Are you a landlord or prospective landlord looking to maximize your rental property's potential? Consider diving into the growing market of monthly rentals, a niche gaining popularity among landlords. Monthly rentals offer flexible lease lengths, typically 30 days or more, catering to traveling professionals, remote workers, and others who need mid-term housing options.
Why Consider Monthly Rentals?
Higher Profit Margins: This increase in income is due to the flexibility offered to tenants and the property's furnished status, allowing landlords to charge a premium.
Lower Vacancy Rates: With the rise of remote work and travel nursing, demand for monthly rentals has surged. A well-priced, furnished rental can attract tenants quickly, reducing the time your property sits vacant.
Quality Tenants: Monthly rentals often appeal to working professionals such as traveling nurses, corporate executives, and digital nomads. These tenants are typically responsible, reliable, and less likely to damage your property.
Steps to Set Up a Successful Monthly Rental
Furnish and Stage Your Property: Monthly renters expect fully furnished properties, so investing in quality furniture, appliances, and décor is essential. Ensure the property is move-in ready, with kitchen essentials, bedding, and comfortable seating. You might also want to provide high-speed internet and a workspace to cater to remote workers.
Determine Competitive Pricing: Research local market rates to set a competitive price, considering factors like location, amenities, and demand. A good starting point is to browse other listings on Furnished Finder (opens in new tab) to see how similar properties are priced.
Screen Tenants Thoroughly: Conduct background checks, verify employment, and request references to ensure you’re renting to responsible tenants.
Create a Clear Rental Agreement: Draft a monthly rental agreement that outlines all terms and conditions, including rent, utilities, maintenance, and house rules. Be specific about lease length, deposit requirements, and policies on pets, smoking, and guest limits. Use KeyCheck (opens in new tab), our sister company, as a resource for custom residential leases!
Market Your Property Effectively: To attract quality tenants, list your property on platforms that specialize in monthly rentals, like Furnished Finder (opens in new tab). Optimize your listing with high-quality photos, a detailed description, and a clear list of amenities to capture the attention of prospective tenants.
Key Benefits of Using Furnished Finder for Monthly Rentals
Access to a Targeted Audience: Furnished Finder connects you directly with traveling professionals, remote workers, and other monthly renters actively searching for furnished properties.
No Booking Fees: Unlike other platforms, Furnished Finder charges no booking fees, allowing landlords to maximize their profits.
Comprehensive Tenant Screening: Furnished Finder offers a range of tenant screening services through KeyCheck (opens in new tab), including background checks, credit checks, and employment verifications, to help you find reliable tenants.
Direct Communication with Tenants: You communicate directly with potential tenants, giving you more control over who stays in your property.
How to Maximize Your Monthly Rental Income
Offer Flexible Lease Terms: Cater to the needs of different tenants by providing lease terms of varying lengths, from 30 days to 6 months. Flexibility can help fill vacancies more quickly.
Adjust Pricing Seasonally: Adjust your pricing to reflect seasonal demand. Higher demand in peak seasons may justify an increase in rent, while lower demand periods may call for promotions or discounted rates.
Enhance Your Property’s Appeal: Invest in upgrades that can attract more tenants. Simple changes like new paint, updated appliances, or adding a workspace can significantly increase your property's appeal.
Conclusion
Monthly rentals offer a profitable and flexible option for landlords looking to maximize their investment. By providing furnished, well-maintained properties and targeting the right audience, you can enjoy higher profit margins, lower vacancy rates, and a steady stream of quality tenants. Ready to list your property? Visit Furnished Finder (opens in new tab) and start your journey into the monthly rental market today!