If you have a real estate property, and you have been wondering what are your options generate some income from it, this post is for you. Specifically, we will delve into the mid-term rentals, also known as month-to-month rentals. This is one of the three options, based on the length of the stay of your renters.

What is mid-term rental?Generally speaking, it's longer than a few days or a few weeks stay, and shorter than one year lease. In a lot of places, if your host stays for a period of more than 31-days, they are considered a tenant. Short-term rentals websites like AirBNB or Vrbo faces a number of regulations in different cities and require constant upkeep with a high turnover of guests. On the other hand, you can rent out your place to a regular tenant for a lease period of 1-year. In terms of income generated, Short-term rentals generates the highest while long-term has the lowest amount. At the same time, AirBNB requires much more upkeep while a regular tenant, you may not even see him for a few months and things will generally be okay. Monthly rentals hit the sweet spot: you have a guest staying at your place for at least a month guaranteed, and they are considered tenants, so the protection and the rights that apply to a long-term tenants apply to both you, the owner, and the tenant.

The question is then, why don't you see a lot of investors/owners are pursuing this? The truth is, there are a number of people that are doing this. But it requires careful planning, and a little bit of help. RentMonthly's suite of features makes it super easy for you to do this. While monthly rentals require active participation from the landlords, the tenants are considered similar to a long-term tenants so there are not a lot of restriction in-place in most jurisdication, unlike there are on AirBNB's. Unlike AirBNB guests, you need to vet them with at least a background check, application, and some amount of security deposit (usually one month's equivalent of rent). Generally, those are also the pain point for property managers that rents out on a long-term basis.

Who Would Rent a Place for Few Months? Well, let's take a look. There are a number of reason people find themselves in situations where they have to stay somewhere for an extended period but cannot commit to a 1-year lease. I personally found myself in that situation after I graduating - I wanted to stay in the area while searching for jobs and I would had to move as soon as I found one. But getting out of a 1-year lease can be quite a painful process, especially if you are unlucky. Some professional due to the nature of their work or lifestyle, such as travelling nurses or digital nomads, prefer such arrangements as well. And pretty much anyone would find themselves into sitauations that would require them to have such an arragngement. It could be that you need to visit a family member for an extended period. Or you are renovating your house. Or your family became temporarily displaced due to a natural disaster etc. Regardless, staying at a hotel or AirBNB becomes to expensive and you do not want to a 1-year lease. This is when you turn to mid-term rentals. So, as long as these things happen in life, you, as a property owner, will have demand for your place.