Short term rentals are properties rented for a short period, usually less than six months. These rentals are popular among travelers, temporary workers, and those in between homes. If you’re a homeowner or a tenant looking for flexible housing, a short term rental could be a perfect option.
This article covers everything you need to know about short term rentals and month to month lease agreements.
(Also read; Your Ultimate Guide to House Rental in North Alabama)
What are Short Term Rentals?
A short term rental is a property rented out for a few days, weeks, or months. These rentals are typically fully furnished, making them ideal for temporary stays. Common types of short term rentals include:
- Vacation homes
- Apartments
- Condominiums
- Single-family houses
Unlike long-term leases, which lock you in for a year or more, short term rentals offer flexibility. These rentals cater to various needs, from family vacations to business trips or housing during a move.
Benefits of a Short-Term Rental
Short Term Rentals Are Flexible
Short-term rentals offer flexibility for tenants. You can rent a property for a few weeks or months without a long-term commitment.
Furnished Spaces
Most short-term rentals come fully furnished, which is convenient for those who don’t want to move furniture.
Convenient for Relocation
These rentals are ideal for people moving to a new city. They provide a temporary home while you find a permanent place.
Great for Travel
Travelers can find short-term rentals near me for family vacations, business trips, or leisure. These rentals often offer a more home-like experience than hotels.
No Long-Term Commitment
This is best if you’re unsure about your long-term plans. A short-term rental allows you to live in a space without committing to a yearly lease.
Short Term Rentals vs. Long Term Rentals
The key difference between short term rentals and long-term leases is the duration. Long-term rentals typically require a 12-month commitment, while a short term rental is more flexible. It can be based on a month to month lease agreement. Let’s break down the pros and cons:
The Pros and Cons of Short Term Rentals
- Flexible lease terms
- Higher rent prices due to shorter commitments
- Furnished spaces
- Ideal for temporary housing
The Pros and Cons of Long Term Rentals
- Lower monthly rent, but longer commitments
- Usually unfurnished
- Best for those looking for stability
If you need temporary housing, short term rentals are the way to go. However, they tend to be more expensive per month than long-term leases. Long term leases are better if you need stability.
What is a Month to Month Lease Agreement?
A month to month lease agreement is a rental contract that lasts one month but automatically renews unless terminated by the tenant or landlord. This type of agreement is common in short term rentals. With a month to month lease, tenants enjoy more flexibility but may face higher rental rates. This is a common lease term practice in Alabama.
Benefits of a Month to Month Lease Agreement
Flexibility for Tenants and Landlords
A month to month lease agreement offers flexibility for both tenants and landlords. Tenants can move out with short notice, and landlords can adjust the rent or end the lease as needed.
Easy to End the Agreement
Ending a month to month lease is simple. Most agreements require a 30-day notice, making it easy for tenants to move on quickly.
No Long-Term Obligation
With a month to month lease agreement, there’s no pressure to commit for an entire year. This can be useful for people who are unsure about their long-term plans.
Higher Rent Flexibility
Since month to month leases are shorter, landlords may charge higher rent than they would with a yearly lease. However, the added flexibility can make it worth the extra cost.
How to Find Short Term Rentals Near Me
Finding short term rentals near me has never been easier with the rise of online platforms. Websites like Airbnb, VRBO, and stuttsproperties are recommended. Even local property management companies list short-term rentals available in your area. Here are a few tips for finding the best short term rental:
Use Online Platforms
Websites like Airbnb, Booking.com, and local real estate sites list various short term rentals. These platforms offer detailed information on pricing, amenities, and availability.
Contact Local Property Management Companies
Many property management companies, like stutts properties, specialize in short term rentals. They can provide options tailored to your needs and ensure you get a good deal.
- Short term rentals in Florence
- Short term rentals in Tuscumbia
- Short term rentals in Muscle Shoals
- Short term rentals in Killen
- Short term rentals in Sheffield
- Short term rentals in Rogersville
Ask for Referrals
Sometimes, word of mouth is the best way to find a short term rental. Ask friends, coworkers, or local groups if they know of available rentals.
Check Social Media and Local Rental Listings
Social media platforms and local community boards often have posts about short term rentals near me. These are great places to find hidden gems that aren’t listed on big websites. You can follow Stutts Facebook pages for rental listings.
How to Manage a Short Term Rental as a Property Owner
If you own a property and are considering renting it out short-term, there are a few things to consider:
Know the Local Laws
Some cities have regulations or restrictions on short term rentals. Be sure to check the local rules to ensure you’re compliant.
Furnish the Property
Most tenants expect a short term rental to be fully furnished. Provide comfortable furniture and essential appliances to attract tenants. If the property is not furnished then you must communicate it with the potential tenant.
Market the Rental Effectively
List your rental on popular platforms, such as Airbnb, Zillow, and VRBO. Include high-quality photos and a detailed description of your property to attract renters.
Hire a Property Manager
Managing a short-term rental can be time-consuming. A property manager can handle bookings, maintenance, and tenant communication, making the process easier for you. This will save you time, stress, and money in the long run.
Stutts Properties is a top-tier property management company in Alabama. Our service areas cover Florence, Muscle Shoals, Tuscumbia, Killen, Rogersville, and Sheffield among other areas in the state of Alabama. You can contact us to speak with a professional. You will learn how we can maximize income for you.
Set Competitive Pricing
Research other short term rentals near me to see what they charge. Price your property competitively to attract more tenants while still making a profit.
The Pros and Cons of Owning a Short Term Rental
Owning a short term rental can be a lucrative investment, but it’s not without its challenges. Here’s a breakdown of the pros and cons:
Pros of Owning a Short Term Rental
- Higher rental income
- Flexible rental terms
- Ideal for high-demand tourist areas
- Potential for positive reviews and repeat renters
Cons of Owning a Short Term Rental
- More maintenance required
- Seasonal demand fluctuations
- Higher costs for furnishing
- Managing bookings can be time-consuming
(CAP RATE; EVERYTHING YOU NEED TO KNOW ABOUT IT CAPITALIZATION RATE)
Is a Short-Term Rental Right for You?
Deciding whether to rent or manage a short term rental depends on your specific needs. If you want flexibility, furnished housing, and temporary accommodation, short term rentals are an excellent option. For property owners, short term rentals offer high-income potential but come with the added workload. Short term rentals are better handled by property managers for maximum returns.
Final Thoughts
Short term rentals provide flexibility, convenience, and a home-like environment for tenants and travelers. With a month to month lease agreement, you get the flexibility you need without long-term commitments. Understanding the ins and outs of short-term rentals can help you make informed decisions. This is true for tenants looking for a temporary place or a homeowner considering renting out your property.
By following these tips and doing your research, you’ll be able to find the best short term rentals near you. Landlords can also effectively manage their short term rental for maximum profit. Short term rentals are very demanding to manage. It involves consistent tenant screening, marketing, repairs, and documentation.
Your best bet to get the maximum return from a short-term rental is to have it managed by a professional property management company. They will handle everything for you while you just get returns. You can talk to us today to understand how we work with our clients.
