Long Term vs. Short Term Rentals – Guide for Home Owners

If you have had a vacant house for a long time, the best way to go about it is by renting them to tourists or residents in Dubai. However, the decision is entirely up to you whether to provide long-term or short-term rental. Both have equal benefits, but it is best to understand either one before choosing your preference. Though a monthly stay in Dubai is not very common, it too has its own set of benefits. To help you understand the concept of long-term and short-term house rental, read the article.

Short-term rentals are reservations made for a short period, preferably for a month or a few days. Many homeowners are offering their houses as holiday homes on rent for travelers. These are well-equipped with all amenities and provisions to ensure guests have a comfortable stay.

Since the stay is for a shorter period, more guests will visit the place. Hence the income is more. Most residents or homeowners prefer short-term rentals as there is a continuous flow of guests throughout the year, and they can change the rent cost depending on the season and demands.

When guests stay for a long time in the same house, they tend to treat the home as their own. This can more often than not result in damage of property caused due to various factors. But when homeowners allow guests on a short-term basis, the guests are always on the go, thereby ensuring the house is always intact.

As mentioned earlier, holiday homeowners either live in a different country or have vacant houses for a long time. In situations like these, homeowners wish to have a short holiday to their own home, and so having guests staying for a short time gives the flexibility on the ownership of their own house when they need it.

Speaking of long-term rentals, most homeowners consider long-term rentals for a minimum stay of one month or 180 days. It is entirely the choice of the homeowner to decide how long the visit will be. Some prefer renting their houses for the entire 365 days to avoid any confusing regulations.

One of the advantages of giving the house on long-term rent is that it has a consistent income. There is no fear of running out of business. As discussed on the contract with the guests, the homeowners can get their income for the entire year or 180 days.

Very often, we find guests vacating the spaces or house without paying off the rent. This situation doesn’t arise when a guest commits to long-term rentals. The homeowners are required to take at least 3months of security deposits in case of fraud. This regulation keeps changing as per the state and country.

The owner can relax when the house is on rent for the long term as the house is now in the guests’ hands. It is the guest’s responsibility to take care of and carry out regular maintenance work of the house as long as they live in it. Since the property is off the market list, the owners do not have to worry about cleaning it regularly and finding new tenants time and again.

Now that you know what long-term and short-term rentals are and understand their advantages, it will be easier to put your house on the market list. If so, get in touch with long-term or short term rental companies to get the best deal for your home.