Lender · Chicago, IL · Member since 2025 · 204 posts · 101 votes
9mo
Yes! I have always allow midterm guests to extend their stay, but I handle it manually. I don’t automatically keep the original rate. If market rates have changed, I adjust pricing while still considering loyalty for great guests.
That usually means offering a fair rate between their original price and the current market. My investor clients have consistently handled extensions this same way, and it’s been very profitable for them. The key is making sure you protect yourself in writing. I always use a new agreement or addendum for extensions, and I make sure the additional needs for insurance coverage is clearly addressed.
Handled correctly, extensions can be a win. No vacancy! No turnover costs! Profitable!
Investor · Florida Panhandle/Illinois · Member since 2016 · 4k+ posts · 3k+ votes
9mo
For me it depends on the season whether the price gets adjusted. I’m in a highly seasonal vacation beach town so if you want to extend into the summer months the rate must increase accordingly. I might provide a discount and explain the pricing structure to the tenant.
I use a hybrid system where I will use MTR during off-season and STR during summer season. But it also depends on the tenant. I am near a few military bases and they tend to pay more so I need to balance it between shoulder season and summer season. It's a nice problem to have.