As a short-term rental host, you’ve likely experienced the lull of the off-peak season, when fewer tourists are booking stays and your property may sit vacant. An effective method for maximizing off-peak revenue during these slow periods is to incorporate midterm rental strategies into your business plan.
What is a Midterm Rental?
Midterm rentals typically cater to guests staying between 1 and 6 months, longer than a typical vacation rental but shorter than a standard yearly lease. This strategy targets a different demographic: digital nomads, business travelers, traveling nurses, remote workers, students, or even people relocating to your area. These groups often seek temporary accommodations that are fully furnished but prefer longer stays than the average vacationer.
The Benefits for Off-Peak Seasons
- Consistent Cash Flow: Instead of relying on unpredictable short-term bookings, midterm rentals offer stability. With a longer lease, you secure guaranteed income for multiple months, reducing the risk of vacancies.
- Lower Turnover Costs: Short-term rentals require frequent cleaning, maintenance, and guest management. With midterm rentals, the turnover is significantly reduced, meaning fewer cleanings, repairs, and guest inquiries, ultimately saving you time and money.
- Attracting a Different Audience: While tourists may dwindle in the off-season, midterm renters often have different needs. Remote workers, for instance, aren’t tied to peak travel seasons, making them more likely to book during slower periods.
- Simplified Operations: Longer-term stays also mean fewer bookings to manage, allowing you to streamline your operations while ensuring your property remains occupied.
Where to Find Midterm Renters
Finding midterm renters is an effective strategy to fill vacancies during off-peak seasons and help to maximize your revenue. Here are several platforms and strategies to connect with these tenants to help with maximizing off-peak season revenue:
- Specialized Midterm Rental Platforms:
- Furnished Finder: This platform specializes in furnished rentals suitable for midterm stays, connecting property owners with travelers seeking longer accommodations (Furnished Finder).
- HouseStay: Offers a curated selection of fully furnished homes and apartments available for rent for 30 nights or more, catering to those seeking temporary residences (Housestay).
- Homads: Focuses on simplifying midterm rentals by offering listings specifically for 30+ day stays (Homads).
- General Rental Listing Websites:
- Zumper: Allows listing short-term rentals with options for monthly stays (Zumper).
- Apartments.com: Features short-term rental listings accommodating various durations (Apartments.com).
- Corporate Housing Platforms:
- Blu Corporate Housing: Provides corporate housing solutions and allows property listings for short-term rentals (Blu Corporate Housing).
- Community and Classified Platforms:
- Craigslist: A well-known classified website where you can list your rental property in the “Housing” section.
- Facebook Marketplace and Groups: Local groups often have members seeking midterm rentals, especially in community-focused areas.
- Networking and Word of Mouth:
- Engage with local businesses, universities, and professional networks, as they often have contacts or employees in need of temporary housing solutions.
When listing your property, highlight features appealing to midterm renters, such as comfortable furnishings, high-speed internet, and proximity to local amenities. Clear communication about availability, pricing, and terms will attract tenants seeking longer stays.
By integrating midterm rental strategies during the off-peak season, you can maximize revenue, minimize vacancy, and continue to grow your business in a more sustainable way. Schedule a call with us here to help get you on the right path to maximize your off-season rental strategies.