Are 6 month min leases difficult to fill with Mid Term Rentals

[Francesca Zanzucchi]

Hey Everyone, I have a client buying a house in Tolleson, AZ. He is looking to rent it as a furnished mid-term rental but the HOA requires a min of 6 months on any lease. Does anyone have any experience trying to get a 6 month renter and know if it was significantly more difficult than finding renters looking for a 3 month rental?

[Bonnie Low]

That 6 month minimum is definitely going to limit his guest pool. It really depends on the type of property you're talking about, where it's located and what the draw is to your particular area. As someone else mentioned, travel medical professionals typically rent around 3 months at a time because that matches their contracts. Digital nomads are typically in the 1-3 month range because they like to move around - to them, the experience is just as important/more important than the property itself. Insurance placements might be an option depending on the size, configuration and location of the property. Contracts tend to be one month initially - though 3 months is possible, and they typically do extend to 6+ months but they rarely start out that way so you'll have trouble satisfying the HOA requirements. Personally, I would not buy in an HOA with that type of restriction. You're making it harder than it needs to be to execute this strategy and with today's interest rates, your buyer won't be able to afford it sitting idle to find that unicorn guest.