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January 27, 2025 | 1.5 Minute Read
In several previous posts, I’ve highlighted the power of mid-term rentals. It’s a huge opportunity in the short term rental space and if you are not leveraging these opportunities, you are at a disadvantage. Let’s revisit what makes this such a valuable strategy.
What is a Mid-Term Rental?
A mid-term rental is a short-term rental with guests staying for 28 consecutive days or more. This arrangement bridges the gap between traditional long-term leases and short-term stays, offering unique opportunities to maximize occupancy and income.
Types of Mid-Term Rental Guests
Displaced homeowners are our most lucrative mid-term guests. Recently, the one month booking below with a relocation service below generated $7,805. Best of all, higher and longer occupancy means less turnover and resupplies thereby increasing net profits. Cha-ching!
Here’s a complete breakdown of the guest types we accommodate, along with the average monthly rates in our market:
Displaced Homeowners
Monthly Rate: $7,000–$8,000
Details: Booked through insurance or relocation companies, these are the most profitable guests as the check above confirms.
Corporate Workers
Monthly Rate: $3,500–$4,000
Details: Primarily construction crews or workers on state projects.
Business Travelers/Digital Nomads
Monthly Rate: $2,800–$3,100
Details: Often traveling for relocations or extended projects. One company has booked with us 15 times, averaging $3,500 per stay.
Traveling Nurses
Monthly Rate: $1,200–$2,300
Details: Least preferred due to lower profitability. These guests require all utilities included, leaving negligible net profit. However, they are a viable option during our slowest months to cover expenses.
Current Occupancy
At present, six of our short-term rental properties are occupied by mid-term guests, with stays ranging from 3–6 months or longer:
Two properties: Occupied by displaced homeowners.
Four properties: Rented to corporate workers (construction companies).
One property: Rented to a digital nomad starting February 3rd for 30 days through Airbnb, netting $2,472
These bookings ensure high profitability and 100% occupancy during our slowest season (December to February).
Ready to Increase your Bookings?
If you’re ready to take your short term rental rental strategy to the next level, book a consulting call with me. I’ll guide you step-by-step through the process of securing profitable mid-term bookings including how to set them up, how to market them, a list of contacts, negotiations, documents required, and tips for maximizing your income.
