Mid-term stays, typically ranging from a few weeks to a few months, have become a significant trend in the short-term rentals industry for several compelling reasons.
The rise of remote work, which has accelerated significantly since the pandemic, means digital nomads are springing up across the globe. Some countries – such as Hungary, Portugal, and Spain – were quick to introduce digital nomad visas, while staff everywhere tend to be taking advantage of hybrid working arrangements, with some employees heading to the office infrequently at most.
During our industry's autumn conference season, the popularity of mid-term stays was a key topic, with thought leaders expecting the trend to increase during 2024.
Here are some key reasons why mid-term stays are becoming more and more popular, plus some tips on how to attract this type of profitable booking.
1. Rise of remote working
The global surge in remote working has led to an increase in people seeking temporary accommodation in different locations. Digital nomads, freelancers, and remote workers are opting for mid-term stays to enjoy a change of scenery while maintaining work productivity.
Take advantage by catering for digital nomads. Install super-fast Wi-Fi and promote it in your listing. Make sure guests have access to desk space and a comfortable chair.
2. Extended travel for leisure
With some workers only heading to the office once every few months, they have the luxury of being able to work from anywhere for weeks at a time. This can present an opportunity to combine work and pleasure – which might mean longer bookings for short-term rental hosts. Mid-term stays allow guests to immerse themselves in the local culture, experience day-to-day life, and explore nearby attractions – even if they still need to work for several hours a day.
Take advantage of this by promoting local attractions, restaurants, and businesses. This might even present an upselling opportunity where you can partner with local businesses and receive a commission for any activity your guests book.
3. Affordability and cost savings
Mid-term stays often offer more competitive pricing compared to traditional short-term stays, making them an attractive option for budget-conscious travellers. Many hosts and property managers prefer longer bookings as it reduces cleaning and maintenance tasks. Take advantage of this by offering a discount for longer stays in order to stand out among the competition.
4. Flexibility and comfort
Longer stays provide guests with a sense of stability and comfort, offering a 'home from home' experience. Guests can settle into a routine, cook their meals, and enjoy more spacious and well-equipped accommodation, enhancing their overall comfort.
Take advantage of this by ensuring you have a well-stocked kitchen of pots, pans, cutlery, and cooking accessories, and provide streaming services like Netflix.
5. Health and safety considerations
In the wake of global health concerns, travellers may prefer mid-term stays to minimise the frequency of moving between accommodation. The extended duration allows guests to establish a secure and familiar living environment, reducing potential exposure to health risks. Take advantage of this by highlighting the commitment to cleaning and maintenance in your listing.
6. Transition periods
Guests often choose mid-term stays during transitional periods, such as moving between cities or waiting for a more permanent housing solution. It provides a practical solution for individuals navigating life changes without committing to long-term leases. You can take advantage of this by offering storage space, such as a garage, if feasible.
7. Availability of furnished rentals
The availability of fully furnished rentals, equipped with amenities for an extended stay, makes mid-term stays more appealing. Guests can enjoy the convenience of a ready-to-live-in space without the hassle of purchasing and moving furniture. As we say in our free e-book for hosts and property managers, the more amenities you provide, the more guests your rental will appeal to.
Overall, the mid-term stay trend reflects a shift in consumer preferences, driven by changing work dynamics, a desire for more immersive travel experiences, and the need for flexible and affordable accommodation options. Make sure you take advantage of this trend!