Fill Your Vacation Rental Vacancy With A Long Term Lease

With the vacation rental market bottoming out, there has never been a better time to turn your property into a 12-month rental.

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Benefits of 12 Month Long-Term Rentals when Compared to Vacation Rentals

High Demand

Regardless of the location, time and market conditions, people will always need places to live. As many housing markets are too expensive for someone to buy a home, they will turn towards rental properties and become great tenants. Over the past few years, there has been a significant increase in the number of renters vs the number of homeowners, showing a clear indication that there has been an increased demand for traditional rental properties.

Less Wear and Tear

Tenants in long-term rentals bring their own furniture and treat the property as a home, as opposed to those staying in a vacation rental who tend to treat the property and possessions as a hotel room. Generally, long-term rentals see significantly less wear and tear. When a long term tenant moves out of a property, a detailed inspection and disposition is completed to reconcile and repair any damage that may have occurred during their lease term.

Vacancy Rate is Low

Once you place a tenant in a long-term rental, you’re set for what is typically 12 months or more. Vacancy rates for traditional rentals are generally low because these properties are rented out on a monthly basis, unlike short-term rentals which are rented out on a nightly basis and have peak or slow times. As a landlord and a real estate investor, one of the last things you want is for your property to remain occupied. Every moment of vacancy means that you’re losing money. After all, you have to make your mortgage and insurance payments, pay taxes, and maintain your property whether you’re able to find tenants or not.

Fewer Maintenance Requests

Vacation renters don’t take care of homes the way owners do, in fact, they tend to be very hard on the appliances, amenities, rooms, kitchen, bathrooms, etc. The guests expectations for a resort style stay will be very high which will keep your wallet open.

Reviews

Ever have a guest who didn't agree with your marketing, price or conditions? A vacation rental is at the mercy of each guest and it could severely impact the income you generate from the property for several years. A long term tenant will interact with the property management company and they will ensure the tenants needs and requests are met according to the standards set by law.

Consistent Income

Long-term tenants will typically occupy the property for at least the standard 12-month term and will provide consistent and predictable rental income. With a long term rental, there is no need to worry about busy seasons, price fluctuations, events or slower times that can make it difficult to capitalize on rental income.

Increasing Rents

Year over year for the last decade, there has been very consistent monthly rent increases for long term rentals. In addition to the home value appreciation, these rent increases can be done at lease renewal or lease-up periods and can make a significant impact on the rental income.

Reduced Legal Risk and Liability Issues

The vacation rental industry is picking up and facing severe legal challenges in many parts of the US housing market. This cannot be said for traditional long term rentals. Most locations have reasonable landlord-tenant legislation which protects the rights of both groups accordingly.

More Affordable Management Fees

Whether you choose to manage the property yourself or hire a property manager, long-term rentals require less time and resources. You don’t have to advertise the property as frequently, handle constant tenant turnover, or make sure the property is ready to rent. If you don’t want your real estate investment to be a job, or you don’t want to pay a fortune in property management fees, you’ll probably be better off with a long-term rental property. Our pricing for property management is $75 monthly once the tenant has been placed. On the other hand, hiring a property manager for a vacation rental can cost 25% or more of the rental income.

Tenant Paid Utilities

It is most common that long-term tenants usually pay their own electric, water and sewer utilities to the renter. With a short-term vacation rental, the owner is expected to cover all utility costs, which can add up when you have a careless guest. People tend to be less concerned about water usage, electricity, and gas when they are not the one's paying for it.

Cost Calculator: Avg Electric: $250, Water: $80, Gas: $50, Sewer/Trash: $50 = $5,160 Yearly savings

Don't Let Your Rental Sit Empty

The Coronavirus Pandemic has gutted the vacation rental industry. We can help you turn your Airbnb or Vrbo into a long-term rental property with a 12-month tenant guarantee. 

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12-Month Tenant Guarantee

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On Q Property Management has created a more advanced management system which utilizes proprietary technology that allows owners to be more involved even while doing less.

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The On Q Flow.
Our proven process.

A good property management company can add significant value to your investment while alleviating some of the stress. On Q Property Management does this by utilizing its specialized system- the On Q Flow. You’ll never have to wonder what step you are on, or what comes next.

About On Q Property Management

Founded by property investors in 2010, On Q Property Management has established itself as one of Arizona’s fastest-growing Property Management and Real Estate firms. Our client-first approach, coupled with a technologically focused workflow, helps to build and maintain excellent relationships with our clients. At On Q, we truly know the area and understand the importance of getting a qualified renter quickly. Our team has over 35 years of professional experience in the Valley of the Sun, and our company maintains an “A+” rating with the Better Business Bureau. With On Q, there are no hidden costs or fees. We offer flat-fee services with money-back guarantees and strive to provide complete transparency in all of our transactions.

Our Company

On Q Property Management is a full-service Property Management company specializing in managing residential rental properties. On Q's client-first approach - utilizing a proprietary process and set of tools - delivers a more transparent and profitable property management experience. With year-long tenant guarantees and a no-fee cancelation policy, On Q is dedicated to earning you business month after month. 

Arizona Designated Broker: Eric Dixon
Texas Designated Broker: Rodney Henson

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