Cost-Efficient Options for Short-Term Rentals [1-3 Months]?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
Post Reply
User avatar
Topic Author
Noobvestor
Posts: 5944
Joined: Mon Aug 23, 2010 1:09 am

Cost-Efficient Options for Short-Term Rentals [1-3 Months]?

Post by Noobvestor »

I want to spend between one and three months in a few major cities in the US and otherwise over the next few years (e.g. one per year, 1 to 3 months per place). It's easy to find hotels for a few nights, and straightforward to find long-term rentals, but I'm struggling at locating things in between.

Some hotels offer long-term-stay rates, but these seem kind of high and I don't need regular maid service, workout room, etc.... Some apartments/condos (though I'm not finding a lot on this front) offer executive rentals, fully furnished, etc... but again it seems steep. I'm happy to go to IKEA to buy basics that I would offload at the end of my stay, or at least to not spend a premium for top-of-the-line furniture already in place.

Anyone with experience renting for shorter intervals? Tips on where to look, or even what I'm supposed to be searching for since long-term hotel stays and executive rentals seem to be yielding the wrong kind of results? Or does what I'm looking for not really exist - namely, paying a slight premium over typical rent but for something shorter term? How much should I expect to pay per unit of time relative to a year-lease apartment, on the one hand, or one-night hotel on the other?
Last edited by Noobvestor on Tue Sep 04, 2012 4:44 pm, edited 1 time in total.
"In the absence of clarity, diversification is the only logical strategy" -= Larry Swedroe
mlipps
Posts: 1099
Joined: Thu Jun 21, 2012 9:35 am

Re: Cost-Efficient Options for Short-Term Rentals [1-3 Month

Post by mlipps »

What about looking into "student" housing? It's not usually private, but I remember seeing it in Chicago for about $700-800/person to share a 2 bedroom apartment, and I think rates are similar in the burbs of DC according to friends.
Sidney
Posts: 6784
Joined: Thu Mar 08, 2007 5:06 pm

Re: Cost-Efficient Options for Short-Term Rentals [1-3 Month

Post by Sidney »

Noobvestor wrote:offer executive rentals, fully furnished, etc... but again it seems steep.
Most rentals of this nature are pretty expensive. I think they tend to have lower average occupancy than traditional long term rental. I have done both executive rental and long term hotel (e.g. Residence Inn). I usually select based on location. I like to be where I can walk to places like restaurants etc.

You might look at http://www.vrbo.com/ but you'd be taking your chances with owner-rented places.
I always wanted to be a procrastinator.
User avatar
Topic Author
Noobvestor
Posts: 5944
Joined: Mon Aug 23, 2010 1:09 am

Re: Cost-Efficient Options for Short-Term Rentals [1-3 Month

Post by Noobvestor »

mlipps wrote:What about looking into "student" housing? It's not usually private, but I remember seeing it in Chicago for about $700-800/person to share a 2 bedroom apartment, and I think rates are similar in the burbs of DC according to friends.
That could work for sure - actually makes me wonder (though I realize it's not what you meant exactly) if there are universities, for instance, that have/rent excess dorm space during summer months ... I would be perfectly fine living in a dorm room with its basic bed, desk and shared facilities, frankly, particularly if it means a good location. I can always buy a mini-fridge, bring a coffee maker, etc...
Most rentals of this nature are pretty expensive. I think they tend to have lower average occupancy than traditional long term rental. I have done both executive rental and long term hotel (e.g. Residence Inn). I usually select based on location. I like to be where I can walk to places like restaurants etc.
I realize this is going to be a big range, and pretty subjective, but do you have any feedback on what they cost relative to normal rentals on the one hand or hotel night stays on the other? I suspect part of my problem is that I just need to accept that it's going to cost more, but I'm not sure how much more to expect (some of my searches seem silly - 3 months costing as much as 12 months for one place I've found in Manhattan, for instance).

Also, where should I be searching? Craigslist is great for apartments, Orbitz etc... are fine for hotels, but I don't know of a hub site for this kind of stuff. Anyone?
"In the absence of clarity, diversification is the only logical strategy" -= Larry Swedroe
RYD
Posts: 132
Joined: Tue Feb 27, 2007 4:44 pm
Location: California

Re: Cost-Efficient Options for Short-Term Rentals [1-3 Month

Post by RYD »

Suggest you look at Vacation Rental by Owner web site

I know people who rent a condo in Palm Springs each winter for a month and get it through that site. I have used it for renting homes for weekends and for a week at a time. Overall good site
buckstar
Posts: 231
Joined: Wed Jul 06, 2011 9:38 am

Re: Cost-Efficient Options for Short-Term Rentals [1-3 Month

Post by buckstar »

Another vote for VRBO. When we sold our house in 2008 it sold a lot faster than we thought it would, and I still had 3 months of work left before we had to move. I found a decent place on VRBO that was renting on a weekly basis, called up the owner and rented it for 3 months for a steep discount. I think a lot of owners would welcome having someone stay for a longer period of time rather than having to try to find a bunch of weekly renters.
Muchtolearn
Posts: 1563
Joined: Sun Dec 25, 2011 9:41 am

Re: Cost-Efficient Options for Short-Term Rentals [1-3 Month

Post by Muchtolearn »

buckstar wrote:Another vote for VRBO. When we sold our house in 2008 it sold a lot faster than we thought it would, and I still had 3 months of work left before we had to move. I found a decent place on VRBO that was renting on a weekly basis, called up the owner and rented it for 3 months for a steep discount. I think a lot of owners would welcome having someone stay for a longer period of time rather than having to try to find a bunch of weekly renters.
I am looking to take a vacation for a week or two probably in Florida this winter. Do you simply deal anonymously with the owner until you literally get there and then hope? Not to be paranoid but how do you know your deposit is actually not simply taken and that you get to a place that doesn't exist? Or stated differently, does anybody have horror stories with VBRO or similar types of arrangements?
User avatar
dm200
Posts: 23214
Joined: Mon Feb 26, 2007 1:21 pm
Location: Washington DC area

Re: Cost-Efficient Options for Short-Term Rentals [1-3 Month

Post by dm200 »

It has been many decades (before I was married), but for most of my single years - I shared houses with 1-3 others. It generally worked well.

I suspect there may be such hiuse sharing type arrangements available in most metropolitan areas of the country. I would Craigslist, the local newspaper's "classifieds" (or the electronic equivalent) and perhaps roommate referral agencies.
yeledbed
Posts: 62
Joined: Mon Apr 02, 2012 10:22 pm

Re: Cost-Efficient Options for Short-Term Rentals [1-3 Month

Post by yeledbed »

Another option to consider is to search Craigslist and similar sites for sublets. Especially in large cities, there are often people who need to move but can't get out of their lease unless they find someone to take it over for a few months. Several years ago, I wanted to break my lease because I found a better place to live. I was able to find someone (like you) to take over my lease for the last 2 months. It was a great deal for her (I offered a 25% discount), and good for me because 75% of the rent being paid was a lot better than none.
mlipps
Posts: 1099
Joined: Thu Jun 21, 2012 9:35 am

Re: Cost-Efficient Options for Short-Term Rentals [1-3 Month

Post by mlipps »

Noobvestor wrote:
mlipps wrote:What about looking into "student" housing? It's not usually private, but I remember seeing it in Chicago for about $700-800/person to share a 2 bedroom apartment, and I think rates are similar in the burbs of DC according to friends.
That could work for sure - actually makes me wonder (though I realize it's not what you meant exactly) if there are universities, for instance, that have/rent excess dorm space during summer months ... I would be perfectly fine living in a dorm room with its basic bed, desk and shared facilities, frankly, particularly if it means a good location. I can always buy a mini-fridge, bring a coffee maker, etc...
Most rentals of this nature are pretty expensive. I think they tend to have lower average occupancy than traditional long term rental. I have done both executive rental and long term hotel (e.g. Residence Inn). I usually select based on location. I like to be where I can walk to places like restaurants etc.
I realize this is going to be a big range, and pretty subjective, but do you have any feedback on what they cost relative to normal rentals on the one hand or hotel night stays on the other? I suspect part of my problem is that I just need to accept that it's going to cost more, but I'm not sure how much more to expect (some of my searches seem silly - 3 months costing as much as 12 months for one place I've found in Manhattan, for instance).

Also, where should I be searching? Craigslist is great for apartments, Orbitz etc... are fine for hotels, but I don't know of a hub site for this kind of stuff. Anyone?
My school did, in Chicago, but it was exorbitantly expensive.
My university's (for 2012 summer): http://www.luc.edu/conference/services/summerhousing/

I was really just referring to private housing geared towards students such as this place my friend lived at in DC suburbs: http://www.thetowersatutc.com/

One resource might be university's international students page. Since they are not from the US they are usually referred to these sorts of places to avoid buying furniture, etc.
BFLY
Posts: 32
Joined: Wed Aug 15, 2012 10:13 am

Re: Cost-Efficient Options for Short-Term Rentals [1-3 Month

Post by BFLY »

Muchtolearn wrote:
buckstar wrote:Another vote for VRBO. When we sold our house in 2008 it sold a lot faster than we thought it would, and I still had 3 months of work left before we had to move. I found a decent place on VRBO that was renting on a weekly basis, called up the owner and rented it for 3 months for a steep discount. I think a lot of owners would welcome having someone stay for a longer period of time rather than having to try to find a bunch of weekly renters.
I am looking to take a vacation for a week or two probably in Florida this winter. Do you simply deal anonymously with the owner until you literally get there and then hope? Not to be paranoid but how do you know your deposit is actually not simply taken and that you get to a place that doesn't exist? Or stated differently, does anybody have horror stories with VBRO or similar types of arrangements?

muchtolearn....yes it is quite easy and safe to use vrbo.com or homeaway.com... I have used it a few times in the US and even for a week-long apartment rental in Paris. When you search for properties in Florida (for which there will be loads offering long term winter rentals), there will be email and/or phone contacts for the owners, pictures and reviews. Most respond rather quickly to your online inquiry. Deposit and payment requirements vary from US check, cc, or paypal. No horror stories for me. Again, I have booked a family beach vacation, a weekend mountain get away and a week overseas all with great success. If you are leary, ask for the physical address and do a google earth check to see if the physical address exists.
Post Reply