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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