As a landlord, making the most out of your property investment is your top priority. The strategies for this can vary, however – while some landlords find long-term lets to be more convenient, others believe short-term rentals bring the best returns. But, what about the in-between option of monthly rentals, which is fast-growing in popularity?
Why choose monthly rentals?
First and foremost, let’s have a look at some of the main reasons why monthly rentals have been trending amongst landlords around the world:
1. Steady income flow
While mid to long-term rentals tend to have a lower price per night, they also provide a more stable income than short-term lets. With tenants typically staying anywhere between one and twelve months, landlords do not have to worry about filling their homes quite as often, which also results in more stable cash flow. Short-term rentals, on the other hand, are much more unpredictable, and the income tends to be highly impacted by seasons.
2. Lower operational costs
Monthly rentals have much lower operational demands, which can be cheaper as well as more convenient for the landlords. The guest check-ins and check-outs are a lot less frequent, meaning the property owner does not have a tight schedule around it. Not only that, you save a lot of costs on cleaning and general maintenance, which is at its highest with short-term rentals.
3, Professional tenant profile
Monthly lets generally attract quality tenants, such as digital nomads or remote workers. These types of guests tend to have stable incomes and maintain properties well, since they do not see your property as a holiday home but, rather, a temporary living place. This usually leads to fewer issues and, therefore, reduces wear and tear of the property.
Preparing your property for monthly rentals
Making a property for monthly rentals ready is a bit different to short-term rentals. Here are some useful tips:
1. Furnishings and appliances
Make sure to have a dedicated workspace in your property, such as a table with comfortable chairs, and a reliable internet connection. Additionally, think about daily living needs such as a washing machine, an ironing board, hair dryer, kitchen utensils, etc.
2. Smart features
If you want to make your property even more attractive, consider various smart features. For instance, smart thermostat or digital entry systems, making your tenants’ day-to-day life more convenient.
3. A detailed listing
When looking for monthly rentals, people tend to be more picky, making sure the property will be great for longer periods of time. In your listing, include detailed information about anything that may help them make their decision, such as location descriptions, property management information, details about any amenities within the building, and so on.
4. Use a trusted platform
Lastly, using a reliable platform for monthly-rentals will reduce the financial risks as well as help you manage your property. For instance, Spotahome specialises in mid to long-term rentals, acting on behalf of both landlords and tenants. They will find you a quality tenant through their screening process, handle the bookings and payment processing, and even provide rental plans with guaranteed monthly payments.
Final word
If you are looking to rent out your property and generate steady income, monthly rentals may be the right strategy for you. And, thanks to platforms like Spotahome, finding your first tenant has never been easier.
