While Innovative Property Solutions strives to maintain high tenant retention rates, we recognize that each property owner's business plan might vary and a medium-term tenant might be necessary in order to ease into or out of short-term rentals. IPS also recognizes that there might be a great cash opportunity for owners as short-term rentals are usually more costly for tenants rather than a long-term lease.
A medium-term rental opportunity would generally show up in the form of subletting a pre-furnished property. Owners who are hoping to attract medium-term tenants are generally interested in establishing a strong client base while collecting decent income without the added stress of a shorter term tenant. The problem with this business plan is that it can be rather difficult to find a quality tenant who is only interested in a medium-term lease.... If you don't know what you're doing!
Fortunately, IPS is skilled at providing rental property owners all sorts of options, including medium-term, top-notch tenants and here are three things you can do to discover them for yourself:
No, we're not joking! Airbnb is full of consumes in search of quality medium-term properties. Furthermore, you set the standards when you list your property on Airbnb. Specifics such as length of stay or minimum stay required are determined by the property owner (or the employed property management company). The "down side" is twofold: if your property is booked via the Airbnb site, they will take three percent of the fee you charge for the whole of a stay. In addition, squatting could become an issue. If you intend to list your property for a stay of 30+ days, protect yourself with a formally, legally drafted lease in order to avoid this unpleasant and costly issue. This might be one of the top five reasons to hire a property management team if you have not done so already!
Related: 10 IPS Tips Re: Security Deposits
Facebook Marketplace has practically taken over the world. However, Craigslist is still hanging on for dear life. Both are excellent sources for seeking out the medium-term tenant for whom you are searching. If you elect to go these routes, be sure to adopt a more strenuous screening process as some of the basic precautions are lacking via these forms of marketing. Regardless, make sure to draft that lease agreement and protect yourself to the hilt! Did we mention that it might be time to entrust this process to the experience of a premium property management company?
Most medium-term tenants are searching for a 30+ day, furnished rental property. While the fees might be a tad high, sites such as FurnishedFinder, Wanderly, and CorporateHousingByOwner might be an option for owners. Many happy rental property owners have found success via such avenues, but you need to do the research in order to learn which will work best for you!
Don't forget that medium-term tenants can also show up in the form of business men who are looking for a temporary stay while they fulfill career obligations in a given location. Often times, Fortune 500 companies and other employers are willing to pay premium fees in order to ensure their employees are appropriately placed! Your best best: consult a credible property management company today!