first-time landlord considering medium-term rentals (more than 30 days)

I’d love some advice from others who’ve done this. We own a two-family townhouse. The rental unit is on the first floor. We are thinking about renting it out for 30+ day stretches instead of looking for a long-term tenant, but I’m finding it difficult to find a source that explains all the regulations and requirements. Do we need special insurance? What kind of contract do we use? What are the tax implications? Any other pros and cons?

Guest User | 3 years and 7 months ago

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JohnHancock | 3 years and 7 months ago

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But remember anybody staying in your place 30+ days is considered a long term tenant with all the rights that regular tenants have, if they overstay their welcome getting them out is going to really hard

Lurker | 3 years and 7 months ago

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There are so few hotels in NY, and so many are so crappy and pricey, that any decent Airbnb does quite well, and while it’s a lot more work you can make many times what you would for a long term rental, even with the taxes.

somuchwork | 3 years and 7 months ago

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Exactly why I catered to people never from New York. I had a lot of United Nations dignitaries who only came in for the 4-6 sessions. My favorite was a grandmother who brought her grandson for comedy camp every summer. I would do it again if the city hadn’t made it so complicated.

resident2 | 3 years and 7 months ago

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As a two family house that is owner occupied you are allowed to offer short term occupancies. That said most temporary short term occupants expect it to be fully furnished including sheets, towels etc with all utilities included.
With all the AirBnB law suites around short term rentals in the City in recent years, there are now registration requirements with the City & I believe a license requirement as well as taxes to file & pay etc.
If you go the full hog on AirBnB or one of the other short term / holiday rental sites you can do quite well. Set your limits: IE only accept people with at least 2 prior AirBnB reviews and for a minimum of 30 days etc.
But keep in mind as a prior Brownstoner has pointed out that anyone that stays for 30 days does become a tenant with tenants rights.
It means a lot of extra cleaning and service, but also rents for a lot more money than a full time tenant.

somuchwork | 3 years and 7 months ago

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I used to do Airbnb for a couple of years in Brooklyn. I was always booked and most were 30 days or more. Never had any issues as most were from around the globe, in for work.

Guest User | 3 years and 7 months ago

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I’ve heard anecdotally of local people looking for a place to stay during renovations + grandparents coming to stay–but you could be right! Anybody on here who has tried this?

RobertGMarvin

in General Discussion 3 years and 7 months ago

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Is there really much of a market for short term rentals? I would think that the apartment would be vacant most of the time.

stevecym | 3 years and 7 months ago

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I have heard, possibly from folks on here, that once someone stays in an apt for more than 30 days it can be considered the tenant’s home and if they do not pay the rent, you can not simply change the locks or deactivate a key card as if you were a hotel but must resort to the courts which as we know can be a disaster for any property owner.