Medium Term Rentals – Hosting Benefits

More and more people are turning to medium term rentals as an affordable and convenient housing solution. For landlords, this type of property can be a great way to make some extra money while also providing a valuable service to their tenants. Many workers such as nurses, remote jobbers, executives, IT employees and doctors in many cases have a need for medium term housing. Here are just a few of the benefits that come with hosting medium-term rental properties:

Benefit 1: Medium Term Rentals Produce Steady Income

Medium-term rental properties provide property owners with a steady stream of income. Because leases typically range from 3 months to 1 year, you can be sure that each tenant will be paying rent for at least that long. Furthermore, because there is much less owner responsibiity for cleaning and maintenance during the lease period, there’s less concern about unexpected costs cutting into your profits. Additionally, once a medium term rental tenant settles in to the property, the demand for ongoing communication reduces the amount of time managing required to manage that rental period.

Another great aspect of medium term rentals is that you can enhance your revenue stream by providing add-on services such as more frequent cleaning, car services, grocery services, club membership access and more.

Benefit 2: Placement Companies/Recruiting Agencies

Numerous traveling or remote workers utilize placement companies or recruiting agencies to find housing. So if you can establish a relationship with these types of groups and list your property with them, you could develop a built-in stream of medium term tenants with ease. In the medical field it is very common for hospitals to place their medium term employees via the human resources department or through a placement agency.

Benefit 3: Low Maintenance Costs

Another great advantage of medium-term rental properties is that property owners generally incur fewer costly repairs and upkeep compared to what they might have with traditional long-term rentals. Because tenants are only staying in these properties for a short period of time, they generally take better care of them than they would if they were living in the same place for years at a time. This means lower maintenance costs overall and fewer headaches for the property owner.

Benefit 4: Flexibility of Medium Term Rentals

Finally, hosting medium-term rental properties gives landlords the flexibility to adjust their rents whenever necessary without worrying about breaking any long-term contracts or upsetting existing tenants. Landlords can also easily switch up the offerings they provide such as adding additional amenities or offering different packages based on what their current tenants might want or need.

All in all, hosting medium term rentals can be an incredibly lucrative business venture for property owners. With just a little scheduling effort, you can fill lower occupancy short term rental periods with a medium term rental tenant of say 1-3 months. With its many advantages, it’s easy to see why more and more people are making this type of property part of their investment portfolio!

Benefit 5: Fewer Regulations

Medium term rentals are subject to fewer municipal regulations in most cases. For example, many towns and cities have regulations that limit or prohibit short term rentals such as an Airbnb property. With a medium term rental running 30-180 days typically, there is a good chance your property will fit nicely into existing rental ordinances.

Final Thoughts on a Medium Term Rental Strategy

As you can see, medium term rental properties are a great way to diversify and add flexibility to your portfolio, while increasing your rental income. From traveling nurses to remote workers to doctors and their families, renting between one month and one year presents a myriad of benefits property owners. Furthermore, having properties dedicated to medium term rentals decreases the amount of vacancy and turnover associated with traditional short term rentals, while still feeling more secure than other investments like stocks or bonds. As workers and families’ lifestyles change in remote driven world, medium term rental homes are an increasingly popular option among investors looking to capitalize on current real estate trends.