Welcome back to another podcast episode! This week we’re sharing the top misconceptions about midterm rentals that we commonly hear and going to debunk each one of them for you! Not allowing yourself to get caught up in these common misconceptions could actually get you ahead of the game just by knowing how to tell apart a fact from fiction about midterm rentals. Let’s get started!
 

The List

Myth #1: The units in midterm rentals must be luxury or extravagant. 
The Facts: Keep it simple: clean, safe, comfortable, and affordable. For the most part, traveling professionals are only in this space to sleep so their needs are low and they are trying to keep their costs that way too. 
 

Myth #2: Midterm rentals are only for traveling nurses.

The Facts: Recently a teacher who was brand new to the area moved into one of Grace’s midterm rentals because he didn’t know exactly where he wanted to put his roots down yet in his new local area. Amelia has housed all sorts of construction personnel, solar panel and wind turbine contract technicians, traveling corporate employees for companies like Starbucks, and more. They are only working 1-3 month contracts and don’t want to live out of a hotel for the entire time so they choose midterm rentals that suit their needs. 
 

Myth #3: MTR tenants are always the best tenants.

The Facts: While this might generally be true in 95% of cases, there is still that 5% of tenants who have been problematic renters. (Throwback to episode 13 where Amelia dished about her tenant who caused her internet to become suspended!). 
 

Bonus Myth #4: Midterm rentals only work in large cities.

The Facts: Cedar Rapids has a population of about 120,000 people and Grace lives in a town of about 1,000 people and MTRs are absolutely successful there. Amelia has a MTR in a lake town and her cottage is going to be an MTR for the winter when travel slows down for the season. She put up the listing on FurnishedFinder and within two hours her MTR tenant had paid their deposit and booked the unit!
 

Bonus Myth #5: Short-term rentals have a higher vacancy level.

The Facts: In reality, our midterm rentals typically were near 0%. We both work our business to keep our vacancy levels as minimal as possible where a tenant moves out and a new tenant moves in within a matter of hours, allowing for just enough time for a good cleaning and turnover. 

That’s all for today friends, thank you for joining us! Catch you in the next episode!

Resources:

• Enroll in MTR Profit Academy
• Join the Property Management Academy
• List your property on FurnishedFinder