The rental market is evolving. For quite a long time, we have only heard of short-term or long-term rentals. However, there is a continued rise of what is called medium-term rentals or mid term rentals.
While short-term rentals focus on anything within 30 days and long-term anything over a year, mid-term focuses on the space in between. The means medium-term housing focuses on anything between one month and a year.
This mid-term rental solution is amazing for those who are going through a transition period in their lives, those who are traveling, students and many more.
Medium-term rentals tend to share more similarities to short-term, as they are typically furnished and offer amenities.
Who Uses Medium-Term Rentals?
Students are one of the ideal candidates to use medium-term housing. University students typically go to school for 8-9 months a year. In the past, they would often need to get year-long leases and simply try to find a sublet for the months they moved back home or to a co-op. However, the growth of mid-term rentals have given students a perfect alternative.
Whether it be for work or due to refugee situations, there are plenty of reasons why someone would need to move to a new city. A medium-term rental gives those moving to a new city the ability to quickly and more easily find a place to stay. Finding long-term housing is something that has become increasingly time consuming. The ability to move to a city in a medium-term unit while discovering their new location and searching for long-term rentals is an excellent choice.
Traveling Workers and Digital Nomads
The growing number of jobs that can be completed remotely has changed how we interact with the world. There is a growing number of people who work entirely remotely while they travel – whether that be dictated by their job specifically or by their own design. A medium-term rental is perfect for those who work remotely. Those who will see themselves in a new city, or even country, in a few months.
Benefits of Offering Medium-Term Rentals?
There are plenty of reasons why you would want to rent your own property as a medium-term rental. One of the big advantages is the flexibility it provides a host, not only a renter. As a host, you don’t need to commit to having someone live in your property for a year-plus. This mid-term solution allows you to have a stable influx of money, without the long term commitment that can feel too daunting.
This brings up another plus to medium-term rentals compared to short-term. The consistency. Unlike short-term rental units, having a lease that lasts several months gives you the comfort to plan your finances for the near future. If you are simply renting your unit in a short-term capacity, you are extremely susceptible to seasonal fluctuations. There could be months of the year where you have a unit just sitting there, gathering dust.
Finally, the medium-term rental market is one that is set to grow. It is already something you can find easily throughout Europe. It is still relatively early days in North America, but there is a very clear growth trend for this type of housing.
Where to Find Medium-Term Rentals?
It used to be that the only real way to find medium-term housing was to use classified sites such as Kijiji and hope there was something to rent in the area you wanted for the time you needed. However, there is a continued growth of companies realizing the need for medium-term rentals, especially in North America.
That is exactly the market that Happipad is looking to help fill. Not only does Happipad offer renters and hosts the opportunity to meet one another based on lifestyle similarities and shared interests, it also provides much more. Background screening, handling payment, long-term support beyond simply finding the right shared housing situation and more.