Maximize Year-Round Revenue on Your Airbnb Property
So you have a great short term rental or vacation property on one of platforms, like Airbnb or VRBO, and you have success filling it high season in your area, but come low season…it's L O W. I've had this problem many times, and have developed strategies for mastering the low season. One of these strategies is to change the length of stay depending on the seasons: keep your property a short-term rentals during the high season when demand and nightly rates are highest, and turn the property into a mid-term rental during the low season to reduce vacancy and maintain steady income.
What is a Mid-Term Rental?
When stays are between 1-6 months. The idea is that short term rentals usually bring in higher revenue per night, while mid-term rentals bring in a more stable cash flow since there is less turn over. Here's a quick break down, and some tips:
The pros:
- Cleanings and turnovers are less frequent in mid-term stays, which save you time and money.
- During the high season, short-term guests bring in quick profits, offsetting low-season dips.
Audience for mid-term rentals:
- Corporate travelers
- Traveling nurses
- Remote workers
- People in between homes or undergoing renovations
Marketing your property:
- During the high season maximize your use on platforms like Airbnb, VRBO, Expedia, and Booking for short-term rentals.
- For the low season, maximize use of other platforms like Furnished Finder, apartments.com, and Zillow for mid-term rentals.
- Offer discounts for mid-term stays to secure longer bookings upfront.
Changes that need to be made in my rental:
- Equip your unit for both types of guests: full kitchen, workspace, fast Wi-Fi, storage space.
- Create different house rules and pricing structures depending on the length of stay.
Legal & HOA Considerations:
- Check if your city or building allows both types of rentals and what kind of permits you need. Most city's short-term license is for stays that are less than 30 days.