Short Term Rentals versus Mid Term Rentals
Curious on your opinion on short term rentals versus mid-term rentals?
While short term rentals typically provide higher cash flow, mid term rentals help to provide stability.
What type of rental do you prefer and why?
Most Popular Reply
In our area, the city actually has definition on the terminology.
Transient: nightly to 30 days
Short term: 30 days to 6 month
Long term > 6 month.
So I'm assuming when you said mid term you mean something like 30 days to 6 months.
If you run it like long term rental then it's absolutely not worth it because higher turnover, more wear and tear, with not much benefit. But I do see a market for the mid term where you furnish the entire house and charge 50% more comparing to a long term rental rate and allow for less than 6 months lease. There are people who are in-between their houses (sold one and wait for the new one to complete) and might pay the extra because it's less hassle and cheaper than living in a hotel or vacation rental. I've never done one myself but as a realtor, I do see a demand from my clients and clients from my colleagues.