Medium-term rentals, also known as mid-term rentals, executive rentals or MTRs, have risen in popularity over the years. If you’re a renter, you’ve probably seen them advertised online.
So what are they? And how do you know if it’s a good option for you?
What is a medium-term rental, anyway?
A medium-term rental or MTR is a rental that is on a medium-term lease, meaning it is shorter than a typical long-term lease. Medium-term leases are usually measured in months, while short-term rentals are often measured in days and long-term rentals are measured in years. This makes them an ideal option for renters looking for a more temporary place to live.
It’s important to make a distinction between a medium-term rental (MTR) and a short-term rental (STR). There are of course some similarities – they both tend to be furnished, and don’t involve the typical year-long commitment of a traditional long-term lease. They both remove some of the pressure of commitment, and provide temporary housing.
But while short-term leases usually only last up to one month, medium-term leases last 1-9 months, and typically fall somewhere between 2 and 6 months, sometimes up to 9 months.
Short-term leases tend to be priced per day, while mid-term leases tend to be priced per month. Also, short-term leases don’t always come with standard lease agreements, often taking place on marketing platforms like Airbnb and Expedia.
However mid-term rentals will typically have a custom lease for the MTR experience on a fixed term format. Long term rentals will use a standard lease which may be provincially mandated.
When is a medium-term lease right for you?
There are many situations in which you’ll probably want to opt for a medium-term lease. If you’re looking for convenient temporary housing with flexible terms, they are likely the best option for you. Here are some cases we often see with medium-term renters!
You’re looking for shorter stay
Medium-term rentals are excellent for seasonal stays, such as Winter or Summer visits. If you’re visiting family or friends for an extended period of time, a comfortable temporary accommodation might be right for you.
You’re waiting on renovations or a new home being built
If you are having a home built and need somewhere to live in the meantime, a one year lease is not exactly a convenient option. Medium-term rentals can provide a more flexible temporary housing option for homeowners who need a temporary place to live during renovations or new construction. You may only need a two month lease in Ottawa, or a six month lease in Ottawa.
You’re a travelling professional looking for corporate housing
Staying in the city short-term for your work? Are you a consultant visiting Ottawa for a project, or a placement worker looking for somewhere to stay? Medium-term leases are ideal for executive stays. You can access a comfortable, furnished apartment that feels like home for a shorter period of time – a much better solution than a hotel if you ask us!
You’re moving to a new city
If you’re moving to a new city, you may want to get to know the neighbourhoods before you commit to a year long lease. Also, it can be expensive to move furniture to another city. With a medium-term lease, you’ll be able to live in a furnished apartment and forego the cost of buying new furnishings. This makes it easy to save for expenses once you’re ready to move out and furnish your long-term home.
Pros and Cons of a Medium Term Lease
Renting on a medium-term lease offers some pros and cons.
- Lower daily cost than short-term rental
- Flexible lease
- Save money on furnishings
- Protected by documented lease
- Corporate stay friendly
- Secure, temporary stays without the pressure of commitment
- Higher monthly cost than long-term lease to accommodate for the furnishings, amenities (internet, tv, etc) and higher turnover costs
- If you want to style the apartment yourself, furnished rentals may not be ideal
- More commitment than a short-term rental
- Can be harder to find as long-term leases are more popular
Looking for a medium-term rental in Ottawa?
At Aliferous, we offer medium-term rentals and executive stays. We can help you find the rental that works best for you. To learn more, take a look at our listings or reach out to find out about our current availability!