In light of the recent short-term rental bans and discussions on future bans across the country, Kimberly Smith, president of Corporate Housing By Owner, offers the following advice to corporate housing owners: “Simplify your life.”
“By renting your furnished home as a monthly rental you avoid being impacted by short-term bans that apply mostly to properties marketed and leased as weekly rentals. By offering your property as a monthly rental vs. weekly, you will simplify your life as a busy landlord,” says Smith.
There are many benefits to being a monthly rental versus a weekly rental including less transition time between tenants, less turnover costs and headaches in between tenants, plus you’ll attract a higher quality tenant as they are often business travelers versus vacationers.
If you currently market your property as a weekly rental, Smith has the following tips for transitioning your property to a monthly rental:
1.) Market the property as a corporate rental by reaching out to local companies in your area and listing the property on Corporate Housing By Owner, a direct online marketing source that connects providers of residential rentals with quality tenants.
2.) Ensure your property is up to general corporate housing standards.
3.) Stay true to your monthly timeframe. While weekly tenants will tempt you, you’re bound to find a few that are interested in a longer-term lease.