A long term rental accommodation is generally rented out to tenants over a prolonged period of time, often more than half a year to be exact. In addition, depending upon the owner, the lease may come either completely furnished or devoid of any fixtures or furniture. Simply put, long term rental accommodations are characterized by a relatively consistent rental occupancy rate.
The advantages associated with long term rentals are fairly obvious. For one, long term rentals enable tenants to stay in a place without having to make major modifications in terms of location or decor, since the property itself is usually not very big. Also, long term rentals tend to have lower vacancy rates, something that most short term rentals struggle with.
On the flip side, short-term rentals tend to be cheaper than their long-term counterparts because the property does not take up much of the tenant’s time. As such, short-term rentals are more popular among property owners, who often prefer them over long-term ones due to their ease of letting go of a property. However, one disadvantage of short-term rentals is that they are typically not very secure. This means that, if the tenant were to face some sort of theft problem, it would be relatively easy to have the tenant evicted from the premises.
Using an investment property calculator can help you determine the optimal rent for your individual rental properties. By determining the optimum rent according to your investment returns and the current market rental prices, you can determine whether or not it would be profitable for you to rent the property. Using this type of calculator can greatly help in making the right decision when it comes to selecting which short-term rental investment properties are best suited for your needs.
Apart from calculating the amount of rent you would be able to afford, a typical lease calculator can also calculate the amount of money you can expect to earn on each of your tenants. Depending on the location and size of the property, some investors choose to rent out entire buildings while others opt to rent out just part of them. Some investors choose to focus on one or two types of short term rentals while others may choose to rent out all of the properties they own. Regardless of the strategy that you use, you will be able to determine how much money you will be able to generate on a yearly basis through tenant applications. Learn more information about phuket long term rental.
Long-term leases generally allow tenants to remain there for at least one year. This is considered to be a long term rental commitment. Generally speaking, long-term leases usually require the landlord to have an interest in the property for more than one year. Generally, the longer the occupancy period is for one year, the higher the occupancy fee that a property owner will charge.