A landlord explains why he switched his condo to month-to-month midterm rentals instead of yearly leases. Furnished units attract business travelers like insurance adjusters and nurses willing to pay more rent, and many end up staying a year or two anyway.
I'm sitting here in a condo that I've recently converted to a midterm rental, and I thought I'd share with you why I like midterm rentals more than a standard yearly lease. So first of all, by offering a month-to-month lease and all the furnishings, you are providing more value, and therefore you will earn more rent. Second of all, the type of tenants that you're going to end up attracting usually, in my opinion, are more business travelers. These are insurance uh, nurses, construction, even military people will need a place for just a couple months. And then finally, I like midterm rental because once your tenant gets into the rental and they get comfortable with the furnishings and the location, oftentimes they'll stay for a year or two anyway. So you end up with a longer-term tenant even though they don't have to stay there.
