New to medium term rentals - strategy?

Question

Hey everyone! We recently acquired a key that is a minimum 90 day mid-term. We are wondering about a few aspects of it and would love some advice and input!

- Maximizing Bookings – What’s been your best strategy? Are you focusing on corporate housing, insurance placements, traveling professionals, or something else? Any marketing hacks that work well?
- Guest Insurance – Do you require guests to carry their own insurance, or do you use a service like Safely, Proper Insurance, or another option to cover damages?
- Retainer/Deposit Fees – If you charge a retainer for mid-term stays, how much do you typically require? Does it cover just marketing and admin, or do you bundle it into property management fees?
- Background Checks & Applications – What software do you use to screen mid-term guests? Are you going full tenant-style background checks or using something lighter for short-term travelers?

- property analysis. - how do you estimate the income on mid-term rentals? I find that it's easier to find data on STR and LTR so I struggle to estimate the income

We’d love to learn from the community and hear what’s working (or what to avoid)! Thanks in advance!

Allen Duan · Answer

How many bedrooms is the property? 90 day minimum will be difficult for a successful MTR. I'll give you some numbers for the MTRs we manage in Los Angeles.

1-2 bedroom MTRs stays are 1-3 months

3+ bedroom MTRs stays are 3-6 months, but often start less than 3 months and extend their stay

MTR marketing falls in 2 buckets. Listing sites like Airbnb and Furnished Finder, and B2B relationships for referrals, insurance, and corporate bookings. The specific tenant type to target depends on your property and market.

We don't require any insurance from the guests. Homeowner should have an adequate policy and you can use additional damage protection from services like Safely and Waivo.

Yes, security deposits are normal for MTRs and highly recommended.

Any screening service that works for long term rentals works just as well for MTR.

I do my analysis my checking comps on Airbnb and using Pricelabs market data tools.

Let me know what else I can help with!

Account Closed · Answer

The property is a 3 bed 2 bath. We're located in Bradenton, Fl, so this property is attractive for snowbirds looking to get away for the winter months but I'm trying to figure out how to fill it the rest of the year.

Are security deposits needed in addition to damage waiver, or do you pick one or the other?  For B2B relationships for corporate bookings, where is the best place to get started on that?

Thanks for the input. I appreciate it!

Account Closed · Answer

I’m interested in the replies as I’m in a similar position.