While travel had increased from the sharp drop we saw at the beginning of the coronavirus pandemic, the surge in cases across the U.S. has once again slowed the demand for vacation rentals. However, not all hope is lost for second home and vacation rental owners. The pandemic has allowed many people to work remotely, which gives those living in cities with high cost of living an opportunity to move to more affordable areas. This demand coupled with the extremely low housing supply creates an opportunity for second homeowners to use mid-term rentals to fill the gap.
Steady Income
During the fall and winter months in Phoenix, we typically see the largest number of visitors looking to escape the cold and enjoy the mild weather. As the pandemic continues and begins to spike once again, it’s likely that many will reconsider any upcoming vacation travel plans. Rather than waiting and hoping people soon feel comfortable with traveling again, you can pivot to fill the market’s needs. Whether a family is relocating to Phoenix or is looking for an in between home while their house is being built, there is a demand for furnished mid-term rentals. By filling that need, you’re setting yourself up for a steady income and less financial stress.
Less Administrative Hassle
With short-term rentals comes a lot of turnover. Between the turnover, you need to make sure the home has been properly clean, repair or replace and damaged item, advertise the property, vet potential renters and more. Mid-term rentals allow homeowners to spend less time on administrative tasks and making sure the property is ready to rent. Additionally, if you rent your home using a company like Tweener Homes, they can help market your property listing across various media to attract quality renters and send you a complete renter background report at no charge to you.
Better for the Neighborhood
Seeing rental horror stories on the news has become more common with the number of vacation rentals in the area. From loud parties to crazy drivers, short-term rentals can bring “weekend warriors” to what are normally quiet neighborhoods and cause major disruptions – so much so that many homeowner’s associations and cities have banned vacation rental homes to protect the integrity of the neighborhood. Mid-term rentals have a longer period between renters, so when it comes time to find a new renter, owners have plenty of time to source and vet the next person. This helps ensure that whoever moves into the area isn’t there to throw parties over the weekend and will respect the home and neighborhood.
The pandemic has changed many industries, and those who have adapted are not only surviving, but thriving. The shift in the rental market has provided an opportunity for homeowners to fill a gap, so don’t be afraid to try a different approach. Switching to renting mid-term can provide much needed stability during uncertain times.
Nick Calvi is the founder and CEO of Tweener Homes, the first technology based real estate company devoted to assisting people in need of a fully furnished monthly home rental. Originally, Calvi is from Harvey, Illinois just south of Chicago. His business travels took him to Phoenix, where he fell in love with the “valley of the sun” and vowed to make it his home one day. That day came in 2008 when Calvi and his wife bought their first home in Gilbert. A year later, Calvi obtained his Arizona real estate license. Through personal and client experiences, he saw a need in the home rental market and in October 2018, he opened Tweener Homes to fill this need. To learn more, visit www.TweenerHomes.com.
