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23. june 2020 · 4 minute

Everything you wanted to know about mid-term rentals

The medium-term rental market is relatively small but is growing fast, especially as people travel more and more. Traveling and exploring new places started to be a way of life for some people. More and more people are traveling for work, study, internships, etc. The mid-term rental market is primarily the domain of big cities. This type of rental is increasingly used by multinational companies with branches in different countries where they send their employees. Medium-term housing for these corporations, respectively for their staff literally tore the thorn off the heels. Except for the fact in a hotel, you do not always feel like at home, a hotel is extremely expensive for stays for a few weeks or months.

The increasing interest in this type of accommodation means for owners of properties their professional realization, the future, the direction to be followed, and, of course, optimal earnings if they compare their care of property and tenant with earnings. In this regard, medium-term rentals are incomparably much more pleasant business activities than short-term rentals, which are more time, organizational, and mentally demanding.

Benefits of midterm rental for tenants

Of course, for tenants, there are fully equipped apartments including bed linen, towels, kitchen equipment, and utensils. Medium-term rent offers the ability to accommodate yourself in a flat simply with a suitcase containing your personal stuff. Tenants do not have to deal with anything else, whether we are talking about hairdryer, vacuum cleaner, and other equipment for everyday life.

The possibility of booking housing online is very much appreciated by potential tenants. You can simply book an apartment or room anytime, anywhere, just have an internet connection. The advantage is also that you do not pay a deposit in case of medium-term rental. However, this does not mean that a tenant is not responsible for any damages he or she causes.

Benefits of midterm rental for property owners

Also for owners of properties, the speed and easiness of the online booking process and the conclusion of a lease contract are an indisputable advantage. There is no need to provide personal visits for potential tenants or to meet them because of the signature of the lease contract, which saves time. Owners consider as a very convenient and practical opportunity to study the profile of a potential tenant, thanks to which they learn more about the person or persons who may take care of the property for a while. Based on this idea, the landlord can quite easily decide whether the candidate is a suitable tenant for his property.

In comparison with short-term rentals, in the case of midterms, a landlord has a less worried and needs to take the careless time of the apartment. It is quite a big difference is whether guests take turns every few days or every few weeks or even months. From this perspective, mid-term rental is less time-consuming, organizationally, and mentally demanding for the owner. For those who have experiences with long-term but want a change or higher their earnings, the good news is that a medium-term apartment is a bit more expensive than an apartment for a year or more. Average income is up to 25% higher than in the case of long-term rental. Lower rent can be a disadvantage for those who have experiences with short term rentals. This disadvantage, however, is compensated by less burden in the form of apartment cleaning, less frequent handover of keys, etc.

We must also not forget about relations with neighbors in the house, who often complain about the constant movement in the house, the noise and the changing of people. If you choose medium-term rentals, your relationship with neighbors will improve as tenants seeking housing for several weeks or months have a similar rhythm and daily routine to long-term tenants. It is also due to the type of people looking for this type of rental. They are mostly managers, families, couples, or students who have more or less regular regime. In short, it's not for tourists who come to the city for fun, for parties or for a tour of the best bars. The positive thing is that the number of people who want to live in one place for a limited time is growing. So if you decide to rent your property for a mid-term, you should have enough tenants!

Lease agreement (rental contract)

Yes, you read correctly! Medium-term rentals include a lease agreement that defines the rights and obligations of both parties. The contract contains a payment calendar and also possible changes. The lease agreement provides security to both parties and is a guarantee for them. It is concluded directly between the tenant and the landlord and is signed after approval of the reservation request as part of the contractual process. The contract is balanced for both parties and includes also a notice period.

As already mentioned, the process of renting a flat or room for medium-term housing is online, which means no paperwork and no need for a personal meeting to sign the contract. Any changes to the rental agreement are on-line, whether it is the creation of a general amendment in case of a further agreement between the tenant and the landlord, the extension of the agreement or its earlier termination.

Customer support

As already mentioned, the indisputable advantage of mid-term rentals is easiness and speed due to the fact that the whole process is online. However, you usually have the opportunity to communicate with each other, for example on Flatio, even before sending a binding reservation request. If you have any questions, you can communicate via messages. So that you don't feel like you're alone, if you don't know what to do during your reservation request or during completing your lease contract, customer support is also available, such as at Flatio.

The whole process is online, on the other hand, the midterm rental intermediary, such as the already mentioned Flatio, realizes that in today's over-engineered and hectic times, it is necessary to involve the human factor in some situations, as crisis situations, or only if the customer, in this case, the tenant or landlord, has any doubt, question, or just want to discuss something. It is in the unique combination of modern technology with a personal approach that is the greatest strength.

Join hundreds of satisfied landlords! Everything is done online at Flatio, so you'll have more time and less worries.

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