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

6 Replies

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? 

@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!

Thanks for the response. My home is small (2,000 square feet) 3 + 2. House built in 1956 but much of it including kitchen and baths have been upgraded. Compared to what others are offering I think my place might even go for a little less. No view and not walking distance from the beach or stores.
I'd be very happy just to rent 3 months for a summer IF I can find the guests. My understanding is that people look to book even 6 months in advance. So maybe by April if I haven't rented then it's time to lower my price or accept shorter term.
I definitely wouldn't do less than 1 week. Too much risk of maybe getting riff raff guests. 

My neighbors mentioned the high price of Shutters and Loews. That's what's hopefully going to put me in business here! 

 

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. 

@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.

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

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

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