The rise of remote work and traveling professionals has led to a surge in demand for mid-term housing. As more people are able to work from just about anywhere, they are seeking out accommodations that offer the comforts of a home while still allowing them flexibility. This has created a new market for mid-term housing providers, who are catering to the needs of this growing demographic.
So whether you are a short term rental host looking to make a switch, a long-term rental landlord who would like to increase revenue, or a newbie looking to get into the vacation rental game, this guide to mid-term housing has everything you need to know. Follow along as I share how you can effectively prepare your rental property for mid term rentals and get it rented quickly.
What is a mid term rental?
Mid-term housing (also known as medium term rentals) refers to properties that are typically rented for more than 30 days but less than 12 months – the majority being between 1-4 months. Midterm housing is a sweet spot or mid-way point between a short term rental (1-30 days) and a long term rental (12 months+).
Mid-term rentals are often fully furnished, inclusive of utilities, and have flexible lease options. Guests can enjoy a new living space without the hassle of buying furniture. Tenants or guests often pay one flat monthly rate to rent on a mid-term basis resulting in a higher monthly cost than a standard long-term rental but slightly less cost than a short term rental.
These types of rentals are popular among travelers, remote workers, students, and traveling professionals who need temporary housing. This option provides flexibility for those who need a place to stay for a few weeks to a few months, without committing to a traditional year-long lease or paying the daily rate of an STR.
With fewer turnovers, less guest management, lower cleaning costs, and less wear and tear on the property, mid term rentals are becoming a hot and desirable option for many property owners. This results in more stability, predictability, consistent income, and improved occupancy rates, even during off-peak seasons.
Who uses mid term rentals?
Due to the high demand for travel nurse services across the country, mid-term rentals provide a practical solution for traveling nurses.
Renting to travel nurses requires some level of understanding of their work schedules and home needs. Travel nurses often work long hours (sometimes overnight) and often need a quiet, comfortable, and convenient place to stay.
It is especially advantageous if the property is located near a hospital, making it easy for them to commute. For this reason, consider renting to traveling nurses as they are often reliable and in need of mid term housing.
Other individuals who find themselves working away from home for extended periods may need mid term rentals. These traveling workers typically pay for their own housing, or they are provided a stipend from their employer.
This type of housing provides a more comfortable and affordable alternative to hotels and allows individuals to feel more at home while away from home.
Students & Interns
Whether in school or on summer break for an internship, many college students need a place to stay for a semester or during the summer, and mid-term housing is their best option. This type of rental provides flexibility and affordability for students on a budget.
Individuals like ex-pats, those moving for a job, or those seeking a change of scenery before making a long-term commitment are common users of mid term rentals.
These individuals can settle temporarily and get a better understanding of the local culture, amenities, and lifestyle of the area. At the end of the rental term, they can make an informed decision about where they would like to settle down, whether it’s in the heart of the city or the surrounding areas.
For companies looking to house employees or consultants for a few months, mid-term rentals are becoming a popular option. Many companies hire property managers and utilize landlord properties as corporate housing. This gives the company the flexibility to house their employees for projects or relocation temporarily.
Homeowners and Sellers
Individuals or families who are in between permanent homes, selling a home before finding a new one or those that are displaced are common users of midterm rentals. Rather than rushing into a new permanent home or missing out on a good offer, mid-term housing allows individuals to have a temporary place to live while they search for their next permanent residence.
Steps to Prepare your Home for Mid-Term Rentals
Furnish it the right way.
Furnishing your property is key to targeting guests that seek out this type of rental. You must ensure that your properties are thoughtfully furnished and equipped with all the necessary furniture and amenities to make your tenants feel at home. By doing so, you can attract more renters and increase your chances of success in this growing market.
When it comes to mid-term housing, creating a space that is both inviting and functional is key. This means designing a unit that is clean and well-maintained, with thoughtful amenities. To achieve this, it’s important to consider what you would want in a living space and then implement those features for your tenants to enjoy. By prioritizing comfort and convenience, you can create a space that tenants will be happy to call home.
High-priority furnishings include a comfy bed with clean sheets, a seating area with a comfortable couch, closet, and storage for clothing, a sturdy desk and chair, and reliable Wi-Fi are a must. These features are essential for those looking for mid term housing. For more information on furnishings and inventory must-haves, check out this extensive inventory checklist for hosts.
Offer basic amenities
Providing certain essential amenities will make your listing a lot more attractive. When it comes to mid-term housing, it’s important to think about the little things that can make a big difference for your guests.
Stocking up on essentials like toiletries, towels, linens, kitchen supplies and cooking basics, and extra bedding can go a long way in ensuring your guests are comfortable and satisfied during their stay. Some of these items, such as toiletries and toilet tissues can be provided as a starter pack to get them started in the first week.
Many of the professionals that you attract are often on the go and may not have time to run errands to shop for basic necessities.
Have proper insurance
You will need to have the right insurance in place to cover you for any general liability, damage, theft and other issues that may occur on the property. Research and find insurance that specifically covers mid term rentals.
Pricing is key to getting your mid term rental booked. It’s important to price your rental appropriately to avoid losing out on profits in the long run. Researching your competition and understanding what guests are willing to pay for similar amenities in your area can help you set a fair and profitable price for your mid-term rental. Avoid pricing too low (like a long term rental) or too high (like a short term rental), and find the sweet spot that works best for you and your guests.
When pricing, keep in mind any significant expenses you may incur and utilities you will have to cover. You can adjust your pricing strategy based on the time of year, as most destinations have high and low seasons. To make things even easier, you can use dynamic pricing like Pricelabs to help you adjust your rates based on factors like demand, competition, and occupancy.
By optimizing rates and finding the sweet spot between affordability and profitability. This can help ensure that you’re always maximizing your profits and staying ahead of the game.
Determine your house rules.
Every home needs rules and order. Rules and orders give the guests guidance on how to use your home properly. House rules are not only for short-term guests, but it also applies to mid term guests as well. For long term rentals, “rules” are typically outlined in the lease.
Make sure to establish your house rules before proceeding. Examples of house rules can be things like trash pickup and recycling days, energy consumption, parking, noise restrictions, house access, smoking allowance, and pet friendliness of the house.
Be a bit more flexible with your rules as these guests are staying for a longer term period. For example for as a midterm guest, they may want overnight guests and friends and family over for dinner and conversations, whereas with a short term, you may not want the guest to exceed the maximum occupancy of the house. Whatever your preference, this can all be outlined in a rental agreement or lease.
Provide a manual with instructions.
When renting out your property for mid-term stays, it’s important to provide a manual with clear and detailed instructions for your guests. This will not only make their stay more comfortable but also reduce the number of questions and requests they receive.
Be sure to include information about any equipment in the home, such as how to use the dishwasher and coffee maker what can and cannot go into the garbage disposal, the wifi password, and heating and cooling.
Make sure all necessary remotes are easily accessible for operating devices and the television. You can even take it one step further and provide your guests with the address and phone numbers of nearby grocery stores, gas stations, and pharmacies for their convenience.
Clean the house thoroughly
One of the most important ways to prepare your home for a midterm rental is by making sure it is thoroughly cleaned for the next tenant or guest.
When it comes to mid-term rentals, cleanliness is just as important as it is for short-term rentals. In fact, it may be even more important as guests will be staying for a longer period of time. It’s crucial to prioritize this aspect of your home. Don’t cut corners when it comes to cleanliness – it’s essential for a successful rental experience.
Safety and Security
Guests will be concerned about their own personal safety and security. Guests want to know that the property is safe. At the same time, you will want to protect your personal investment by putting certain safety measures in place.
Utilize a remote smart lock or lockbox to store keys. Make sure that you change the code between guests. If you utilize a smart lock, ensure you have a backup master lockbox on the property in case the battery dies, or the guest loses their keys.
While privacy is of utmost importance for guests during their stay, it is recommended to install security cameras outside the property to ensure the safety of both the guests and the property.
Installing security cameras on the outside of the property can provide peace of mind for both you and your renters.
Highlight your listing’s strengths and benefits
It’s important to make your listing stand out. Highlight the unique features of your home using by crafting a solid property description. Use storytelling techniques to paint a unique picture of the house for potential guests.
Play up on the surrounding areas. For example, if your property is located near a hospital or medical facility, emphasize the convenience of the location. Highlight the nearest bus or train stop and supermarket. If you offer amenities such as a gym or pool, highlight this.
Capture images of the property using a professional photographer and showcase your property through high-quality photos from various angles and areas of the house.
By showcasing the unique benefits of your property, you can attract more potential guests and stand out in a competitive market.
Once this is complete, you are ready to list your property.
Where to List your Mid Term Rental?
There are several mid term rental websites that you can use to find responsible and trustworthy tenants for your property. List your rental property on various websites that cater specifically to people seeking furnished mid term rentals. The best mid term rental websites to use include:
Furnished Finder is the top platform for mid term rentals, and it connects landlords and prospective tenants who are looking for a place to stay on a monthly basis. Landlords pay a flat fee to use the website (for a year or two), and tenants pay nothing. Landlords are able to set the price of their units and provide as much information about their property as possible.
This heavily trafficked site not only offers a wide range of furnished apartments and homes for rent but also provides landlords with all the necessary tools to secure a tenant. From screening reports to leases, online rent payment to renter’s insurance, and even tenant tracking, Furnished Finder makes finding and renting mid-term housing as easy and stress-free as possible.
While Airbnb is typically associated with short-term vacation rentals, it offers a unique feature that allows hosts to list their property monthly at a unique rate.
Airbnb is one of the top platforms that is used for mid term rentals. There are many hosts who exclusively offer mid term rentals, while other offers deep discounts to guests who book for more than 28 days.
Consider listing your mid-term rentals with Landing. With over 20,000 fully furnished apartments available in more than 375 cities with an average occupancy of six months, Landing offers a new way of renting for the modern generation.
They help landlords to offer flexible leases and an easy booking process. With landing, property owners can effectively market and manage their properties to millions of potential residents.
You can also sync your calendar across Airbnb, Vrbo, and so to avoid any double booking.
Many Facebook groups connect landlords with potential mid term guests. Some groups include Travel Nurse Housing and Gypsy Nurse. These groups are great for renting to traveling nurses, and they allow you to post your listing for potential guests to see. You can also respond to travel nurses or professionals who are seeking specific rentals in your location.
Another way to utilize Facebook is by posting your rental on Facebook Marketplace. Many people search Facebook marketplace to find housing – short and long term.
Kopa offers mid-term housing solutions for those seeking flexibility and convenience. Kopa offers carefully curated properties located in some of the world’s most vibrant cities like Seattle, San Francisco, San Jose, Los Angeles, and New York City.
Kopa makes it super easy to sign up. All you have to do is import your Airbnb profile, and they do the rest. Kopa ensures all hosts are verified, and tenants can communicate with them before moving in.
How do you set a monthly rental rate?
There’s no set formula when renting on a short term basis. Typically the monthly cost is less than a short term rental but more than a long term rental.
To determine a fair price, it’s helpful to research what other properties in your area are charging for similar rentals. Use a search map to compare prices and adjust your rental rate accordingly.
Should you make the switch from short term rental to mid term rentals?
It depends on your specific needs and circumstances. Short-term rentals are great for vacations or temporary stays, while mid-term rentals are better for longer stays of a few months to a year.
As cities continue to crack down on short-term rentals (STRs), hosts will need to explore alternative housing options. Having a mid-term rental often voids most regulatory restrictions from the homeowners associations or local governments. It reduces most regulatory hurdles – especially in times when regulations are becoming increasingly strict and uncertain. Mid-term rentals also present a more stable and reliable option for many investors and property managers.
If you need more stability with a steady income stream and less turnover but don’t want to commit to a long-term lease, medium term rentals may be the way to go. Consider factors such as overall revenue (loss or gain), location, government regulations, and flexibility before making the switch.
When it comes to mid term housing, you have to weigh the pros and cons of renting out your property. The decision ultimately depends on factors such as location, housing regulations, local demand, and the amenities your rental offers.
While short-term rentals may be more profitable, renting your property for a month or more can provide a stable source of income, fewer turnovers with a reduced workload, and the ability to diversify your rental portfolio to mitigate risks.
Other Airbnb hosting ideas you might like:
- Best Mattress for Airbnb
- Best Couch for Airbnb
- Best Pots and Pans for your Airbnb Kitchen
- Best Towels for Airbnb that Guests Will Love
- The Best Sheets for Airbnb and Short-Term Rentals
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