Short Term Rentals versus Mid Term Rentals

[Bailey Kramer]

Curious on your opinion on short term rentals versus mid-term rentals? 

While short term rentals typically provide higher cash flow, mid term rentals help to provide stability. 

What type of rental do you prefer and why?

[Ke Nan Wang]

In our area, the city actually has definition on the terminology. 

Transient: nightly to 30 days

Short term: 30 days to 6 month

Long term > 6 month. 

So I'm assuming when you said mid term you mean something like 30 days to 6 months. 

If you run it like long term rental then it's absolutely not worth it because higher turnover, more wear and tear, with not much benefit. But I do see a market for the mid term where you furnish the entire house and charge 50% more comparing to a long term rental rate and allow for less than 6 months lease. There are people who are in-between their houses (sold one and wait for the new one to complete) and might pay the extra because it's less hassle and cheaper than living in a hotel or vacation rental. I've never done one myself but as a realtor, I do see a demand from my clients and clients from my colleagues.