Cities and municipalities are intensifying their measures against short-term rentals (STRs), which has put many hosts under pressure. However, if you are host struggling with these, there might be a solution to keep your furnished rental in high demand. The world of mid-term rentals (MTR), is gaining popularity as standalone investment category.
Increasing Demand for Mid-Term Rentals
While most investors and property owners focus on long-term and short-term rentals, the demand for mid-term rentals has witnessed a remarkable surge due to various factors:
- Rise in Remote Workers: With the growing trend of digital nomads and remote professionals, the need for comfortable housing options for extended periods has become essential.
- Alternative Rental Strategies: Cities imposing restrictions or bans on STRs are compelling hosts to explore alternative rental strategies, and mid-term rentals have emerged as an appealing choice.
- Maximizing Property Utilization: Hosts who wish to rent out their furnished properties but have withdrawn from traditional STR platforms can find success with mid-term rentals.
- Longer Stays: Many hosts now prefer longer stays for their furnished properties, attracting professionals seeking accommodation for extended work assignments.
- Professional Tenants: Mid-term rentals gravitate towards professionals as tenants, as they are considered more reliable and result in reduced turnover. This preference emphasizes the need for cultivating a professional tenant base.
- Economic Factors: Economic shifts have led to an increase in budget-conscious vacationers, resulting in a decline in short-term rental bookings. Mid-term rentals provide a solution for maximizing rental income during these periods.
Protection against Local STR Regulations
The extended duration of mid-term rentals, averaging around 3 to 4 months, often offers protection against local STR regulations. However, it is crucial for landlords to familiarize themselves with the specific regulations of their respective cities, as they can vary significantly.
Catering to a Niche Market
While short-term rentals primarily target vacationers, mid-term rentals are an ideal fit for traveling professionals, including remote workers in technology, healthcare, construction, engineering, and education sectors. Moreover, the resurgence of business travel, as indicated by the GBTA’s recent business travel index outlook, has further fueled the demand for corporate housing and relocation accommodations, affirming the potential of the mid-term rental sector.
Your Reliable Partner for Mid-Term Rentals
MiniStays stands out as a leading mid-term rental platform. They connect landlords with potential tenants seeking mid-term rentals in your area. There’s good reason why they’re the fastesr growing platform for furnished monthly rentals, MiniStays offers unmatched exposure for landlords interested in hosting monthly traveling professionals. Furthermore, landlords enjoy a range of essential tools provided by MiniStays, including tenant screening reports, security deposits, online rent payment options, and tenant tracking services.
