Medium-term rentals are a great option if you're looking for a place to stay for a few months. It's like a mix between short-term rental and long-term lease. You get the flexibility of a shorter commitment but still have a more stable living situation than a hotel. It can be perfect for people who are traveling for work or need a temporary home.
Medium-term rentals provide the flexibility to stay in a comfortable and fully-furnished home for an extended period, without the commitment of a long-term lease. Guests can feel more at home and live like a local in a new city.
So what is a medium-term rental? A medium-term rental is typically a stay in a fully-furnished home/condo, that is longer than 30-days and less than 12-months.
This is a great strategy if your market has slow seasons or you are short on help to run your rental. Let's explore some of the benefits of a medium-term rental.
Less management - Get rid of several check-ins, cleanings and management costs with medium-term rentals. A medium-term rental may yield less money than a short-term rental, but it will rid you and your staff of heavy workloads.
Income consistency - If you know there is seasonally a slow season coming up you can rent your property as a medium-term rental and offer monthly booking prices, so your place doesn't sit empty during a slow season. Medium-term rentals can generate 2-2.5x more than a long-term rental.
Strategies - If your Home Owners Association (HOA) or Condo management company doesn't allow for short-term rentals, you could opt for medium-term rentals. You could do a 3, 6, or 9-month rental term, just make sure to double check with your HOA on lease terms.
Amenities - Medium-term rentals attract guests wishing to live, work or simply look for an accommodation solution with essential amenities for a limited time. They look for the basics like Wi-Fi and a decent furnished place to feel at home. These are mostly students, interns, travelling workers, freelancers, people looking for a new house, divorced people, etc. These guests will take care of your property and are less likely to party.
Making your property stand out to potential guests is the key to getting the most money for it. To do this, you can create a description that’s geared toward medium-term rentals. Medium-term rental descriptions should be more practical than those for short-term rentals, which usually focus on nearby attractions. A medium-term rental description can include the closest bus stop and the distance to the nearest supermarket.
Do you need help turning your long-term rental into a medium-term rental? Do you want to add the Medium-term strategy to your rental portfolio? Contact us today and we will help you get started!
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