Running a short-term rental (STR) often means targeting vacationers, out-of-towners, and people looking to rent out a property for anywhere from a weekend up to several weeks. And, owning a long-term rental usually implies folks who rent out in one, three, or sometimes five-year periods at a time.
There’s a sweet spot smack in the middle: medium-term renters. These are people like remote workers, traveling nurses, digital nomads, or simply people who want to pick up and leave for one to six months.
Medium-term renters can be a breath of fresh air if you’re tired of the constant turnover that STRs bring. They also provide a more stable stream of income and a less hectic hosting experience in general.
If all of that sounds like something you’d like to do, our helpful guide on catering to medium-term renters is a must-read.
Who are Medium-Term Renters?
Now that you know there’s a middle ground between the hustle and bustle of STRs and the long-term commitments of traditional leases, it’s time to really identify exactly who medium-term renters are.
As mentioned, you can expect to see remote workers — but it doesn’t stop there. These types of renters are quite a diverse bunch. Here are just a few you may encounter:
- Digital nomads: Travelers who can work remotely from anywhere in the world. This could range from entrepreneurs to folks who simply work remotely for a larger company.
- Corporate relocators: Employees temporarily stationed in a new city for work-related projects.
- Medical professionals: Doctors, nurses, and other healthcare workers on temporary assignments. Traveling nurses are some of the most common.
- Students: Graduate students, interns, or exchange students seeking temporary housing.
Making note of exactly who needs medium-term rentals may not seem too important, but it is. Understanding their needs and preferences will help you tailor your property and amenities accordingly.
Prepping Your Property
Medium-term guests will want the space to feel like home. Think beyond the basics here: a well-equipped kitchen, comfortable workspace, and dedicated laundry area are all essential. You may have to add touches that make your place feel actually lived-in, like basic pantry staples or better-quality linens.
Pricing
Coming up with the right price is crucial. If you don’t know where to start for a medium-term stay, research what similar properties in your area are charging. As you think about it, remember you’re offering so much more than just a place to sleep, like a hotel. Your rental will serve as a comfortable and inviting home base that your guests get to come back to for weeks if not months at a time — and your rates should reflect the value you offer.
Getting the Word Out
Airbnb and Vrbo are great platforms, but you might want to explore other channels to reach your new target audience. Consider listing your property on websites specifically catering to corporate housing or furnished apartments. Make sure to highlight any amenities that would appeal to medium-term guests, like high-speed internet and a dedicated workspace.
You may also consider messaging some of your previous guests. They could need a medium-term rental but had no idea that it’s something you offer!
At the end of the day, a big part of finding success in medium-term rental is about building strong relationships with your guests. Treat them like neighbors, not just customers. Be responsive to their needs and open to feedback. A happy guest is more likely to extend their stay — or get the word out for you.
Legal and Financial Details
As with any and all business matters, before diving in make sure you understand the legal and financial implications of medium-term rentals. Check local regulations, permits, and tax requirements. Also, talk with your insurance provider about options that cover medium-term stays.
Opening up your STR to medium-term renters is a great way to expand your rental business without having a invest in another property or expensive renovations. When you understand your target audience, prep your property, and provide an excellent guest experience, you’ll be well on your way to creating a new income stream!
This content originally appeared in our twice-monthly Guest Book Newsletter.
