Updated 3 months ago on . Most recent reply
convert short term rental to long term rental?
I have the opportunity to convert a short term rental into a long term rental. In this situation, the potential long term guest would be paying rent that is about the same amount as what i'd make as a short term rental. Assuming this tenant will take care of my place, should I switch the unit over to a long term rental in order to secure guaranteed rental income for an entirety of a 1 year lease? Do long term tenants tend to cause more wear and tear than a short term guest?
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The main drawback with a LTR vs STR is that you do not get to get in there and really see the property every week. Tenants often do not keep up the little stuff, or report small drips/leaks under sinks, etc...
And you should be getting 2-3 times monthly income from a STR.....are you not asking enough? Or is this LTR tenant really willing to overpay that much?