How To Price Your Mid Term Rental
Pricing a mid-term rental can be challenging, as it requires finding the right balance between making a profit and attracting renters. Here are some factors to consider when pricing a mid-term rental:
Location is one of the most important factors when pricing a mid-term rental. For short-term rentals, properties in popular tourist destinations or urban areas will generally command higher prices than those in more rural or suburban areas. This is different for mid-term rentals as many guests are coming because they are looking to live in the area. This means that proximity to local schools, universities, and hospitals (depending on your guest) would be more appealing.
The amenities offered by your property can also affect the price. Properties with more amenities that help with temporarily living in an area such as in-unit laundry, bathtubs (if they have young children), or enclosed backyards (for pet-friendly families) will generally command higher prices than those without.
The size of the rental property can also affect the price. Larger properties, such as houses or larger apartments, will generally command higher prices than smaller properties such as studio apartments.
The condition of the property can also affect the price. Properties that are in good condition and well-maintained will generally command higher prices than those that are in need of repairs or renovations.
The demand for rentals can vary depending on the season. Properties in popular vacation destinations may command higher prices during peak seasons and lower prices during off-seasons. This could apply to mid term rentals in there are many people who visit warmer climates when it's the winter or escape to cooler temperatures when it's the dead heat of summer.
The second part of seasonality that you can take into account is the beginning of the year and summer time. Most HR departments will hire during the beginning of the year and hold off on hiring during the holidays. This creates a larger than usual influx of people looking to move at the beginning of the year. Summer time is the other high season in that many families will not move until the summer time when their kids are out of school.
Compare the prices of similar properties in the same location, with similar amenities, size and condition. Use this information to determine a fair and competitive price for your property. You can compare mid term rentals by looking at the low end of pricing by comparing your property to other annual leases. To then look at the high end, you can compare your listing on short-term rental booking sites. Mid term rentals tend to sit right in the middle (hence the "mid" of mid term rental) of these two extremes.
Keep in mind the cost of marketing and maintaining the property, and make sure that the price covers these expenses and allows for a profit. In comparison to short-term rentals, mid-term rentals will save you money in cleaning fees associated with each reset as well as hotel occupancy taxes as mid term rentals do not fall into the short-term rental regulations. You can adjust your rate based on these savings.
It's important to remember that pricing is not a one-time decision and should be reviewed regularly and adjusted accordingly, depending on the demand and competition in the market.
Once you have determined the price for your mid-term rental, be sure to clearly communicate it to potential renters and include it in your listing. Also, make sure to track the occupancy rate, guest feedback and adjust the pricing accordingly.
List Your Mid-Term Rental On Homads
If you’re looking for a mid-term rental, make sure to check out Homads.
Homads is a platform that allows property owners and hosts to list their properties for mid-term rental and connect with potential guests. The platform is geared towards providing a more affordable, flexible and customizable solution for both guests and hosts as compared to traditional leasing. The platform aims to create a more efficient and transparent rental process, by allowing hosts to list their properties, set their own rental terms, and communicate directly with potential guests.