Did you know about 44 million people in the United States rent? With housing prices skyrocketing, who can blame them?
People involved with property management can take advantage of this by offering both short-term and long-term rentals.
But how do rental property management companies handle long-term rentals? What is a long-term rental?
This is your guide for understanding this type of rental property management.
What Is a Long-Term Rental?
A long-term rental is a more extended stay, where you sign a 6 month or year lease.
Typically, a property management rental company would put a property on the market for stays for over 6 months under this arrangement. Of course, it can go longer in some cases, such as having a one-year lease.
Advantages of Long-Term Rental
The advantage of this type of arrangement is that you have a stable tenant for a longer period rather than worrying about how you are going to fill your future open dates.
Plus, a residential property management company may not get enough tenants to fill the future dates, and you start to have more unpredictability with tenants the more you change them out.
Having one solid tenant for several months at a time can leave a landlord or a property management group with solid peace of mind.
On top of that, because there is less turnover with guests, that usually means less work for the landlord when it comes to potential inquiries, doing the paperwork to check people in and update property availability, plus having to clean the place every time an old tenant leaves.
For a landlord, some long-term rental areas may also not have the expectation of having a place fully furnished. So, that could allow you to have a vacant apartment and leave it up to the tenant to decide how to arrange that venue.
Find Your Long-Term Rental Property Management
These are just some of the advantages of a long-term rental. With the right property management and guidance, you could also be taking advantage of this.
Do you want to find the best of the local property management companies to help fill your property? Contact us to get started today.
