What Is a Mid Term Rental and Who Would Need This Type of Housing?
June 13, 2023
This is a question that I get asked probably more than any other question! A mid-term rental typically refers to a rental agreement or booking that lasts for a period ranging from one month up to several months, bridging the gap between short-term rentals (typically a few days to a few weeks) and long-term rentals (usually a year or more). You will also hear Mid Term Rentals referred to as MTR's or Medium Term Rentals.
Mid-term rentals are often chosen by individuals or families who need temporary housing solutions for various reasons (sometimes planned, sometimes unexpected). This could include professionals on short-term work assignments, individuals relocating to a new city and needing a place to stay while searching for a long-term home, extended stays in a city due to medical treatments, students attending a semester abroad, people displaced from their current homes due to insurance related matters such as fires or floods, and even tourists looking to really immerse themselves in a new city for an extended period of time.
These rentals can be furnished or unfurnished, depending on the specific arrangement, and they may be available in various types of properties such as apartments, condominiums, or houses. Mid-term rentals offer more flexibility than long-term leases, allowing tenants to have a temporary living arrangement without the commitment of a year-long contract. MTR's may also provide a great option to property owners who are not able to Short Term Rent their property due to HOA rules, Condo Bylaws or Municipal Regulations.
So now that we know what an MTR is, let's talk about some of the benefits that this rental option provides to it's tenants:
Flexibility: Mid-term rentals offer greater flexibility compared to long-term leases. They provide a temporary living arrangement that can be customized to fit your specific timeframe, whether it's a month, a few months, or several months. This flexibility is especially beneficial for individuals or families who need short-term housing due to job assignments, relocation, or other transitional periods.
Cost-effective: Mid-term rentals can often be more cost-effective than staying in a hotel for an extended period. Rental rates for mid-term accommodations are typically lower than daily hotel rates, and they may also include additional amenities such as utilities, Wi-Fi, and parking, saving you money on these expenses.
Furnished and ready-to-move-in: One of the significant advantages of mid-term rentals is that they are usually furnished, eliminating the need to purchase or transport furniture. They are equipped with essential items like beds, sofas, tables, appliances, and kitchenware, allowing you to move in with ease and start living comfortably right away.
Home-like atmosphere: Mid-term rentals provide a more homely atmosphere compared to hotels. You get a private living space, separate bedrooms, and often additional amenities like a kitchen, living room, and laundry facilities. This setup offers a sense of home and privacy, making it an ideal choice for families or individuals who want a comfortable and inviting living environment.
Location options: Mid-term rentals can be found in various locations, including residential neighborhoods, city centers, or close to business districts. This allows you to choose a location that suits your preferences and proximity to your workplace, schools, or other amenities you require during your stay.
Temporary housing solutions: For individuals in transitional periods, such as during home renovations, waiting for a new home purchase, or experiencing life changes, mid-term rentals provide a temporary housing solution that offers stability and comfort until more permanent arrangements can be made.
Pet Friendly: MTR's may also be pet friendly. This can save you the added cost of boarding your pet or finding a friend or family member to look after them for you.
If you find yourself in need of a Mid Term Rental, or would like to discuss this strategy further, please reach out!
Our whole portfolio is available to be booked on a MTR basis in addition to our standard STR offerings. To qualify for the discounted MTR rental rates, all you have to do is book for a period of 30 nights or longer and the discounts will get automatically applied to your quote. View Available Homes Here
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Unleashing the Joys of Airbnb: Benefits of Choosing a Home Away from Home
May 28, 2023
In today's world of travel, the hospitality industry has seen a significant shift with the emergence of Airbnb. These unique accommodations have transformed the way people experience their travels. While hotels have been the go-to option for many, Airbnb offers a refreshing alternative that opens up a world of possibilities. Let's explore some key benefits of staying in an Airbnb instead of a traditional hotel, highlighting why this trend is gaining momentum among globetrotters.
1. Authenticity and Local Experiences:
One of the most alluring aspects of choosing an Airbnb is the opportunity to live like a local. These accommodations are often situated in residential neighborhoods, giving guests an authentic taste of the destination they are visiting. Unlike hotels that tend to be clustered in touristy areas, Airbnb allows travelers to immerse themselves in the local culture and explore hidden gems that might otherwise remain undiscovered. From cozy apartments to luxury estates, each Airbnb exudes a distinct personality, creating a sense of belonging that hotels often struggle to replicate.
2. Home Away from Home:
Unlike the impersonal nature of hotel rooms, Airbnb properties offer the comfort and warmth of a home away from home. These spaces are meticulously designed to reflect the host's personal style, creating an inviting ambiance that instantly puts guests at ease. The availability of fully equipped kitchens, living areas, and private bedrooms fosters a sense of independence and flexibility, making it an ideal choice for families, groups, or long-term travelers. Whether you seek a tranquil retreat or a vibrant city pad, Airbnb caters to a wide range of preferences, allowing you to customize your stay to suit your needs.
3. Cost-Effective:
In the realm of affordability, Airbnb often proves to be a more budget-friendly option compared to hotels. With a diverse array of properties available, travelers can choose accommodations that align with their budgetary constraints. Additionally, Airbnb provides the option to split costs among travel companions, reducing individual expenses further. In addition, amenities such as kitchens enable guests to save on dining out, making it a cost-effective choice for those seeking extended stays or a more economical travel experience.
4. Personalized Connections:
One of the most cherished aspects of Airbnb is the opportunity to connect with hosts who genuinely care about creating memorable experiences. Unlike hotel staff members who serve a transient clientele, Airbnb hosts often go the extra mile to ensure their guests have an exceptional stay. They offer personalized recommendations, insider tips, and a warm welcome, fostering a sense of community and making guests feel like valued visitors rather than mere customers. These interactions can lead to invaluable insights into the local way of life.
5. Variety and Uniqueness:
Airbnb offers an unparalleled range of accommodations that cater to diverse tastes and preferences. From traditional houses to modern lofts, from cozy cabins to quirky treehouses, there is something to suit every traveler's whims and fancies. Whether you desire a secluded mountain retreat, a beachfront bungalow, or a city-center penthouse, Airbnb provides an extensive selection that surpasses the standardization often associated with hotel chains. This variety ensures that each stay becomes an adventure in itself, with endless opportunities for discovery and delight.
Choosing to stay in an Airbnb over a hotel presents a myriad of benefits, from immersing oneself in local culture to enjoying the comforts of a personalized and unique space. The authenticity, affordability, and personal connections fostered by Airbnb create a memorable travel experience that goes beyond the conventional. As this trend continues to grow, embracing the joys of Airbnb is sure to enhance your next adventure.
Be sure to include a stay at one of the great homes that Pear Properties offers on your next visit to Alberta's Capital City!
#Edmonton
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Unlocking Success: What to Look for in a Short-Term Rental Co-Host
April 28, 2023
The world of short-term rentals (STRs) has become increasingly popular, with many homeowners and property investors capitalizing on the booming vacation rental market. However, managing an STR property can be time-consuming and demanding, especially if you're juggling multiple responsibilities. This is where a co-host comes in—a dedicated partner who assists in managing your property and ensuring a seamless guest experience. In this blog post, we will explore the essential qualities to look for when selecting a STR co-host, helping you unlock the full potential of your rental property.
1. Strong Communication Skills:
Effective communication is the cornerstone of a successful co-hosting relationship. Look for a co-host who demonstrates excellent interpersonal skills, both written and verbal. They should be responsive, attentive, and capable of handling inquiries and guest interactions promptly. A co-host who can communicate clearly and professionally will build trust with guests, address any concerns efficiently, and provide timely updates on the status of your property.
2. Local Expertise:
A co-host with local knowledge and expertise can prove invaluable in maximizing the potential of your STR. They should be well-versed in the local rental market, possess an understanding of local regulations, and be aware of popular attractions, events, and amenities in the area. A co-host with a deep understanding of the neighborhood can help optimize your listing, provide tailored recommendations to guests, and ensure that your property stands out from the competition.
3. Stellar Guest Experience:
The guest experience is paramount in the world of STRs. Look for a co-host who prioritizes guest satisfaction and goes the extra mile to deliver exceptional service. This includes ensuring the property is clean, well-maintained, and fully equipped with essential amenities. A great co-host will handle guest check-ins and check-outs efficiently, provide clear instructions, and promptly address any issues or concerns that may arise during a guest's stay. A positive guest experience translates into positive reviews, higher occupancy rates, and repeat bookings.
4. Problem-Solving Abilities:
Managing an STR property can be unpredictable, and challenges can arise at any time. A reliable co-host should possess strong problem-solving skills and the ability to think on their feet. They should be proactive in identifying and resolving issues before they escalate, whether it's a maintenance problem, a scheduling conflict, or an unexpected event. A co-host who can handle unforeseen circumstances effectively and maintain a calm and professional demeanor will help ensure a smooth operation and mitigate potential disruptions to guest stays.
5. Technological Proficiency:
In the digital age, technology plays a crucial role in managing STRs. A competent co-host should be proficient in using online platforms. They should be comfortable navigating booking platforms, responding to inquiries, managing reservations, and optimizing your listing for maximum visibility. Additionally, a tech-savvy co-host can utilize automation tools to streamline processes such as guest communication, check-ins, and cleaning schedules, improving efficiency and minimizing manual tasks.
6. Trustworthiness and Reliability:
Entrusting someone with the management of your property requires a high level of trust. Seek a co-host who is reliable, trustworthy, and demonstrates a strong work ethic. They should handle financial transactions securely, provide transparent and accurate reporting, and adhere to the agreed-upon terms and conditions of your partnership. A trustworthy co-host will ensure that your property is well cared for and that your interests as the property owner are protected.
Choosing the right co-host for your short-term rental property is essential for its success and your peace of mind. By prioritizing strong communication, local expertise, guest satisfaction, problem-solving abilities, technological proficiency, and trustworthiness, you can find a co-host who will help you unlock the full potential of your property.
Pear Properties proudly represents amazing homes thoughout the Greater Edmonton Area, CONTACT US if you would like to discuss our Co-Hosting Services!
#pearproperties #superhost
