Long-Term Airbnb Rentals: All Hosts Need to Know
In recent years Airbnb has provided travelers with a great alternative to hotels. Similarly, long-term rentals have been gaining popularity ever since the platform began its activities. This article will cover:
What exactly long-term rentals refer to
Whether or not you should choose to rent long-term
Some tips to get you started
So what exactly is a long-term Airbnb rental?
Long-term Airbnb rentals are reservations that usually last for more than 28 days, although this number depends on your local laws. This is opposed to short-term rentals, which typically last less. Each option has its own ups and downs, and choosing between either of the two is not a simple decision.
Should I get into hosting long-term rentals?
Depending on multiple factors, you can decide whether or not long term hosting is for you:
Depending on the location of your property, there might be two kinds of guests coming your way. Travelers tend to visit tourist cities much more and prefer short-term rentals for their vacations. However, other guests who visit business-oriented cities may prefer long-term rentals that provide much more ease of mind. Keeping it short and sweet, if your city is popular with tourists, then short-term rentals may be better for you, but if your city is not built on tourism, then long-term rentals are ideal.
Stable income vs. Burst income:
Renting a property on the long term has the added benefit of receiving a steady monthly Airbnb income, whereas short-term rentals are focused more on generating high amounts of revenue during the holiday season. Finding guests to stay at your long-term listing can be more challenging but significantly more rewarding as these guests usually stay for a long time.
Different kinds of business:
you can think of renting long term to be more akin to renting property normally, whereas renting short term is more of a hotel-like experience. Depending on which you choose, you can end up with an entirely different hosting routine and set of rules by which to run your business.
Tips for running a long-term Airbnb rental
Long and short-term Airbnb rentals function differently in how they’re run, how they pay, and how they should be managed. So If you have decided to stick to long-term Airbnb rentals, then read on for some tips on how to manage them:
Set up monthly and weekly discounts:
Remember that in the case of long-term rentals, we want to attract and keep potential guests. Therefore, weekly and monthly discounts can be a great way of convincing guests to stay longer at your property. Also, remember, longer staying guests mean less hassle and more stable income for your Airbnb business. You can easily set up these discounts on the Airbnb website via the length of stay discounts section of your listing’s price management.
Remain aware of renting laws in your area:
While the general rule of thumb of long-term renting being more than 28 days helps, it is not always true. Therefore, we highly recommend that you check with your local authorities on the rules in your area regarding Airbnb rent.
Following the practice of retaining potential guests, you want to make sure that they have verified information and are agreeable/polite. You can do this by examining their profile on the Airbnb website.