Shifting from Short-Term Rentals to Mid-Term Rentals
If you've been renting your property as a short-term rental, but are interested in transitioning to a mid-term rental, you may be curious about the differences. In this blog post, we will key share the information on things to know when considering the transition.
Firstly, let's define what a mid-term rental is. Unlike short-term rentals that typically last for a few nights or a week, mid-term rentals are a more extended form of accommodation, with a minimum of 30 days. This type of rental is perfect for travelers who need a temporary home away from home, relocating families seeking a place to stay while they settle in a new city, or even professionals on extended work assignments.
One of the significant differences between mid-term rentals and STRs is the level of convenience they offer. With mid-term rentals, tenants can enjoy all the comforts of a fully furnished and equipped home, including a kitchen, laundry facilities, and separate living spaces. This not only provides a more comfortable and homely experience but also eliminates the need to eat out or rely on shared amenities like in hotels or short-term rentals.
Transparency is another distinguishing factor of mid-term rentals. Unlike booking through vacation rental platforms, where communication is limited, mid-term rental platforms like Furnished Finder operate with an open communication system. This means that the property owner and traveler can connect directly on the Furnished Finder platform, over the phone, or via email. There are also no booking fees or commissions, as the reservation is made between the landlord and traveler.
Mid-term rentals attract an entirely different quality of tenants than short-term rentals. With Furnished Finder's focus on connecting with professionals like government travelers, traveling medical professionals, professors, business travelers, and relocating families, the tenants are responsible, respectful, and reliable. This provides peace of mind (no parties!).
To transition your property from a short-term rental to a mid-term rental, very little action is needed. Because mid-term rentals are fully furnished, you can leave all of your furnishings inside of your property. Begin your transition by listing on Furnished Finder for one low cost per year, and enjoy unlimited leads. You'll connect directly with tenants, negotiate terms like lease length and rental amount, and then follow up with a tenant screening and lease signing. One of the most significant differences during this process is that no fees are paid by either the traveler or the property owner during the rental process!
Mid-term rentals have an average length of stay of roughly 3 months, with an average of just 1.6 tenants per stay. That means you will have fewer large groups and more individual or couples traveling together looking for mid-term stays. (But remember, displaced and relocating families also need mid-term rentals!) With a book-to-stay window of about a month on average, new property owners to mid-term rentals may get anxious about seasons to come, but remember that with mid-term rentals, you only need about 4 tenants per year!