Investment properties such as mid-term rentals (also known as subletting or monthly furnished rentals) have become increasingly popular among real estate investors. The numerous advantages they offer, including attracting a reliable client base and generating substantial profits with minimal stress compared to short-term rentals, make them an excellent option for investors. To assist those seeking to find mid-term renters, this article presents three highly effective advertising strategies.
- Utilize MiniStays and Airbnb: MiniStays and Airbnb are my top two choices for finding great tenants. Believe it or not, Airbnb, despite its controversial reputation with cities and neighborhood associations, can still be leveraged to find mid-term renters. By adjusting the minimum stay length to 30-plus days on Airbnb, investors can attract potential tenants interested in mid-term rentals. Indeed, this platform serves as our primary resource for acquiring such renters, offering significant success. . MiniStays has been the fastest growing platform for monthly furnished rentals. It was designed solely for stays over 30 days so they offer all of the tools and resources that hosts an guests want and need for this space and there’s no confusion with calendars like trying to sort through dates on Airbnb because of their weekend stays. Their low fees for both hosts and guests and great customer service are a few other perks I love about MiniStays. I have all of my properties on MiniStays and I firmly believe that it will soon be the front runner for mid-term rentals.
Keep in mind, when using either of these sites, it is crucial to ensure that anyone staying for 30-plus days is bound by a formal lease agreement to avoid any potential squatting issues.
- Explore Craigslist/Facebook Marketplace: Although Craigslist popularity has waned in favor of Facebook Marketplace, it continues to be a viable option for finding mid-term renters. Prior to realizing the alternative of using Airbnb, Craigslist served as our primary source for acquiring such tenants. Yet, it is advisable to exercise caution and conduct thorough tenant screening when utilizing Craigslist, as the platform lacks the gatekeeping measures provided by Airbnb.
Additionally, consider exploring Facebook Marketplace, as it offers potential opportunities to connect with prospective renters. While we have not yet utilized it for this purpose, it has gained considerable popularity among individuals seeking furniture, and the same appeal could extend to attracting renters. Remember, for both platforms, it is essential to formalize the tenancy through a lease agreement.
- Consider Paid Platforms: There are several paid platforms, including FurnishedFinder, Wanderly, and CorporateHousingByOwner, that cater specifically to individuals searching for furnished 30-plus-day rentals. Although these platforms have not been personally utilized, feedback from acquaintances confirms their effectiveness in finding suitable tenants. However, it is worth mentioning that some may find the associated fees to be relatively high and beware of scams. Nevertheless, these platforms serve as reliable alternatives to the conventional resources like MiniStays and Craigslist.
Mid-term rentals offer a favorable opportunity for investors looking to transition from short-term to long-term rentals. Not only do they provide higher returns compared to long-term rentals, but they also require less effort than managing short-term rentals. By effectively promoting and advertising these properties using strategies such as leveraging Airbnb, MiniStays, exploiting Craigslist and Facebook Marketplace cautiously, or exploring paid platforms tailored for this niche, investors can attract a steady stream of mid-term renters.
