In this episode, Krista and Samantha delve into the concept of midterm rentals, a flexible housing option that caters to a niche market of digital nomads, traveling nurses, and professionals requiring temporary accommodations. They discuss what makes midterm rentals unique, their benefits, potential challenges, and strategies for success in this rental market segment.
Key Topics Discussed:
What is a Midterm Rental?
The hosts define midterm rentals as leases lasting between one month and about 11 months, highlighting their appeal to tenants who need temporary, fully furnished living spaces with the convenience of a hotel and the comfort of a home.
Key Differences in Lease Agreements:
Midterm rental agreements are tailored to include utilities and furnished living, which allows landlords to charge higher rents due to the added convenience and amenities provided.
Including Utilities and Amenities:
Utilities are typically included in the rent for midterm leases to simplify the living experience for tenants. The hosts discuss how landlords can attract specific tenant demographics by offering relevant amenities, such as business centers or facilities aimed at traveling nurses.
Benefits of Midterm Rentals:
The discussion covers the advantages for landlords, including the potential for higher rental income, flexibility with shorter lease terms, reduced maintenance issues, and opportunities for repeat business and referrals.
Challenges and Drawbacks:
Krista and Samantha explore the challenges associated with midterm rentals, such as seasonality, the costs associated with furnishing units, and the financial planning needed to cover periods of low occupancy.
Finding the Right Properties:
Properties located near military bases, hospitals, universities, or business hubs are identified as ideal for midterm rentals due to their proximity to the transient tenant base these locations attract.
Utilizing TurboTenant for Midterm Rentals:
The hosts explain how TurboTenant can assist landlords in managing midterm rentals effectively, from creating state-specific lease agreements and screening tenants to facilitating rent collection and communication.
Amenities to Include:
Essential amenities to attract midterm renters are discussed, including high-speed internet, business facilities, recreational amenities, and parking, all tailored to enhance the appeal of the rental to the intended demographic.
Conclusion
The episode concludes with final thoughts on transitioning to midterm rentals, emphasizing the importance of having comprehensive lease agreements that reflect the unique aspects of midterm letting and adhere to local landlord-tenant laws.