Our First Mid Term Rental

While our Short Term Rental strategy was working well, we wanted to explore other avenues to maximize our rental property’s potential. One such strategy that complements furnished rentals is the commonly known Mid Term Rentals. This strategy operates similarly to Airbnb, with the primary difference being the type of clientele it attracts.

Mid Term Rentals are typically sought after by traveling professionals, such as nurses and corporate employees, who require temporary housing for a few months. These rentals offer the convenience and comfort of a fully furnished home, catering to individuals who need more than a brief stay but less than a year-long lease.

Listing Our Property

The property we decided to list was the same we were using for Airbnb. For more details please check this post To effectively tap into the Mid Term Rental market, we utilized Furnished Finder, a platform specifically designed for mid-length stays.

Listing the property is not complex. At this point, we had most of the essentials set up from my Airbnb listing. However, if you are starting from scratch, here are the steps to follow:

1. Create and Verify Your Account: After creating your account, ensure that your account is verified. It will let you continue and have your post live, plus it builds trust with potential tenants.

2. Pay the Fee: Furnished Finder charges a fee for using their services. Make sure to pay this to gain access to their platform and features.

3. Create Your Listing: Once verified and the fee is paid, create your property listing. Include high-quality photos, a detailed description, and a list of amenities. Highlight features that will appeal to mid-term renters, such as a fully equipped kitchen, high-speed internet, and proximity to local amenities.

4. Set Competitive Rates: Research similar listings in your area to set competitive rates. Ensure your pricing offers good value while being profitable.

5. Maintain Your Property: Ensure your property is well-maintained and meets all safety standards. Regular cleaning and prompt maintenance are crucial for attracting and retaining tenants.

Last point is essential. If you do not have a cleaning team and/or you are thinking of taking care of turning over the property by yourself, make sure everything is spot clean and ready for the next tenant.

This is how our property looks like in Furnished finder using the same pictures we used for our Airbnb.

How we Calculate the Rate

Setting the right rate for your Mid Term Rental is crucial. We started by researching what similar properties in your area are charging for mid-term stays. This included looking at other listings on Furnished Finder and similar platforms. You can also check Furnished Finder’s rental statistics for valuable insights. Since our property is also listed on Airbnb, we calculated what a monthly stay would cost. Taking into account any discounts we might offer for longer stays.

You could also compare your calculated Airbnb rate with the market rates you researched. Ensure your rate is competitive but also fair, considering the added value of mid-term rental stability. For your first few tenants, you could consider offering a lower introductory rate. This helps attract initial interest and can lead to positive reviews, making future bookings easier. Periodically review your rates and update them based on occupancy, market trends, and tenant feedback. This ensures you remain competitive and profitable.

What to Do After the First Request

For us was as simply as to do the same we do with our long term rental. We just created a lease for the duration the tenant was looking for. Did our regular checks and closed the deal. In general, once you receive your first request on Furnished Finder, here’s how to proceed:

1. Prompt Communication: Respond to inquiries promptly and professionally. Clear communication builds trust and can set the tone for a positive tenant experience.

2. Screening Tenants: Utilize Furnished Finder’s resources or conduct your own screening process to ensure you’re renting to reliable tenants. This may include background checks and verifying employment details.

3. Lease Agreement: Have a standard lease agreement ready that outlines the terms of the stay, payment details, house rules, and any other important information. Make sure both parties sign the agreement before the tenant moves in.

4. Preparation for Move-In: Ensure the property is clean, all amenities are in working order, and any special requests from the tenant are accommodated. A welcome guide with local information and house rules can also enhance their experience.

5. Regular Check-Ins: Periodically check in with your tenant to ensure everything is going smoothly. Address any issues promptly to maintain a positive relationship.

For further guidance, Furnished Finder offers excellent resources here to help with common questions and best practices.

By following these steps and leveraging Furnished Finder, we successfully transitioned our property into the Mid Term Rental market. This approach not only filled the gaps between short-term bookings but also attracted a stable stream of reliable tenants, enhancing our overall rental income. Have you tried a different strategy for Mid Term Rentals or have additional tips to share? We’d love to hear from you! Leave a comment below with your experiences or questions.