Medium Term Rental Payment and Leasing

[Luke Ostergaard]

Hey BP community!

I am considering gearing my next unit towards travelling professionals and I have a couple of questions. 

1. Are you all typically taking payment up front or on a month by month basis? I assume this would depend largely on whether you are booking through AirBnB/VRBO or another source but I wanted to see ya'll's opinions.

2. What are some specific modifications I should make to the lease? I planned on listing on furnished finder then using a similar process for screening/application/lease signing but I figure the lease for a MTR vs. LTR should have some addenda specific to the shorter stay.

Thanks for all the help. I look forward to hearing your suggestions!

[Jamie Banks]

Quote from @Luke Ostergaard:

Quote from @Jamie Banks:

Hi Luke!

I take payment month by month but when a new tenant signs their lease I require a small deposit that's a portion of the rent and rent is due 3 days before move in. I recommend using a software or talking to an attorney to get a MTR specific lease. I use Avail and I have a few modifications: utilities are paid entirely by me, I list out the furniture that is in the house and have a clause where damage to the furniture will result in a deduction of the security deposit, and a utility max letting guests know that if the bill is over a certain $ amount that the difference will come out of their security deposit.

I have seen other investors include occupancy maximums too, especially for rent by the room MTRs. 

 Awesome points here! How have you liked Avail? I have been bouncing between Avail, RentRedi, and Innago. 

 I really like Avail. One of my properties is a house hack and I wanted to add more clauses than I do in my other MTRs and Avail allowed for the most flexibility. I’ve used Rent Redi and Keycheck’s lease options as well and liked Avail the most and it’s the cheapest!