Medium-term rentals are often called subletting, the traveling nurse model or corporate housing. Whatever you decide to call it, this model is a fantastic alternative to short-term rentals (Airbnb) when the laws change and/or when you just get sick of short-term renting. Here's a break down of what I mean...
What is a medium-term rental? A medium-term rental is a furnished rental that you rent for 30 or more days.
What are the advantages to a medium-term rental?
1.) less work. While similar to a short-term rental model, it's usually less work. This is because the stay duration is longer, which limits cleaning and communication.
2.) more money. It's not as much money as a short-term rental, but it's definitely more money than a long-term rental. These people usually pay 1.25x-1.5x more than a standard long-term renter.
3.) they usually convert to a long-term renter. But still pay that higher price! Awesome!
4.) It's legal. Medium-term rentals that are 30+ days are legal everywhere I can think of. So if an Airbnb law changes locally, you will still be able to do this model. (Note: if you live in a condo building, you want to double check that.)
5.) If you hate the tenant, you can get rid of them sooner (usually 1-4 months later.)
Who uses the medium-term model in Denver?
1.) People on the cusp of divorce really like them! It's a great way to get some space from your spouse without outright saying you don't want to spend any more time together.
2.) People that are new to Denver. These are people that (smartly) want to figure out the city before committing to a certain neighborhood.
3.) Nurses and corporate professionals.
This is an excellent model for people that are worried about legislation changing and/or are tired of doing Airbnb. Email me at erin@denverwomeninvest.com if you have questions. Thanks!
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