Medium Term Rental Leases

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Medium Term Rental Leases

Investor · Statesville, NC · Member since 2015 · 113 posts · 58 votes

Does anybody know about medium rental lease is? Is it only the timeframe that differs from a long-term rental lease? I’m branching into medium and short term rentals and I’m doing my due diligence right now! Any advice and help would be greatly appreciated!

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Brett Deas

CO · Member since 2022 · 588 posts · 426 votes

Not only is it the time frame but often times the lease is more extensive. All of my mid-terms in Denver are furnished (Which I would always recommend for midterms) so we have to include extra provisions in the lease about that as well. We also have different provisions than long term lease on notice to quit and renewal clauses because travel nurses often have a set time for when they know their stay will be extended and because often times travel nurses can have their contracts cancelled abruptly and sometimes even a few days after arriving. If you have any questions feel free to reach out as I have a few mid-term rentals myself!

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Ryan Lesley
Real Estate Agent · Fort Collins, CO · Member since 2023 · 171 posts · 116 votes
3y
Hey Sheila,
I was at a meetup in Denver a few weeks ago and the guest speaker was Zeona McIntyre who is the author of the 30-Day Stay book that goes over everything STR/MTR. She's awesome and covers all the questions you'll likely have on this strategy. Hope that helps and best of luck with your MTR's 🤝🍀
1 Reply
Michael BaumPro Member
Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
3y
Hey @Sheila F., they are exactly the same as a LTR lease, just a shorter duration. You have to do the same things you would do as with any LTR. Vet the tenants, get a solid lease drawn up, do a credit check etc.
4 Reply
Sheila F.
OP
Investor · Statesville, NC · Member since 2015 · 113 posts · 58 votes
3y
Thank you so much! I’ll definitely check that book out!!!
1 Reply
Sheila F.
OP
Investor · Statesville, NC · Member since 2015 · 113 posts · 58 votes
3y
Great. That’s one area. I’m already very good at. Thanks for the reply!!!
1 Reply
Carolyn Fuller
Cambridge, MA · Member since 2015 · 651 posts · 736 votes
3y
In Massachusetts, medium term leases are called fixed-term leases with no option to renew or extend the lease. Such a lease makes it possible for me to keep my MTR units fully occupied throughout the year with no gaps.
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Brett Deas
CO · Member since 2022 · 588 posts · 426 votes
3y
Not only is it the time frame but often times the lease is more extensive. All of my mid-terms in Denver are furnished (Which I would always recommend for midterms) so we have to include extra provisions in the lease about that as well. We also have different provisions than long term lease on notice to quit and renewal clauses because travel nurses often have a set time for when they know their stay will be extended and because often times travel nurses can have their contracts cancelled abruptly and sometimes even a few days after arriving. If you have any questions feel free to reach out as I have a few mid-term rentals myself!
5 Reply
Brooklyn McCarty
Investor · Member since 2022 · 1k+ posts · 754 votes
3y
Quote from @Michael Baum:

Hey @Sheila F., they are exactly the same as a LTR lease, just a shorter duration. You have to do the same things you would do as with any LTR. Vet the tenants, get a solid lease drawn up, do a credit check etc.

Exactly what Micheal said
1 Reply
Brooklyn McCarty
Investor · Member since 2022 · 1k+ posts · 754 votes
3y
It’s just a mini long term
2 Reply
John UnderwoodPro Member
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
3y
Quote from @Michael Baum:

Hey @Sheila F., they are exactly the same as a LTR lease, just a shorter duration. You have to do the same things you would do as with any LTR. Vet the tenants, get a solid lease drawn up, do a credit check etc.
Exactly!
1 Reply
Sheila F.
OP
Investor · Statesville, NC · Member since 2015 · 113 posts · 58 votes
3y
Quote from @Brett Deas:

Not only is it the time frame but often times the lease is more extensive. All of my mid-terms in Denver are furnished (Which I would always recommend for midterms) so we have to include extra provisions in the lease about that as well. We also have different provisions than long term lease on notice to quit and renewal clauses because travel nurses often have a set time for when they know their stay will be extended and because often times travel nurses can have their contracts cancelled abruptly and sometimes even a few days after arriving. If you have any questions feel free to reach out as I have a few mid-term rentals myself!
Brett…. That’s a great point about end of period and amount of time given for a notice to move out. On my long-term rental contract, they are required to give 30 days written notice. What time frame do you have in your lease for MidTerm rentals? I don’t understand traveling nurses is a special situation, other than that is seven days adequate?
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Nathan GesnerBusiness Member
Moderator
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
3y
Quote from @Sheila F.:

Does anybody know about medium rental lease is? Is it only the timeframe that differs from a long-term rental lease? I’m branching into medium and short term rentals and I’m doing my due diligence right now! Any advice and help would be greatly appreciated!

MTR or mid-term rentals are a made-up name that only serve to confuse.
Short-term is 30 days or less, like a hotel. There are specific rules and regulations, they do not require a lease agreement, you can easily kick out bad guests, etc.
Long-term is more than 31 days. There are specific laws regulating them, you should have a written lease agreement, removal of bad tenants is done through the court system, etc.
What is a mid-term? It's a long-term. Nothing changes. They have always been called month-to-month rentals (30 days at a time) or long-term rentals, but some genius on YouTube decided to create a new name and pretend they invented something new. These are long-term rentals that are typically furnished with utilities included and rented for more than one month but less than one year.
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Scott E.
Contractor · Scottsdale, AZ · Member since 2010 · 2k+ posts · 3k+ votes
3y
As others have stated, medium term rental is just a made up buzz word. Long term rental rules apply. The clientele that you might attract with a 'medium term rental' would be people who are looking for a place to stay for ~1-6 months. These might be:
1. Traveling nurses
2. People dealing with an insurance claim (their home was flooded, fire damaged, etc)
3. People who are remodeling their primary residence
4. People who are building a new home for themself and want to rent for a few months nearby
5. Traveling business professionals
6. Athletes
1 Reply
Brett Deas
CO · Member since 2022 · 588 posts · 426 votes
3y
Quote from @Sheila F.:

Quote from @Brett Deas:

Not only is it the time frame but often times the lease is more extensive. All of my mid-terms in Denver are furnished (Which I would always recommend for midterms) so we have to include extra provisions in the lease about that as well. We also have different provisions than long term lease on notice to quit and renewal clauses because travel nurses often have a set time for when they know their stay will be extended and because often times travel nurses can have their contracts cancelled abruptly and sometimes even a few days after arriving. If you have any questions feel free to reach out as I have a few mid-term rentals myself!
Brett…. That’s a great point about end of period and amount of time given for a notice to move out. On my long-term rental contract, they are required to give 30 days written notice. What time frame do you have in your lease for MidTerm rentals? I don’t understand traveling nurses is a special situation, other than that is seven days adequate?

For ours we do a two week notice because if their contract is cancelled they have to find another one immediately if they want to get paid. And the majority of mine are 2 time frames, month-to-month or the exact length of their stay with the extensions notice around week 7-9.
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Sheila F.
OP
Investor · Statesville, NC · Member since 2015 · 113 posts · 58 votes
3y
Thank you all. Great info!!!
1 Reply
Bonnie LowPro Member
Lender · Asheville, NC · Member since 2016 · 1k+ posts · 1k+ votes
3y
I'd recommend you read 30 Day Stay by Sarah Weaver and Zeona McIntyre for a good overview. MTRs are a very different animal from both STRs and LTRs, regardless of some folks who insist it's not a "thing." Take advice from people who are truly working in this niche and understand it.
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Carolyn Fuller
Cambridge, MA · Member since 2015 · 651 posts · 736 votes
3y
I know I live in a very unique MTR environment with more universities within walking distance of all of my properties than anyone else on this continent, but I do want to add to the list of potential tenants, visiting scholars.
If your property is near a university or college, visiting scholars are also potential tenants for fully furnished MTRs.
0 Reply
Jason Myers
Member since 2021 · 5 posts · 1 vote
3y
@Sheila F. typically MTR is 30-90 days. Make sure your insurance is set up right for your furnished properties. We manage 30+ MTR and STR in the Lake Norman, Charlotte, and Blue Ridge Mountains of NC. I'd be happy to offer some tips if you'd like to reach out. www.CoHostUSA.com
1 Reply
Maurice W. Evans
Property Manager · Queens, NYC · Member since 2016 · 110 posts · 58 votes
3y
Quote from @Brett Deas:

Not only is it the time frame but often times the lease is more extensive. All of my mid-terms in Denver are furnished (Which I would always recommend for midterms) so we have to include extra provisions in the lease about that as well. We also have different provisions than long term lease on notice to quit and renewal clauses because travel nurses often have a set time for when they know their stay will be extended and because often times travel nurses can have their contracts cancelled abruptly and sometimes even a few days after arriving. If you have any questions feel free to reach out as I have a few mid-term rentals myself!
Can you give tips on how to find travel nurses. I'm in NYC with some units.
0 Reply
Sheila F.
OP
Investor · Statesville, NC · Member since 2015 · 113 posts · 58 votes
3y
Thank you Jason that is so thoughtful. I will definitely be sending n contact!!
0 Reply
Sheila F.
OP
Investor · Statesville, NC · Member since 2015 · 113 posts · 58 votes
3y
Quote from @Jason Myers:

@Sheila F. typically MTR is 30-90 days. Make sure your insurance is set up right for your furnished properties. We manage 30+ MTR and STR in the Lake Norman, Charlotte, and Blue Ridge Mountains of NC. I'd be happy to offer some tips if you'd like to reach out. www.CoHostUSA.com

0 Reply
Brett Deas
CO · Member since 2022 · 588 posts · 426 votes
3y
Quote from @Maurice W. Evans:

Quote from @Brett Deas:

Not only is it the time frame but often times the lease is more extensive. All of my mid-terms in Denver are furnished (Which I would always recommend for midterms) so we have to include extra provisions in the lease about that as well. We also have different provisions than long term lease on notice to quit and renewal clauses because travel nurses often have a set time for when they know their stay will be extended and because often times travel nurses can have their contracts cancelled abruptly and sometimes even a few days after arriving. If you have any questions feel free to reach out as I have a few mid-term rentals myself!
Can you give tips on how to find travel nurses. I'm in NYC with some units.

Furnished finders and facebook groups can be good. The only issue is that you have to be actively looking for more people while using these things, they are not a set and forget. I have also had great luck with Airbnb because many people always think to look there first before finding places like Furnished Finders.
1 Reply
Maurice W. Evans
Property Manager · Queens, NYC · Member since 2016 · 110 posts · 58 votes
3y
Quote from @Brett Deas:

Quote from @Maurice W. Evans:

Quote from @Brett Deas:

Not only is it the time frame but often times the lease is more extensive. All of my mid-terms in Denver are furnished (Which I would always recommend for midterms) so we have to include extra provisions in the lease about that as well. We also have different provisions than long term lease on notice to quit and renewal clauses because travel nurses often have a set time for when they know their stay will be extended and because often times travel nurses can have their contracts cancelled abruptly and sometimes even a few days after arriving. If you have any questions feel free to reach out as I have a few mid-term rentals myself!
Can you give tips on how to find travel nurses. I'm in NYC with some units.

Furnished finders and facebook groups can be good. The only issue is that you have to be actively looking for more people while using these things, they are not a set and forget. I have also had great luck with Airbnb because many people always think to look there first before finding places like Furnished Finders.

Thank you!
0 Reply
January Johnson
Real Estate Agent · Emerald Coast, FL · Member since 2016 · 820 posts · 486 votes
3y
I add prices for each appliance and furniture item to cover damages.
0 Reply
Helena DelRe
Member since 2022 · 2 posts · 0 votes
3y
Quote from @Jason Myers:

@Sheila F. typically MTR is 30-90 days. Make sure your insurance is set up right for your furnished properties. We manage 30+ MTR and STR in the Lake Norman, Charlotte, and Blue Ridge Mountains of NC. I'd be happy to offer some tips if you'd like to reach out. www.CoHostUSA.com
Jason, Since I already have insurance for my STR and plan to add MTR for the same property, do I need to make a change to my insurance policy? Thanks for your advice!
0 Reply
Bonnie LowPro Member
Lender · Asheville, NC · Member since 2016 · 1k+ posts · 1k+ votes
3y
First, make sure you know the rules for any particular area you're setting up your MTR, whether that's a particular town or city or in an HOA because they can vary dramatically. Sometimes cities or HOAs will allow 30+ day stays but prohibit shorter term rentals. Lately, I've seen a lot of HOAs limiting rentals to no less than 6 months. So make sure you CYA and know what you're getting into. Second, use a state-specific lease. Most people are concerned about "squatters rights" when it comes to anything less than a year long lease (though this is more of a rarity than a common occurence. Kind of like the myth that if you become a landlord you'll constantly be dealing with calls about overflowing toilets in the middle of the night. Sure it happens to some people once in a while, but it's not common, so don't let it scare you off!) Next, make sure you're thinking about your specific guest avatar and what services and amenities you'll be providing. Unlike a LTR, MTRs are almost always furnished so you'll want a section of your lease to provide an inventory of the furnishings and items like small appliances that you want to make sure are accounted for. You can do this in an addendum if you don't want to detail it out in the lease itself. Next, you'll want to make sure you're clear on whether you provide 100% of utilities or if you're only providing utilities up to a certain $ amount cap and the guest is responsible above that amount. If so, spell out how they're to pay for it. You may need a specific section in the lease stating that overnight visitors are not allowed - only individuals listed on the lease itself are allowed overnight stays. This really is a matter of local regulations and personal preference so it might not apply to you. And finally, you'll want to include any special provisions that apply to your particular property - like how is garbage collection handled, where do they park, do you require mid-stay cleanings and how are you handling that? A good place to start is by using a program like Avail.co and start with their state-specific lease. This will make sure you've got 90% of the terms and conditions that are relevant in your State. These leases are easily customizable to edit any of those terms and conditions and/or add special sections like your info about how utilities are handled, where to park, etc. It's inexpensive and a good place to start.
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