Mid Term Rental: What Vacation Rental Managers Need to Know
The vacation rental landscape is evolving, and savvy property managers are exploring new opportunities beyond traditional short stays. One growing segment is the mid term rental, offering a balance between short-term turnover and long-term stability.
In this guide, we’ll explore what a mid term rental is, how it differs from short-term rentals, its advantages and disadvantages, and strategies vacation rental managers can use to tap into this profitable market.
What Is a Mid Term Rental?
A mid term rental typically refers to a fully furnished property leased for periods between one and twelve months. It bridges the gap between:
- Short-term rentals (typically under 30 days)
- Long-term leases (typically over 12 months)
Mid term rentals are particularly popular among:
- Digital nomads
- Business travelers and consultants
- Students and academic researchers
- Relocating families
- Medical professionals on assignment
Differences Between Mid Term Rentals and Short Term Rentals
| Feature | Short Term Rental | Mid Term Rental |
|---|---|---|
| Duration | 1-30 days | 1-12 months |
| Target Audience | Vacationers, weekend travelers | Remote workers, professionals, students |
| Regulations | Often heavily regulated (city caps, permits) | Often fewer restrictions |
| Income Potential | Higher nightly rates, but more turnover | Lower nightly rate, but steadier income |
| Operational Demands | High (cleaning, check-ins, marketing) | Moderate (less frequent turnovers) |
| Furnishing Requirements | Basic essentials and luxury touches | Full home setup for daily living |
Advantages of Mid Term Rentals
For Property Managers
- Stable Income: Longer stays mean more predictable cash flow.
- Lower Operational Costs: Less frequent cleaning, guest communication, and check-in/check-out coordination.
- Broader Market Reach: Appeal to growing markets like remote workers and relocating professionals.
- Fewer Legal Hurdles: Many cities impose fewer regulations on mid term leases compared to short stays.
For Guests
- Flexibility: No need to commit to a year-long lease.
- Cost Efficiency: Typically cheaper than hotel stays for extended periods.
- Comfort: Fully furnished homes designed for daily living.
Disadvantages of Mid Term Rentals
- Lower Rental Rate Compared to Short-Term: Nightly revenue tends to be lower.
- Longer Vacancies: Finding tenants can take longer if the property isn’t marketed properly.
- Contract Complexity: Mid term leases may require more formal contracts than simple short-term booking agreements.
Read more about:
E-invoicing: What vacation rental managers need to know
Short Term Rental Agreements: Everything You Need to Know
Strategies to Succeed in the Mid Term Rental Market
1. Optimize Property Furnishings
Ensure properties are fully equipped with:
- Kitchen essentials
- Laundry facilities
- High-speed internet
- Workspaces for remote workers
2. Target the Right Platforms
List your properties on platforms specializing in mid term stays like:
- Airbnb (now expanding into mid-term rentals)
- Furnished Finder
- Homelike
- Housing Anywhere
3. Adjust Pricing and Policies
- Offer monthly discounts to encourage longer bookings.
- Implement flexible deposit policies.
- Set clear terms for extensions or early terminations.
4. Highlight Local Benefits
Create digital welcome guides that:
- Suggest coworking spaces
- Highlight transportation options
- Recommend local activities suitable for longer stays
Conclusion
The mid term rental market offers an exciting growth opportunity for vacation rental managers. By understanding the nuances between short-term and mid-term stays, adapting property offerings, and embracing automation tools like Chekin, property managers can tap into a steady and expanding source of revenue.
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