All Forum Posts by: Michael Voronkov

Quote from @Lucas Miles:

@Michael Voronkov we do 1-year leases that then convert to M2M after the first year term. Going directly to a M2M lease is likely not beneficial to yourself or the tenant. We will do short term leases 3 months but will typically charge 2X the normal rent, for 6 month lease 1.5X the normal rent. High vacancy will eat into your cash flow quickly!

 @Lucas Miles, thanks for the response!
I am not looking for a typical 12mo lease that converts to m2m.
The house is in an area with solid demand for short-term (1-4 mo) stays.
It's been booked solid through AirBNB at $3.3K/mo for the last 3 years with 1 month as the minimum stay.  Now that AirBNB market is softening, I'd like to lower the price for the guests advertising it directly, without AirBNB, at $2.7K, which is at least $800 higher than a typical 12mo
lease rate.
Hence the dilemma on the security deposit

Hi Lucas, thanks for the response!
I am not looking for a typical 12mo lease that converts to m2m.
The house is in an area with solid demand for short-term (1-4 mo) stays.
It's been booked solid through AirBNB at $3.3K/mo for the last 3 years with 1 month as the minimum stay. Now that AirBNB market is softening, I'd like to lower the price for the guests advertising it directly, without AirBNB, at $2.7K, which is at least $800 higher than a typical 12mo lease rate.
Hence the dilemma on the security deposit.
 

I looking to list my fully furnished, 3bd/2ba house for a month-to-month rental (1 month minimum), but not sure about the security deposit.
One month's rent seems like a lot of money for someone who only wants to rent for a few months.
Is there a rule of thumb?
Thanks in advance!