Short-Term, Medium Term Rentals FAQ
What do you consider a short term rental?
Any rental below 1 month is considered a short term rental.
What are medium-term or mid-term rentals?
These are rental leases for 1 month or longer - these are more executive rentals
What is the advantage of renting my property as a longer, mid-term rental?
There are a couple of major advantages of having this flexibility:
- City Regulations: If city Airbnb rules change in Toronto or other cities, they don't apply to mid-term rentals, so you could continue renting your property out without worrying about going against city rules.
- Seasonality: In the winter, demand is much lower for short-term rentals as there are far fewer tourists coming to the city. During this time, we take advantage of our mid-term client base and can rent your place our for 1 month or longer, to get your through the quiet winter months with no vacancies!
- Unique Platform: The fact is every Airbnb property management service markets your property on the same handful of platforms (Airbnb, HomeAway, Expedia, etc). This means you are competing with all the other apartments, even in the low-demand winter season. Our mid-term platform is unique because we only advertise our client-properties, so you are not competing with thousands of other properties on the same web-page.
Where do your mid-term clients come from? Who are they?
Our sister-company is called Toronto Boutique Apartments, which has been operating mid-term furnished rentals since 2008 (yes, before Airbnb was around). Therefore we have a deep client base in corporate clients for executive stays. Our guests typically work in consulting, banking, and the film industry, and come to the city for a work project. Often their employer arranges all aspects of the rental, including payment.
How does mid-term rental income compared to short-term rental income?
Typically rents are a bit lower for mid-term rentals (for example a one-bedroom condo that rents for $4,200 as a short-term rental, will rent for $3,800 for mid-term rentals), but at the same time, your vacancy rate is also MUCH lower with mid-term rentals, which is a crucial advantage.