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Matt Wignall
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  • Superior, WI
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Mid-Term Rental 3-Month Lease Superior, WI/Duluth, MN

Matt Wignall
Pro Member
  • Superior, WI
Posted Feb 3 2024, 07:07

I have a fully furnished home in Superior, WI.  4bd/2ba 2200 sq ft

Should I include…..

Utilities?  All of them/Some of them

Bedding?  Do I need to supply sheets, Blankets and Pillows?

How do I structure the utilities in the lease?  Do I pay up to a certain amount?  Heat/electric avg is $150-200/ mo.   internet is $70, TV is $150(dish).

I’m planning on using a PM Company.  they do not typically do furnished rentals.

Was thinking of renting $1800-$2000 12 mo. Lease, unfinished and $2200-$2400 3 mo lease furnished.

Anyone have any insight or suggestions I’d really appreciate it!  I currently have 3 LTR unfinished, this would be my first Short/Mid Term rental.

Thank you!

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Shannon Strickland
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  • Rental Property Investor
  • Northern Virginia
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Shannon Strickland
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  • Northern Virginia
Replied Feb 3 2024, 07:48

I highly recommend reading 30-Day Stay from Bigger Pockets-it will be your go-to reference for your first experience.

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Matt Wignall
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  • Superior, WI
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Matt Wignall
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  • Superior, WI
Replied Feb 3 2024, 07:55

Thank you!  

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Bruce Woodruff
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  • West Valley Phoenix
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Bruce Woodruff
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Replied Feb 3 2024, 07:59

For a Medium -Term rental like this, it would be typical to have it furnished. Traveling nurses, construction workers, etc...are not going to want to find furniture....

You would pay utilities as well. This is just like a STR except the guests are staying a bit longer.

Be aware that this will give the 'guests' tenant rights, so make sure you screen correctly, you don't want to have to evict someone......

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Matt Wignall
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  • Superior, WI
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Matt Wignall
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  • Superior, WI
Replied Feb 3 2024, 08:03

Going to show a guy right now, in town on a contract for 3 mo.  Says his company is going to rent the home.  Has anyone rented to a company?  Says him and two others will be staying.

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Michael Baum
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  • Olympia, WA
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Michael Baum
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  • Olympia, WA
Replied Feb 3 2024, 18:17

Hey @Matt Wignall, you need to treat this just like any LTR. Do a full screening, call the company and get the details. Don't just act like this is a long STR.

For 3 months, I would include utilities but I would charge accordingly in the monthly rate.

I assume that 2200-2400 number is monthly and not for the whole 90 days.

Is that competitive? I have no idea what the long term market in Superior, WI. Seems pretty cheap for a 4/2. 

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Jamie Banks#2 Medium-Term Rentals Contributor
  • Real Estate Consultant
  • Reston, VA
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Jamie Banks#2 Medium-Term Rentals Contributor
  • Real Estate Consultant
  • Reston, VA
Replied Feb 6 2024, 15:44

I’m a MTR operator, here’s what I would do:

- Look on Furnished Finder and Airbnb for comps. On Airbnb look for properties that have reviews for Long Term stays 

- Add all utilities but include a utility cap in your lease so that you’re able to charge for overages. I take the overages out of the security deposit. 

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Bonnie Low
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  • Cottonwood, CA
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Bonnie Low
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Replied Feb 6 2024, 18:01

I strongly recommend you do not use a PM company that is not very experienced with STRs or MTRs. These are very different niches than long term. They are part of the hospitality industry, as opposed to housing, which is what your typical property manager is used to. Your guests will be expecting a hospitality experience, which means 24/7 communication and the special touches that make it a hospitality stay. The PM company won't be familiar with the OTAs you'll use to list your property, how to manage your calendar and coordination with team members. If you absolutely can't or don't want to manage it yourself, then find a PM who specializes in STRs or MTRs or bring on a co-host for your property to make sure it gets managed correctly. If you're not delivering a 5 star experience every time, your ratings will suffer and you won't stay booked. 

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Amanda McKee
  • Realtor
  • Minnesota
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Amanda McKee
  • Realtor
  • Minnesota
Replied Feb 8 2024, 19:38

Hi, How do you currently use it?  As others have said, I recommend including the utilities but having a cap on it.  Have you done any comp shopping?  I would check out Facebook Marketplace, Airbnb, and Furnished Finder to see how much other rentals are going for in your area.

Mid-term rentals should be furnished and can rent for more than LTR. The price should include the cost of utilities plus extra for the benefit of being furnished and MTR.