All Forum Posts by: Erin Spradlin

 @Andrew Bosco - This is true, but you can also do a free review of your local laws by simply downloading a Zillow Rental Manager lease. Those leases are built out for the state and city you are renting in- and they are done so by local experts that Zillow paid. While they are not specifically midterm rental leases, they are specific leases for people that are staying 30+ days and that is what you really care about. 

@Steven Taylor - So many thoughts on this. 
I think that the rent prices will continue to go up because, unfortunately, fewer and fewer people have control of the rental market/own investments. In places like NYC, where the rental vacancy rate is below 1%, all the power is with the landlord and this will drive prices up. I think we will see this more and more throughout the United States.

I also believe the nature of renting is changing. Specifically, I think midterm rentals / furnished rentals, are going to become the norm rather than the exception. I think we are already starting to see that shift, and that midterm rentals will grow in popularity not only with travelers but also with local tenants. If I had been more aware of/presented as an option a furnished rental when I was 20-30 years old, I definitely would have taken it. 

@Andrew BoscoI LOVVVVE midterm rentals. We actually have the option to STR on a few of our properties and decline to do so because we make more money than an LTR on our medium-term rental with a lot less work than an STR.

The pros to medium-term rentals: high occupancy rate, no local regulation issues if you are 30+ days, elevated rents, more and more people are staying longer, often the midterm rental tenant pool is professional. 

The cons to medium-term rentals: I'm adamant that appreciation is what you mostly care about in real estate, and larger homes lend themselves to larger appreciation. That said, I think in the midterm space, a 3 bed/2 bath or smaller is ideal for the midterm rental tenant pool. And smaller properties aren't as good for appreciation. 

@Michelle Fenn Congrats! That's awesome! One thing I love about the "midterm rental" is that people pay elevated prices but often book for long periods of time- in your case, 12 months. 

@Jamie Banks - That hasn't been my experience with my properties or with my midterm rental consulting clients.
I feel strongly that midterm rental hosts are better to drop their prices for a month or two to avoid vacancies than they are to let it sit. In my opinion, the marketing and pricing always comes down to: will I lose more money on my midterm rental by letting it sit vacant or will I lose more money by decreasing the price? From my experience, it's almost always letting it sit vacant. 
The benefit of having your medium-term rental as an Airbnb long-term stay is that you can adjust the pricing in the calendar on Airbnb so that if you are in slow season but moving into high season, you only have to take the pricing hit in the first month. This is harder to do in Furnished Finder/Zillow, but Airbnb has the functionality to do it. 

I have found that the midterm rental occupancy rate is as high or higher than the long-term rental occupancy rate. We have maintained a 92% occupancy rate in Denver for the past 24 months. For this reason, I would not budget this much time in. I think one month is acceptable/the first month you own the place is acceptable. After that, the vacancy on a medium-term rental should not be more than a week between reservations. 

Just sent you a message with a link. You'll find midterm rental checklists, etc. at that link as well. Thanks! 

@Isaiah Wilson - I have a medium-term rental lease that I can share with you for free... that said, I totally agree with that you should use a state-specific lease. Furnished Finder has an area to pull this, but last time I checked, it didn't load. I pull our Colorado lease from Zillow Rental Manager and then modify it to a midterm rental lease. By doing this, you make sure you are protected on the state and city level. Also, if you have an HOA just make sure, their specifications are also included.

When you get started, I recommend being on Airbnb and Zillow to start. That's where I've personally had the most luck. 

@Michelle FennIf your property in Garfield gets no attention, how have you been getting midterm renters? Have you found other demographics have been interested?

 My opinion is that people need to stop going after nurses in the midterm rental market because that market is seriously oversaturated with hosts and has a demographic (traveling nurse renters) that are shrinking. You have outsized competition and a group of tenants that are making less money and becoming unemployed. I am also letting my Furnished Finder listing expire. 

 @Alex Ng - Have you had any hits on Airbnb? I know you said no bookings, but any interest? 

When I'm advising clients on this, we start with making sure you are doing a whole house rental and that you are on Airbnb. The photos on Airbnb need to be professional (with the first photo being the outside or the kitchen.) The headline should also be strategic- take out anything that's vague or subjective (ex. light filled, spacious, near, cozy) and put in specifics (2 mi. to downtown, W/D in unit, etc.)
I also only focus on two platforms. For me, those are Airbnb and Zillow Rental Manager. I keep a 92% occupancy rate, so I'm confident those two can keep you booked. It just becomes a marketing and pricing issue.