Want To Rent Your Home Long-Term on Airbnb? Here’s What You Need To Know
When most consumers think about Airbnb experiences, they think of short-term vacation rentals. Thanks to the steady increase of Airbnb valuation, vacation rental owners also have the option to rent long-term. What is the difference? Instead of a yearly contract, Airbnb rentals are much more flexible as owners can offer month-to-month or fully furnished extended stay availability. Better yet, there is no downside since long-term rentals are more straightforward and easy-going. If you are thinking of becoming a long-termAirbnb host, here is what you will need to know.
AirbnbExtended Stay Vs. Residential Tenancy
Airbnb long-term rentals are available between twenty-eight days and six months. Most jurisdictional tenancy laws consider a person a property renter after thirty which establishes tenancy rights. You need to think about your business practices regarding how you operate as a short-term vacation property owner and an Airbnb extended stay host because of local statutes.
Housing laws vary, and depending on your Airbnb location, you must consider the legalities of offering extended stays versus biased residential tenancy acts that provide oversight on housing. At the heart of the argument is rental rights versus the freedom to find housing without having to sign a long-term lease, put monthly utility bills in a guest’s name, or pay property maintenance.
Property owners having to evict a long-term Airbnb tenant is almost unheard of when compared to the 2.35 million American landlords who are forced to file for a writ of eviction. Choosing along-term Airbnb option will also disrupt short-term vacation rental bans and allow hosts to adopt policies that differentiate between 30-day extended stays and residential tenancy contracts.
There are six defined refund policies available which provide oversight of paid Airbnb fees.
· Flexible– This option provides a full refund within 24-hours of arrival, no refund for the first reservation night, and all nights after the first non-refundable night are reimbursed.
· Moderate– This policy provides a full refund before a five-day cancellation period, 50%within this period, and 50% refund for early departures minus the 24-hour notification.
· Strict:Hosts reimburse cancellations that occur within a 48-hour period of reservation, 50% before a seven-day period, and are nonrefundable within 7 days or early departures.
· Super Strict30 Days provides a 50% refund before the thirty-day period prior to arrival begins and does not reimburse within the period or for the early departure of paid days.
· SuperStrict 60 Days provides a 50% refund before the cut-off period begins and does not reimburse if the cancellation occurs after the cut-off date nor for early departures.
· Long-Term applies to all Airbnb rentals that are greater than twenty-eight days. The first month is non-refundable as guests must provide a 30-day rental cancellation notice.
These Airbnb refund policies are fair for both the host and guests. Before choosing an Airbnb refund policy option, consider the pros and cons of each of these choices before enacting one. Using short-term management software will curb many of the long-term rental and refund issues.