Only doing 1 to 3 month rentals. How much am I missing?

Question

I'm looking to only lease my furnished home for 1 to 3 month durations during the summer. I don't know what kind of demand I'll get. This is an upscale home that will rent for about 8K. At what point in time would you scrap the 1 month minimum and accept 1 week rentals? Perhaps 3 months before summer? What percentage of renters want less weekly rentals versus renters who want 1 to 3 month leases from your experience?

Waverly Rennie · Answer

one thing I have been hearing is that actually your place gets less wear and tear as a weekly rental, since with longer rentals people start to treat the place as theirs and they are also home more. With a one week rental people are gone so much checking out all the hot spots and restaurants that they aren't "home" enough to do much damage. And I wasn't going to do less than a week but realized, since I am not very booked up right now, that offering 3 nights or more would get me some weekend people and some reviews, and i can charge the same cleaning fee after 3 nights or 7 nights and my cleaning lady is just as happy to have more work.

Of course, I don't have as nice a house as you, I would bet! best of luck

Pete Peterson · Answer

I've actually been to AFM. 2 weeks of opportunity.

Matt R. · Answer

@Pete Peterson Weekly sounds good. Keep in mind all the "off season" events from AFM to the Rose Bowl. I teach surfing for the Loews. Summer cranks for sure.

Pete Peterson · Answer

Ooops! Don't know what I typed 8K. I was told about 15K per month during summer, but I think it would go for a bit less.

Matt R. · Answer

@Pete Peterson I don't have those specific answers. You could do some research on vrbo. There also might a be a realtor in PacPal who specializes in the short term market. 8k seems a little low for Pac Pal if is large and luxury style. Perhaps $750 to $1250 a night is closer to market. I think will you find year round demand vs regular vacation spots with off season lower demand times. The Shutters is $500 a night without a view, one room. Good luck!