Airbnb long term rentals are the new feature in the market, which is grabbing the attention. We know that the world is going through with the pandemic.
So, in this situation travelling is the most affected industry. However, in the condition like this, we saw a massive shortfall in the short-term rentals. Most Airbnb hosts are losing nightly bookings, and it is hard to find daily guests.
As a result, Airbnb introduced long term rentals to stay in the market. In short, Airbnb came with a few new tools to push the platform in the right direction. It was a necessary move during the uncertain time of the corona virus. But you can’t get the advantage of this new tool if you don’t know anything. So, it would help if you learn the;
Difference between Airbnb long term rentals and short-term rentals
Long term rentals are for the people who leave their houses for a more extended period. However, these people could be students, travelers, or workers.
Thus, in the long term renting option, the hosts can rent out their houses for more than one month. In short, it is like a new way to make the extra profit if you are away for quite some time.
On the other hand, short-term rentals are for people who want to stay for a few days. It is the option that is best for travelers and short-term but regular business trips.
Is long term rental a good option?
If we look critically, then it is the right move in favor of hosts and guests. According to Airbnb, it was need of the time to provide local accommodation. Apart from this, the Airbnb claimed that;
- Now 80% of the customers prefer to stay in long term rentals. However, Airbnb listings offer a discount on a stay of one or more months.
- Along with this, the stats are showing a surge in the graph of rentals. According to data, Airbnb saw a 20% increase in long term rentals. However, these stats are surging if we compare it with the same period in 2019.
However, after seeing these stats, it is clear that Airbnb long term rentals are helping people in COVID-19.
A guide for the hosts to make the accommodation more profitable
As we already discussed, with Airbnb’s long-term rental, you could rent out the place for at least 28 days. But good service is the thing that will help you to earn more money from your property. So, for the guidance, we are dividing this section in these pointers;
- Things to consider before hosting long term rentals
- How to make a start with the long-term rental?
However, it is vital to think about all possible outcomes before taking a step. So, it’s best to know the worst-case scenario along with the best things. So, for this, we make a start with;
Things to consider before hosting long-term rentals
It is becoming a common thing in many localities of the USA to host long term guests. Usually, the hosting period depends on one month or longer.
But it is also the reality that local tenant laws protect the guests. However, you can’t remove the guest from the property without proceeding through the court in this condition.
The local laws could be different according to location. But one thing that remains the same is the “through research” before accepting long term rentals. So, in this situation, you could face these issues;
1. Some guests may refuse to leave.
Though it is a scarce situation that the guests refuse to leave, it may happen in some cases. However, don’t leave you alone and do everything to protect the hosts’ rights in this situation.
Solution: In this situation, the customer support of the Airbnb is there to help you. Thus, you only need to contact the 24/7 support team and let them know your detail. As a result, Airbnb does everything to resolve the problem with your guest.
2. Don’t forget to sign a rental agreement.
It is the fundamental thing if you are planning Airbnb long term rentals. However, before renting out the house, consider signing the rental agreement.
Along with this, it is vital to mention all requirements and rules of the rental house. However, the law and regulations could be different according to the area. So, it is useful if you can do some research before getting into this.
Solution: If you face any issue related to the rental agreement, then immediately contact the attorney. But the preferred thing is to consult the lawyer before even deciding the long-term rentals.
3. Get familiar with the local rental laws.
Rent control laws include all those laws that define the limits of rent increase and eviction restriction. However, in some situations, the local rules may vary from the state laws. Yet, in this scenario, guests have more rights than the hosts.
Solution: So, if you face anything like this, then immediately contact the local rennet board. Apart from this, you can get in touch with the department of consumer affairs or attorney general. In this way, you will learn more about the rent control rules and how they can impact Airbnb’s long term rentals.
4. Evicting the guest that overstays
The protocols exist related to the guests that overstay in tenants’ property. However, in this case, the landlord can use the “summary proceedings” to evict the guest. A summary proceeding is a thing that gives rights to the landlord to get back the property.
Solution: If things worsen, then the landlord should contact the attorney or any other local authority. Apart from this, go through the local laws where you live.
How can hosts take a start with long term rentals?
After going through all the rules and essential points, now we move further. So, after deciding the initial things, the next task is to encourage guests to stay longer. It is the only way to enhance the profitability of the property. So, for this purpose, we divided the guide into these points;
- Enable longer stays at Airbnb.
- And set up monthly and weekly discounts.
1. Enable longer stays at Airbnb.
Many guests book the stay for one or more than one month with the Airbnb long-term rentals. But as a host, it is your job to check the availability set. However, you are making sure that guests can see the property for more extended stays with this setting. So, for this, you need to;
- Go to your listing and re-assure that your property is there.
- Secondly, click the availability to change the setting.
- A third step, go to the trip details and click edit.
- Most importantly, remove the maximum trip setting and turn on the more extended stays.
- And at last, step hit the save button.
2. Set up the monthly and weekly discounts.
You should have something to grab the guests’ attention. However, there is nothing better than deals. Sometimes the guests who often book the more extended stay look for the properties with monthly/weekly discounts. Yet, to set the values, you can follow these pointers;
- Go to the listing and select your property
- Now click at the pricing
- Go to the length of stay discounts and click edit
- Now enter the monthly or weekly deals of your choice and click save
However, the weekly setting will apply from 7-27 nights. On the other hand, the monthly filter will apply up to 28 nights.
3. Some other tips to ensure good service;
Apart from the above things, it would be best to take maximum advantage of the host follows these things.
- It is good to set a reasonable discount amount after finding out if that matches your expectations.
- Above all, don’t forget to add the amenities you will offer in the house. Guests always prefer homes with equipped kitchen, laundry, WIFI, etc.
- Along with this, always be available to answer the queries and to solve the matters. Thus, you can also attach the manual of Airbnb house rules.
- Keep the guest in contact.
- In case of cancellation or extension, you can look for the guidelines on Airbnb’s main website.
And at last, optimize the listing for future longer stays. It is essential to set if you want to accept more guests. However, for this, you can review the setting to add;
- Preparation time to welcome a new guest
- Advance notice to book the property
- And the availability window of the property.
Guide for the guests to book long term rentals
The main advantage of Airbnb’s long-term rental is that it can save guests’ extra money. Airbnb says that the average distance from guests’ home to working place has reduced by up to 20%. These good stats are showing the data till Feb 2020. So, here is the little guide which will help to find the suitable listing;
Find Airbnb long term rentals.
It’s not hard to find long-term rentals at Airbnb. However, for the perfect research, you need to follow these steps;
- Create an account at Airbnb
- Now go to Airbnb and enter the city where you want to stay.
- Add 28-days in the stay option, and then the site will show you monthly rates.
However, while entering the requirements, don’t forget to fill in the things that you need most. Apart from this, you can contact the hosts to get all information in detail.
Negotiate the price
If you enter the two or more months as your stay period, then you are in the position to negotiate. Usually, the negotiation depends on the communication skills of guests. But there are specific techniques to save some money;
- Traditionally the best way is to set the middle ground. So, ask for the reasonable price that is best for you and the host.
- Apart from this, if you are renting for more periods, you are certainly better positioned.
- Above all, while asking for discounts, don’t forget to mention why you deserve this. For instance, you can tell that you are coming in the off-season or staying longer, etc.
Book in advance
If you are planning to move somewhere, then you surely know before time. However, arrange long term rentals. So, if you can be flexible with the dates, then you have more chances to save the money. In this way, you can choose the dates in the offseason if you are traveling for fun.
Cancellation of long-term rentals
Though it is not an ideal situation to cancel the stay. But you should know the solution to the worst-case scenario. There are two option that you have for the cancellation;
- In the first situation, if you don’t find the long-term rentals perfect, then notify the authorities within 24 hours. Though it’s not the best case to cancel the booking because you will not find another house easily. So, if you choose not to cancel, then go for the second option.
- Secondly, you can change the sates of the booking. However, for this, you will have to talk to your host. If the host agrees, then we can rotate the schedule in the next available dates.
Some other money-saving tips for guests;
Apart from the above points, some other tips are vital in saving extra money. However, if you are signing up for the first time, then follow these hacks;
- There are certain types of cards and cashback rewards that you can use to get a discount. So, you can easily find these options in the USA and the UK to get a specific percentage as cashback.
- Secondly, you can find an alternative in case if you aren’t seeing the suitable Airbnb long term rentals.
However, while choosing an alternative, don’t forget to read the online reviews and ratings. Apart from this, you can go for private rental, although that will not be as safe as Airbnb.
We also recommend this amazing article How to ace rental inspection.
How Airbnb long-term rentals better than other options?
Though Airbnb apartments are a little expensive in comparison to private properties in some areas of the world, here you don’t need to worry about the regular house supplies, internet, and other things like this.
Along with this, if you make a comparison, then in the USA and Canada, Airbnb is cheaper than other private houses. The next question is how it is better for;
More than 80% of the hosts are accepting long-term rentals by providing discounts. According to data, one in every seven nights book for long-term renting. So, these stats are enough to show that Airbnb has much potential for the hosts to earn more.
If you prefer the Airbnb long term renting options, then you are choosing quality. In this way, you will get more accessible and furnished properties like your house. Above all, the apartments with all the necessary facilities are the top quality to prefer this option.
However, you can also read reviews to know whether it’s a good option or not.