Short Term Rental Riches 140. Are long-term stays better? (Pros and cons)
Jul 19, 2022
Explore the intriguing world of long-term stays in rental properties! Discover the benefits, including increased occupancy and cost efficiency, while navigating the challenges like revenue loss and complex tenant laws. Management strategies are crucial for balancing the pros and cons, and the discussion highlights how to potentially avoid leaving money on the table. This conversation reveals essential insights into whether long-term guests are the right fit for your rental strategy.
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Long-Term Stays: Mixed Financial Impact
- Long-term stays can boost occupancy but might not increase total revenue.
- They attract diverse guests like traveling nurses and corporate travelers, benefiting property utilization.
Cut Costs with Long-Term Guests
- Reduce expenses with fewer housekeeping turns by hosting long-term guests.
- Consider potential savings in management and operational overhead.
Boost Search Rankings by Flexibility
- Keep properties open to longer stay caps to improve Airbnb search rankings.
- Offering stays up to 30 days or more could increase booking probability.