STR/MTR hybrid question
I'm considering turning my STR into a MTR during these slower months. I just had my first applicant, for a month in the spring. For those of you who do this hybrid model - do you collect the entire month's rent in advance (even if the booking isn't for a few months from now) Do you specify in the lease that the month's rent is non-refundable (to protect in case they ask to cancel after they have paid but before the stay begins). This potential tenant is asking to pay half the rent now and half the rent two weeks prior to move in date. My airbnb booking lead time is 31 days which makes me nervous about accepting the other half of the rent just two weeks prior to their move in date (if they decide to cancel, I'm past my booking window to be able to fill those days on Airbnb). Would love some thoughts from the MTR/STR folks. Thank you!
Most Popular Reply
I do 7 night minimums and that attracts a lot of 30+ day bookings. Most of the 2-6 month stays start with an OTA booking, and then transfer to a lease if needed.
I’d have no problem with half rent now and 2nd half 15 days before move-in. It’s a win-win in my eyes, if they don’t pay the remaining balance then I get to keep the half with no expenses occurred and could possibly book those dates going forward. Now, I don’t root for that situation but i also have no issues following the contract.