After extensive research, as well as looking after both long term and short term rentals, we have found that short term rentals are much more profitable and effective than a regular long term rental. The most common reasons for short term rentals are:
With long term tenants, numerous problems can arise. Most of the rights are in favour of the tenant. How many Landlords have experienced the following issues: tenants are late with their rent and it's up to the Landlord to be calling the tenants, leaving messages, showing up at the property, looking for the tenant.
Then you have to fill out paperwork, "requesting" your own rent payment and giving them ten days to come up with their rent? Or if they don't pay, then you get to fill out more paperwork and wait for a hearing date? Even though it's obvious they will get evicted, you are still required to fill out all of the paperwork, wait for hearing to have it confirmed that yes, they do need to move. Of course, if they don't move, then you can fill out more paperwork and wait for another hearing just to get an order of possession. By now, you are out two months' worth of rent and you can be sure that they didn't clean up after themselves when they finally did move out. Your damages are limited to the damage deposit that they gave, which is only have of their rent. So at this point, you will spend more to fix the damages and start looking for another tenant.
Or, if you would like to just have a tenant leave, then you pay them to leave, a full one month's rent.
With Luxury Corporate Suites, all guests pay one full month a head of arrival. This gives us plenty of time to process all payments, guests to dispute any charges and no paperwork to fill out upon arrival. Their liability is not limited like it is in a long term rental and they do take full responsibility for all damages, fines, excessive wear and tear and so forth. As the guests are aware that they are fully responsible, they take much better care of the property, report any damages immediately and leave the suites in great condition.
Our clientele consists or professionals or companies looking for accommodations for their staff, extended stays for holiday travellers, insurance companies, film productions and others. Our guests are here for a good time, not a long time!