This is a question that I get asked probably more than any other question! A mid-term rental typically refers to a rental agreement or booking that lasts for a period ranging from one month up to several months, bridging the gap between short-term rentals (typically a few days to a few weeks) and long-term rentals (usually a year or more). You will also hear Mid Term Rentals referred to as MTR’s or Medium Term Rentals.
Mid-term rentals are often chosen by individuals or families who need temporary housing solutions for various reasons (sometimes planned, sometimes unexpected). This could include professionals on short-term work assignments, individuals relocating to a new city and needing a place to stay while searching for a long-term home, extended stays in a city due to medical treatments, students attending a semester abroad, people displaced from their current homes due to insurance related matters such as fires or floods, and even tourists looking to really immerse themselves in a new city for an extended period of time.
These rentals can be furnished or unfurnished, depending on the specific arrangement, and they may be available in various types of properties such as apartments, condominiums, or houses. Mid-term rentals offer more flexibility than long-term leases, allowing tenants to have a temporary living arrangement without the commitment of a year-long contract. MTR’s may also provide a great option to property owners who are not able to Short Term Rent their property due to HOA rules, Condo Bylaws or Municipal Regulations.
So now that we know what an MTR is, let’s talk about some of the benefits that this rental option provides to it’s tenants:
Flexibility: Mid-term rentals offer greater flexibility compared to long-term leases. They provide a temporary living arrangement that can be customized to fit your specific timeframe, whether it’s a month, a few months, or several months. This flexibility is especially beneficial for individuals or families who need short-term housing due to job assignments, relocation, or other transitional periods.
Cost-effective: Mid-term rentals can often be more cost-effective than staying in a hotel for an extended period. Rental rates for mid-term accommodations are typically lower than daily hotel rates, and they may also include additional amenities such as utilities, Wi-Fi, and parking, saving you money on these expenses.
Furnished and ready-to-move-in: One of the significant advantages of mid-term rentals is that they are usually furnished, eliminating the need to purchase or transport furniture. They are equipped with essential items like beds, sofas, tables, appliances, and kitchenware, allowing you to move in with ease and start living comfortably right away.
Home-like atmosphere: Mid-term rentals provide a more homely atmosphere compared to hotels. You get a private living space, separate bedrooms, and often additional amenities like a kitchen, living room, and laundry facilities. This setup offers a sense of home and privacy, making it an ideal choice for families or individuals who want a comfortable and inviting living environment.
Location options: Mid-term rentals can be found in various locations, including residential neighborhoods, city centers, or close to business districts. This allows you to choose a location that suits your preferences and proximity to your workplace, schools, or other amenities you require during your stay.
Temporary housing solutions: For individuals in transitional periods, such as during home renovations, waiting for a new home purchase, or experiencing life changes, mid-term rentals provide a temporary housing solution that offers stability and comfort until more permanent arrangements can be made.
Pet Friendly: MTR’s may also be pet friendly. This can save you the added cost of boarding your pet or finding a friend or family member to look after them for you.
If you find yourself in need of a Mid Term Rental, or would like to discuss this strategy further, please reach out!
Our whole portfolio is available to be booked on a MTR basis in addition to our standard STR offerings. To qualify for the discounted MTR rental rates, all you have to do is book for a period of 30 nights or longer and the discounts will get automatically applied to your quote.
#mtr #pearproperties #insurancehousing