needs 8 short-term rentals monthly to match revenue from a lease.
We have given
David wants to rent out his house, and he can list it as either a short-term vacation rental or a yearlong lease.
He lives in a quiet university town.
Similar short-term rentals on the market average.
$120/night, and similar yearlong leases average $900/month.
What is the formula for Short term rental needed to match monthly rent?
Short term rental needed to match monthly rent
=Monthly rental / short term rental
= $900/ $120
= 7.5
David needs 8 short-term rentals monthly to match revenue from a lease.
He can rent both ways because,
He is equally likely to get either type of renter.
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