Mid-Term Rentals vs. Traditional Long-Term Rentals: Which Is Right for You?

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Published Date: 2023-05-24

There are three types of corporate rentals that you can offer to tenants. These include traditional long-term rentals, more modern short-term rentals, and a happy middle ground known as mid-term rentals. If you’re deciding what kind of stays to institute at your properties, this blog will share insight into what might be the best choice for your situation.

The Case for Long-Term Rentals

Many traditional housing owners find long-term leases the safest for them. These leases typically run six months or longer and may have a yearly contract or something that moves to month-to-month after the initial duration.

Most tenants looking for a long-term lease are interested in a less expensive cost. However, tenants are needed less frequently since they stay longer. They’ll often treat the property with care since it’s considered their home.

What About Short-Term Stays?

There are various definitions in place for a short-term stay but it’s often considered less than a month. These are for guests who are only going to be in one area for a very short time. In most cases, this involves vacationers who are taking a week or two off to see the sights and experience attractions.

Short rental periods bring their own set of problems. You’ll need to find renters far more often and those who want longer stays are likely to choose other corporate housing options. In some areas, short stays may work well, but that isn’t the case elsewhere.

Choosing the Middle Ground

Most property owners have heard of short- and long-term rentals. Mid-term rentals have only become common in the last few years and not everyone has heard of them. However, that doesn’t mean they might not be the right choice for your corporate housing business.

A mid-term rental can range from a month-long to 12 months, but most are between three and nine months. If it’s shorter or longer, it is usually called a short- or long-term rental instead.

The great thing about mid-term rentals is how many people are looking for them. People relocating to a new city might choose a mid-term stay while they decide what neighborhood to permanently relocate to. Corporate and business travelers also appreciate the length of these stays since they may be in town for several months.

What’s right for you will depend on your property and your goals with it. However, it’s worth considering all the options rather than choosing what everyone else is doing just because it’s been done that way for years. No matter what you choose, CHBO can help you advertise your rentals and bring in tenants.