Monthly Rentals : Everything you need to know
Frequently Asked Questions About Monthly Rentals
What is a monthly rental?
Monthly rentals (or sometimes referred to as mid-term rentals) are fully furnished properties with utilities included designated for remote workers, relocating families, travel nurses, and other traveling professionals staying for 3-9 months at a time. Sandwiched between traditional and short-term rentals, monthly rentals offer landlords higher revenue potential than a traditional rental, without the high turnover of a vacation rental.
What is the difference between corporate housing and a monthly rental?
Historically only reserved for corporate executives willing to pay inflated rates, corporate housing typically starts as an unfurnished apartment, then increases the cost of the rental as they amend the lease (typically a 3-month minimum) set up utilities, order furniture rental, and add management fees. While corporate housing typically needs to be built from the ground up, monthly rentals already have everything set up and ready for move in.
How does a monthly rental compare to a traditional rental?
Mostly offered by private landlords, many tenants are now choosing to live in monthly rentals for longer stays over the traditional 12-month, unfurnished property. Because of platforms like Furnished Finder (opens in new tab)and others, there is more furnished inventory with utilities included than ever before. Where tenants used to have to sign a long lease, set up utilities, and then buy all the required couches, beds, tables, and TV’s to furnish the place; many are now choosing monthly rentals for the flexibility and convenience since all of that is already done for them.
What are the benefits of monthly rentals as a landlord?
While short-term rentals can earn you more (think 2-3x traditional rent) monthly rental income is still higher than traditional (1.5-2x), without the incessant turnover and unpredictable city regulations. Traditional rentals on the other hand (unfurnished/12-month lease), typically don’t yield the high rents that furnished properties do, and can actually be riskier in terms of evictions and squatters. Monthly rentals are in the proverbial “sweet spot” because they provide landlords with higher rents than traditional, and affords them the lifestyle that comes with 3 or 4 turnovers per year.
What type of tenants use monthly rentals?
Traveling professionals like travel nurses, remote workers, digital nomads, and relocating families are the typical tenant you can expect when renting out your monthly rental. These tenants need flexible furnished housing for about 3-4 months at a time, and typically make ideal tenants compared to vacation rental tenants.
Where can I find monthly housing rentals in my area?
Furnished Finder (opens in new tab)is a reliable monthly rental marketplace with over 300,000 furnished properties across the US. Plus, you save hundreds because there are no booking fees on Furnished Finder. There are other monthly rental providers out there, but Furnished Finder has all the listings in one place which makes searching for monthly housing quick and easy.
Why choose monthly rentals over short-term vacation rentals?
Many landlords are choosing monthly rentals over short-term because they’re looking for longer stays instead of turning over their place like a hotel. Traveling professionals & relocating families typically stay 20 times longer than vacationers and are typically more predictable tenants. Plus, longer stays in your furnished rental allow you to have more freedom to travel yourself... or at least not have the burden of cleaning every 5 days.
Many Airbnb & Vrbo hosts take a hybrid approach, shifting their strategy to monthly rentals during their off season. Of course, it depends on your area, but if you typically experience dips in your STR occupancy rate during certain times of the year, you may want to consider renting monthly through Furnished Finder during your down season.
Can your monthly rental be a room?
Yes. There are many traveling professionals (like travel nurses) that are looking for a room in a house (or a condo) as opposed to a hotel. And since it is considered shared accommodations, the price point is always lower than a private furnished rental.
Is Furnished Finder a reliable site for tenants?
Yes. According to the book, “30-Day Stay” the author says “all of our medium-term bookings either happen from Furnished Finder, word-of-mouth referrals, or relationships we’ve built from cold-calling universities, HR departments, or local government agencies”. With over 4 million housing searches a month and 300,000 properties, Furnished Finder is the best source for furnished apartments and other monthly rentals because you book direct without paying booking fees.
Do you have to own the property to make it a monthly rental?
No, not necessarily. While property ownership is preferred by most, there are many hosts that will secure property via a long-term lease, furnish the property, and then rent it out monthly on sites like Furnished Finder for a profit. Also called arbitrage, this is a great way to start hosting monthly travelers if you don’t have a lot of money for a down payment on a traditional purchase.
Can anyone use Furnished Finder?
Yes. While they are well-known among traveling healthcare professionals, anyone looking for monthly furnished rentals can use Furnished Finder. And if you’re a landlord who prefers renting to traveling professionals staying 1 month or longer, you can list your property here (opens in new tab).
www.furnishedfinder.com
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