Differences in lease terms Mid-term rental vs Long term?

[Josh Kolbo]

Hi All!

I am setting up 2 mid-term fully furnished rental 30 day+ units in Santa Cruz, CA. I have heard on some podcasts different things landlords have added into a mid-term lease that would differ from a long term lease like available on BP's resources. I am wondering what differences you have done and what worked well or didnt work well? 

Some examples I have heard were: ability to come in every 30 days to clean the unit, requiring no changes to decorations/furnishings, etc. 

Also, I am wondering what you normally have found to be the percent increase rent you can charge over a long term rental? Furnished Finder doesnt provide quality data on this in my market as most if it is stated has $2500+. AirDNA doesnt do much for the 30 day rentals.

Anything else to include or remove?

Thanks,

Josh!

[Carolyn Fuller]

The only thing that is different in my mid term leases is a fixed term. For instance,

Agreement Term. The term of the Agreement begins at 12:00 pm on August 31, 2022, and ends at 4:00 p.m. on December 31, 2022 (“Agreement Term”).

It is very specific about the move-in and move-out times but I allow my tenants to rearrange furnishings and decorations. I have not run into any problems that were caused by tenants personalizing their environment. The cleaning services I provide are optional so that does not appear in the lease, either. During the pandemic, my tenants requested the cleaning service be dropped. I continued to pay my cleaners half what I would have paid them but they did not enter the apartments during that time.

I'm able to price my rentals based on what I find on SabbaticalHomes.com. That is platform that provides me with most of my tenants and, therefore, is the best source of information.