Asheville, North Carolina is renowned for the Blue Ridge Mountains, a vibrant arts and restaurant scene, and has also become a sought-after destination for both tourists as well as remote workers.
Though the Air BnB market locally may be saturated, mid-term rentals are still a unique passive income solution that also meets the evolving needs of travelers to Western North Carolina–while maximizing income potential for property owners.
What Are Mid-Term Rentals?
A mid-term rental typically denotes rental accommodations that are leased from periods of one to six months.
This rental model caters to traveling professionals, relocating individuals and their families, and a temporary housing option that can attract a more stable tenant base compared to typical short-term vacation rentals.
Why Choose Mid-Term Rentals?
- Steady Income Stream: Unlike short-term rentals such as AirBnBs, mid-term rentals have longer lease agreements, guaranteeing consistent income.
- Less Wear and Tear: With a lower turn-over rate compared to short-term rentals, there are less cleaning and maintenance costs as tenants remain for longer periods at the property.
- Local Demand: With the influx of people relocating to Asheville, the demand for temporary housing is increasing. Mid-term rentals cater to remote workers, and those in need of transitional housing in the area.
Some Things to Keep in Mind with Mid-Term Rentals
- Furnishing and Amenities: The property should be fully furnished as well as equipped with essential kitchen supplies and amenities such as Wi-Fi and on-site laundry facilities. Keep in mind that creating a comfortable living space in your rental is crucial for attracting potential tenants.
- Flexible Lease Terms: Consider offering flexible lease options to appeal to a broader pool of potential tenants. This can include month to month rental agreements or discounts for longer stays.
