How to get started in mid-term rentals

One of the most common questions about mid-term rentals is “How do I get started with mid-term rentals?” While it may seem intimidating, getting started with mid-term rentals (MTRs) is actually quite simple. To help anyone adapt their existing portfolio, or any new property to a MTR, we have broken down the process into five steps for you. Read on for more the details on each step, or watch our video with Furnished Finder's podcast hosts, Kelly Bailey & Katie Lyon.
Step 1: Researching Mid-Term Rental Demand
Before transitioning an existing long-term rental or short-term rental to a mid-term rental, or before acquiring a new property for MTR, it can be extremely insightful to research demand. Furnished Finder is an incredible tool to use in helping to research MTR demand in your area.
Visit furnishedfinder.com/stats where we have put together key statistics for markets. You’ll be able to quickly search different markets, different cities, and gather information based on the demand seen on Furnished Finder.
Another fantastic way to research demand is to search the Furnished Finder map. Search around - What do the properties in your area look like? How large/small are they? What are they priced at? What amenities do they offer?
Researching demand for mid-term rentals is much less data-driven than researching demand for short-term rentals. Don’t let this hinder you from using the tools on Furnished Finder to help you gather information for your market, though. Search the map thoroughly, and analyze the data found on the Stats page for key information.
Remember, there is demand for mid-term rentals far beyond traveling medical professionals. Corporate travelers, relocating & displaced families, digital nomads, and seasonal travelers are just some of the traveler types in this booming rental industry.
Step 2: Furnishing Your Property
Furnishing a property for mid-term rental can sometimes feel intimidating, but remember - this is not a short-term rental! Furnishing a MTR is much more simplistic than furnishing a STR.
When furnishing your property, remember than tenants are living in the property and not visiting the property. You’ll want to include basics like extra bedding, blankets, towels, etc, but you don’t need extra things like board games, bikes, outdoor recreation equipment, etc. Be thoughtful about having a full kitchen with supplies to cook and bake, as well as basic cleaning supplies and a vacuum.
View our suggested furnished checklist here.
Step 3: Start Marketing Your Property
Once your property is fully furnished and ready to host your first tenant, the next crucial step is to market it. This is where your listing on Furnished Finder is absolutely crucial. As the leader in the mid-term rental space, millions of travelers visit our marketplace every year searching for their next stay. If you aren’t listed on Furnished Finder, you’re missing out on incredible opportunity. And best of all - each property is only $179 to list per year with no booking fees, no commissions, and no mark-ups. We’re here to make tenant-property owner connections, not to collect a commission.
When listing your property on Furnished Finder, be sure to complete each field, as it will allow your property to show off everything about it to travelers. Add amenities, a thoughtful property description, and plenty of photos. Professional real estate photography will give you a huge advantage when marketing your property, and is typically only a few hundred dollars (or less) to acquire.
Be sure to always maintain an accurate calendar within Furnished Finder, as well, since travelers are searching for specific date ranges of availability.
When on Furnished Finder, you’ll be connected with potential tenants in a variety of ways. Because we do not restrict the way travelers and landlords connect, you may receive a call, text, DM through the platform, or even an email. Be sure your contact information is up to date.
You’ll also see tenant leads in your Landlord Dashboard. Direct Booking Requests show travelers that have specifically requested to stay at your property. General Housing Requests show travelers that have requested to stay at a property that has identical traits to yours, however the lead is going out to several property owners in the area. Unmatched Housing Requests represent traveler leads that nearly match your property traits.
Whether you connect with a tenant via text, email, DM, or as a follow-up to a General Housing Request or Unmatched Housing Request, it’s vital to communicate quickly, thoroughly, and professionally. Travelers are looking for thorough and detailed responses that answer questions and let them learn more about your specific rental.
Step 4: Secure A Tenant
Once you have a tenant you are ready to rent to, you must take the time to complete a tenant screening. KeyCheck by Furnished Finder offers a great solution to this with a tenant-paid screening that includes criminal history, credit history, and eviction history. Even if you are renting to a medical professional that has been thoroughly vetted by their staffing agency or hospital, it’s important to complete this step as it includes eviction history and employer screening does not.
Next, form a lease between you and your tenant. State-specific, customizable leases can also be found on KeyCheck by Furnished Finder. With these leases, you have the chance to include any extra verbiage, language, or policies of your own. Remember - on Furnished Finder, you’re in control of your property and your bookings!
Finally, rent payments. For maximum security, we recommend online payments also via our sister company, KeyCheck by Furnished Finder. This option is highly convenient for tenants, as well, as they can choose to pay via ACH or credit card and earn those miles for their next trip! A deposit of 1/2-1/3 one month’s rent is also customary, as well as a cleaning fee.
Step 5: Check In Process & House Rules
You’re in the home stretch! Now that you have successfully set up your mid-term rental, marketed it on Furnished Finder, and completed the finalization with the tools on KeyCheck by Furnished Finder, you’re ready to help your tenant get settled in!
A digital keypad can be very helpful for hands-off check-in, but if that’s not possible, a simple lockbox, or meeting with your tenant for a key hand-off. It’s important that your tenant know of your house rules, and any specifics of your property (like wifi information!). To help with this, Furnished Finder has made a House Rules section of each property listing. Complete this section and share with your tenant for a streamlined stay!
And you’ve done it! Enjoy your first (or next!) mid-term rental and the benefits that come from it. By having higher cash-flow than long-term rentals, and substantially lower turnover than short-term rentals, you’re set up for success!
For additional information and helpful tips to getting started, listen to these episodes of Furnished Finder's podcast, "The Landlord Diaries".
Is Your Area Suitable For Mid-Term Rentals w/ MTR Coach Al Williamson
Is My Space Right For The Mid-Term Rental Strategy? w/ Property Manager Vanessa Nunez
Do Single Family Homes Work For Corporate Housing? w/ FreeStand Home Solutions
Reaching Remote Workers w/ Author & MTR Consultant, Erin Spradlin
Will Larger, Higher Priced Properties Work On Furnished Finder? w/ Tammy Barnes