Lay My Hat

We recently purchases a duplex home in a seaside community. The home needs some work that wont be finished until the end of Mar or beginning of April then add a few weeks as contractors never finish on time.

We have had an inquiry about a long term seasonal rental for the months of May June July Aug and Sept. They are 6 females who will be working in the area. They have just graduated from university. I know what you are thinking and I am too but I am fearful that not being able to post or market this property until that time (as photos wont be available in the refurbished mode) that we will miss a load of the summer rental crowd. So willing to possibly take a risk with this group.

Looking to all of you that have loads of experience to with the following and any other suggestions or ideas. Again, I understand your concern as I am too but want to weigh it all out then decide.


1. Should I expect full payment up front as with a weekly rental
2. What would be the consideration/discount be for a multi-week/month rental.
3. Any legal logistics other than they are tenants after 30 days
4. Any do's and don'ts when offering a seasonal rental.
5. Any special line items in the rental agreement
6. Someone suggested a mandatory one or two time mid-stay cleaning (cleaner chosen by me) and included in the rental rate. So the cleaner can advise of any fishy or attention needed. Agree??

Thanks .....grateful for any and all input!

Kathleen

P.S. Happy to be back in the game....but still second guessing my gut instincts!!!

It's basically a tenancy agreement so I think they would expect to pay monthly with a large security deposit (maybe a month's rent?).

I guess your property is in the US so different rules may apply - here in the UK, lets longer than 30 days have tax implications. They don't count towards our holiday let nights and if we don't get enough nights in a financial year then it won't count as a holiday let business. Although, I think there is some leeway in the first year.

In terms of pricing - there's less admin so you can take some off for that. Also, no laundry costs. Apart from that I wouldn't discount too much. Without this tenancy I expect you could be ready to market your place by mid May and get all the peak summer weeks booked. So you need to estimate how many bookings you would miss out on if you take the 5 month let and make sure they're paying you the equivalent rate.

Check your insurance too. Ours in the UK is specifically for holiday lets and only covers lets up to 28 days

I would recommend a credit check if they will have (in effect) a tenancy agreement.
In the UK tenants have huge legal rights and getting them out of your property can take time and money if they don’t want to go.
You don’t want to let someone in your property who has defaulted on rent or other bills before.
It’s a simple thing to do and not very expensive.

As well as the security deposit get photos of the property (every room) before they move in and get them to sign and date the photos. You will also need a detailed inventory signed and dated by both of you.
A genuine person will not object to any of the above- if the start to delay or dither walk away.

Thanks everyone all valid points .....

INSURANCE - will check our policy but thinking it covers rentals as a general item not discerning between short or long term
CREDIT CHECK - yes and here all tenants have more rights than owners.
TENANCY - yes here over 30 days they are considered tenants and have more rights.
SECURITY DEPOSIT - yes we did consider this
PHOTOS - I like the photo idea ..... no disputing it then

But in the end for various reasons some of them mentioned in your posts, I think we are leaning towards just waiting and offering it as a short term holiday rental even though the property wont be ready until Mar or Apr. and many have already reserved by then
If we dont get many bites we can then adjust pricing to attract a last minute guest or two