While it’s true that we are best-known for our luxurious short term vacation rentals, did you know that L’abode accommodation also offers longer stays for discerning individuals, couples and families in search of longer-term rentals, too. We explain what the difference is between short term, flexible leasing and long term rentals.
Short term Letting
A short-term rental strategy has your home occupied only for as much time of the year as you choose. You have complete flexibility on how much your property is used.
Higher rental incomes are usually a characteristic of the short-term rental strategy, as you can take advantage of seasonal demand and peak – season pricing with short-term tenants.
This is a great strategy to adopt especially if you own a home in a scenic spot where tourist population is high and you only want to use it occasionally throughout the year.
Mid-term bookings are stays that are longer than three weeks. These bookings can extend to similar time periods as normal long-term rental leases (up to 6 months) however are distinguished by the absence of a formal lease agreement.
Similar to short-term rentals, mid-term stays are generally booked through accommodation platforms such as Airbnb. Depending on the length of stay, a lower nightly rate may be negotiated with the guest as a special offer and long term rental rate.
Bookings 21 days in length or longer represented more than 60% of total L’abode Accommodation’s booking revenue in 2021, as these guests are searching for well appointed, fully furnished properties with utilities already set up and are ‘move in ready’.
Long term rentals are usually 180+ nights and fall under the standard NSW tenancy agreement legislations. Long term rentals mean you have a consistent deadline and a year-long lease will ensure you always have someone in your property paying rent. This means there is no seasonal variance or off-seasons that would make it difficult to rent your property.
You can require notice, which allows you ample time to find a new tenant and there are lower costs involved, as the tenants are usually responsible for taking care of their electricity and water and other utility payments; and the commission rates are lower.
This suits properties in a strata development with building restrictions.
This is a mix of short and mid term rentals. We carefully monitor the market, and take advantage of the seasonal demand, flipping the property between short term rentals in the peak seasons to achieve seasonal peak rates and longer stays over the off-peak periods. We use this hybrid approach to maximum income for owners and achieve high occupancies.
We take into consideration the 180 night limit with the NSW legislation, but are in a position to shorten the minimum nights should there be a gap that needs to be filled to reach maximum occupancy.
L’abode Accommodation provides an end-to-end property management service, which means property owners don’t need to do a thing when they hand over their keys.If you want to earn a higher income from renting your property, but don’t have time to take care of every detail, our service will provide the ease and peace of mind that comes with a luxury end-to-end hospitality experience. Get in touch with our team today!