Every day life becomes more flexible, and for many owners the era of long-term rentals is passing. Month-to-month rentals are gaining ground when it comes to monetizing apartments without a tourism license in bigger cities because they are geared towards a transitory population – often foreign – that is prepared to pay higher prices for more services and fewer commitments than those of traditional multi-year rentals. This option is particularly interesting for owners without a tourism license in cities like Barcelona, where this activity is strictly regulated, who have dismissed the possibility of holiday rentals by the day because renting a flat without a tourism license can incur a fine of €30,000-€600,000. At companies like Lodging Management, whose experience and position in the market demand operation within the established legal framework, this has meant refocusing services away from the classic holiday tourist and towards other typers of renters, like those that travel to the city for work or training (businesspeople, specialized professionals, masters students) and who stay from one to several months.
Monthly rentals have the benefit that the owner can use his property himself (if he should so choose) for part of the year, and that he won’t have to wait a long time before his current rental contract is over. Companies that manage these types of rentals abide by the flat availability established by the property owner and make sure that the house is always in perfect condition. This is also a business that generates more income than multi-year rentals because the freelance professionals or expats who rent these types of apartments usually have high levels of purchasing power and they are prepared to pay more for the flexibility of not having a long-term contract that requires bank avals, large deposits, lots of documentation, and so on. And they are attracted by the fact that these rental formulas offer services that would be unthinkable in traditional rentals!
These services, which range from housekeeping to simply having household furniture and appliances in the flat when you move in, are taken care of by the company that partners with the owner to manage his or her property. The services that management companies can offer are numerous, and of the same quality, in many cases, as those offered by a hotel:
- Customer service: to cover whatever need the renters may have, management companies are available 24 hours a day, 365 days a year.
- Homestaging and renovation: they can convert any space into an attractive place to rent, offering premium accommodation with all the bells and whistles.
- Welcome packs: these include anything a renter could need in his or her first days in the rental apartment.
- Housekeeping: professionals contracted by these companies coordinate with the managers to make sure that everything is always in perfect shape, and visits are arranged with the frequency preferred by the client. Housekeeping is a service that traditional real estate agents do not offer and that can be very attractive for a foreign visitor.
- Maintenance: together with the renovations and the homestaging, management companies take charge of all the details that keep an apartment in great shape and they make sure that everything is working perfectly in the house: hot water, heating, wifi, appliances…
To sum up, monthly or month-to-month rentals managed by a specialized company allow an owner to offer an attractive property to temporary residents and keep it in perfect condition with no hassle. And the property can even be used by the owner himself or friends for part of the year.
At Lodging Management we have the infrastructure, logistics and personnel qualified to cover all the requirements of monthly rentals and offer guests quality services. Our experience of many years in the management of tourism apartments in Barcelona has led us to dominate certain aspects of the business, including promotion and the attraction of new visitors, and allowed us to create a structure of collaborators and companies specialized in the renovation and integrated care of properties, so important when you want to offer quality monthly rentals. In addition, our constant contact with international tourists keeps us up to date with the latest Barcelona trends and we know the good restaurants, places to hang out, tourism sites, shopping streets, and more. It’s information that’s also very welcome to people that spend several months in the city.
All in all, month-to-month rentals to professionals or students from outside Barcelona is a very interesting option for monetizing a property without a tourism license, so put your trust in a good management company whose experience and professionalism allow them to take care of every aspect of the work. And make more money than you will with a traditional rental!