All About Airbnb Long Term Stay
While Airbnb is widely recognized as a leading platform for short-term vacation rentals, it also caters to a significant market of long-term renters who are now utilizing the platform to find their homes.
The global COVID pandemic has made a significant impact on the travel industry, extending beyond the initial decline caused by worldwide travel restrictions. As travel gradually resumes, it does so with notable changes. People are shifting their travel patterns from visiting the same popular destinations at the same time to exploring various locations and extending their stays significantly. The widespread adoption of remote work arrangements, experienced by many individuals, has undoubtedly facilitated this trend. The future of travel may likely involve a fusion of living and traveling, where both activities are undertaken simultaneously. That's why it's important to talk about Airbnb long term stays.
What does it mean “long term stay”?
Based on the Airbnb definition, a long-term booking or rental refers to any stay that lasts 28 days or more. Typically, long-term stays are favored by individuals seeking accommodation for work or study purposes, although they may also incorporate a vacation into their extended stay. Additionally, there are individuals who take time off from work or are in between jobs and opt for an extended break. It's worth noting that more than 80% of Airbnb hosts are open to accepting long-term stays, and Airbnb has introduced a dedicated section called "monthly stays" to assist guests in finding the perfect listing to suit their requirements.
P.S. I highly recommend checking out one of our blog posts about essential tips for guests on how to get the best Airbnb rental, plus ways to get Airbnb discounts. Also, you may want to know How to Avoid Paying Airbnb Service Fees.
Moreover, I guess I don’t need to mention that hosts are more likely to agree on discount if you are staying for long term rather than a few days, and there are other pros & cons every guest should know about Airbnb long-term stay.
How about insurance, payment, and cancellations?
Given that most homeowners' insurance policies do not cover Airbnb rentals, it is important to provide evidence of your own travel or renter's insurance. It is advisable to check if your insurance policy covers you internationally and in multiple properties, as there may be unique circumstances to consider. It is generally recommended to obtain travel insurance, and it is essential to confirm the coverage details.
Regarding payments, the monthly rent will be charged to the same credit card used for the initial down payment. If you have concerns about paying before seeing the property, Airbnb holds the initial payment until 24 hours after check-in to address any potential issues. Subsequent payments are charged monthly, starting one month after you move in. For rentals exceeding 28 days, the long-term cancellation policy comes into effect, requiring a 30-day notice of lease termination, as it is already mentioned in the table.
There is a huge variety of payment options. Most importantly, some payment methods give some bonuses: you can earn rewards such as miles, points, or other benefits. When it comes to monthly payments, the available options may include major credit cards (Visa, MasterCard, Amex, Discover, JCB), Paypal (selected countries), Apple Pay (iOS app only), Google Wallet (US Android app only), Aura/Elo/Hipercard for Brazil, WeChat and Alipay for China, Alipay (China), Postepay (Italy), iDEAL (Netherlands), PayU (India), Sofort Überweisung (Germany).
Let’s discuss the pros and cons of renting long-term Airbnb for hosts:
One of the best things about agreeing to rent an apartment for the long term is that the hosts reduce guest turnover, and it saves time, energy, and expenses. The host can leave the vacant days out, has fewer administrative tasks, and requires less overall time and effort spent on guests.
Also, one thing is often overlooked. Long-term rental guests usually are more forgiving if something happens to go wrong. And all this leads to having better reviews and stars.
When you offer long-term rentals on Airbnb (stays longer than 28 nights), the Long Term cancellation policy automatically comes into effect. And it looks quite beneficial for the host. This policy entails the following guidelines. Firstly, guests who cancel their rental within 48 hours of booking and at least 28 days before their check-in date are eligible for a full refund. Secondly, if a guest cancels after this initial period, you will receive payment for the entire month, equivalent to 30 days. In case of a mid-stay cancellation, you will be compensated for the nights the guest has already stayed and an additional 30 nights. However, if the cancellation occurs when fewer than 30 days remain on the reservation, you will only receive payment for the remaining nights.
P.S. Many sources advise selecting a stricter cancellation policy for long-term bookings such as the Super Strict 60 Days or Non-refundable option.
You can find more information on becoming a SuperHost and other valuable tips here.
To sum up, with the increasing prevalence of Airbnb and the growing popularity of remote work, long-term rentals are poised to play a prominent role in the future of travel. It is estimated that around 25% of the workforce in the United States will be participating in remote work by 2025. However, it's essential to recognize that not all hosts may be well-suited for accommodating extended stays. But if they are, a round bouquet of advantages may bloom before you.
Frequently Asked Questions about Airbnb Long-Term Stays
Can Airbnb be used for long-term?
Yes, 28 days or longer stays are considered long-term and are allowed.
Does Airbnb hosts like long stays?
The short answer is yes. Hosts like long-term stays as it can help them rent their property easier, especially in times when many guests might book and then cancel their bookings because of changes in their travel plans.
Is Airbnb cheaper if you stay longer?
Many times you find long-term stays cheaper than short-term stays. It is because many long-term stays have monthly stay discounts that can lower the price for the guest.