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STR Hosting 101

Understanding the Difference between Short-Term Rentals (STRs) and Mid-Term Rentals (MTRs)

Pros, Cons, and Listing Strategies

The rise of the sharing economy has revolutionized the way we travel and find accommodations. Among the various options available, Short-Term Rentals (STRs) and Mid-Term Rentals (MTRs) have gained significant popularity. In this blog post, we'll explore the key differences between STRs and MTRs, highlighting their pros and cons, and discuss the best places to list your property for each.

Short-Term Rentals (STRs):

  1. Definition:

    • STRs are typically rentals for a short duration, ranging from a single night to a few weeks.
    • Platforms like Airbnb, Vrbo, and Booking.com dominate the market for STRs.

  2. Pros:

    • High-income potential due to nightly rates.
    • Flexibility for property owners and guests with regard to booking dates.
    • Ability to meet and interact with a variety of guests.

  3. Cons:

    • High turnover can result in more maintenance and cleaning responsibilities.
    • Potential for inconsistent occupancy, depending on location and season.
    • Stricter regulations and legal challenges in some areas.

  4. Best Places to List:

    • Airbnb: A global platform with a vast user base.
    • Vrbo: Ideal for vacation homes and family-oriented properties.
    • Booking.com: Attracts a diverse range of travelers, including business and leisure.

Mid-Term Rentals (MTRs):

  1. Definition:

    • MTRs typically cover rentals for one month to several months, targeting guests with mid-term housing needs.
    • Platforms like Furnished Finder and CorporateHousing.com are popular for MTRs.

  2. Pros:

    • More stable and consistent income compared to STRs.
    • Reduced turnover, leading to lower cleaning and maintenance demands.
    • Attracts professionals, business travelers, and individuals in need of temporary housing.

  3. Cons:

    • Limited flexibility for property owners and guests due to longer rental periods.
    • Potentially lower nightly rates compared to STRs.
    • Smaller pool of potential guests compared to STR platforms.

  4. Best Places to List:

    • Furnished Finder: Only in the USA, specializes in mid-term rentals, attracting nurses and other professionals.
    • DreamFurnishedRentals.com: International, Specialized in mid-term furnished rentals, attracting travel nurses.
    • CorporateHousing.com: Targets corporate clients and individuals seeking extended stays.

  1. Choosing the Right Strategy for you:

    Property Type:

    • Choose STRs for vacation homes or properties in tourist-heavy areas.
    • Opt for MTRs if your property is located in business districts or caters to professionals on temporary assignments.

  2. Regulations:

    • Be aware of local regulations that may favor one rental model over the other.

  3. Market Demand:

    • Research the demand in your area and align your strategy accordingly.

Understanding the nuances between STRs and MTRs is crucial for property owners seeking to maximize their rental income. Careful consideration of the pros and cons, along with strategic listing choices, can help property owners achieve success in the dynamic world of short- and mid-term rentals.

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Christine
Brandle

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