60 | Is Mid-Term the New Short-Term?
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Is mid-term the new short-term?
Before we answer that, let’s talk about what a mid-term rental actually is. A long-term rental is usually a year-long lease in an unfurnished property. A short-term stay, in most cities, is defined as anything less than 30 days. So anything over 30 days but less than a year would count as a mid-term stay.
The typical length of stay, at this point in time, is drastically changing. With that comes a shift in how you are going to have to look at your revenue. With longer stays comes a smaller daily rate, but also comes with the benefit of less overall maintenance costs. That may take a while to adjust to but it’s necessary with this new model of renting.
Where should I list?
When listing a mid-term rental, you want to have as wide an audience as possible. Here are some popular rental sites you can cross-post your listing to:
And this is just a short list of examples. A great idea is to go to Google and search “long term housing for rent in (the town your rental is in)” and see what comes up. Most people are starting their search this way so you can find what the most popular listings are in your area. Some other search terms you can use are “corporate housing,” “business apartment,” or “extended stay.”
Market to your audience
When you’re marketing a mid- or long-term rental as opposed to a short-term rental, your guests are going to need different things. Call out perks more similarly to an apartment: Are you fully furnished? How fast is your internet? Do you have a washer and dryer in the unit? What streaming or entertainment do you provide? Is it suitable for children? Think about what someone who is staying longer might appreciate.
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