Choosing to rent for 30-90 days allows you to embrace life like a local, at a lower nightly price than Short-Term Rentals, if you choose wisely.
By: Brad Greiner, CEO of Open Air Homes and OpenAiRE Brokerage
This is a Two Part Series on Month+ Rentals in Los Angeles. The first is for Homeowners choosing this route, and the second for Guests looking to stay for extended periods of time.
Travelers with a penchant for immersing themselves in local culture often look for stays longer than a weekend getaway or a week-long holiday. This demand intersects perfectly with the ever-evolving landscape of short-term rental regulations in cities worldwide.
The confluence of these factors? Extended Stays – often described as Medium Term Rentals, or as we call them Month+ rentals. They might just be the smartest choice you can make as a traveler, and understanding the landscape of laws and regulations is critical to ensuring you get a great rate.
Demand and Supply Dynamics
In cities that have clamped down on short-term rentals, a unique scenario unfolds. An influx of homes becomes available exclusively for Month+ rentals, inadvertently increasing the supply. Basic economics dictates that with a higher supply and steady demand, prices often get competitive, translating to better deals for guests.
Save on The Additional Costs
Cities with strict regulations on short-term rentals also levy Transient Occupancy Taxes (TOT) on stays shorter than 30 days. By opting for Month+ rentals, you sidestep this additional 10-13% tax bill, which varies per city. It’s a clear win.
Los Angeles and Its Cities of Opportunity
From the sunny stretches of Santa Monica and the vibrant streets of West Hollywood to cities presently entangled in regulatory gray zones like Hermosa Beach, Manhattan Beach, Redondo Beach, and Beverly Hills, Month+ rentals emerge as the go-to choice. Note that while Santa Monica is rumored to reconsider its stance on short-term rentals, the situation remains uncertain for now.
Beyond Borders: The Barcelona Example
Casting the net wider, let’s look at Barcelona. A city echoing the essence of Los Angeles with its pristine beaches, scenic mountains, and the buzz of urban life. Barcelona’s short-term rental laws have caused a surge in properties available exclusively for stays longer than 32 days. This offers travelers an unparalleled opportunity to experience the city’s heart without burning a hole in the pocket. A stay short term or in a hotel in Barcelona might run you $200 a night, whereas a Month+ equally as nice, will likely run you $120 a night.
Live Like a Local
Beyond the financial advantages, Month+ rentals offer an enriched experience. They allow guests to truly integrate with the community, frequent local shops, and cafes, and dive deep into the fabric of the locale. The beauty of travel is in understanding and embracing the nuances of places, and extended stays provide the canvas for this intricate masterpiece.
We invite you to choose your favorite local coffee shop, get to know the staff, and truly embrace life as if you lived there full-time. Guests who stay for longer than a weekend have a true opportunity to boost the local economy and feel like a local at the same time.
Walnut Acres by Open Air Homes
Concluding Thoughts
Month+ rentals aren’t merely an economic choice; they represent a deeper, more immersive travel experience. For travelers eager to savor the essence of a place, and have the ability or resources to work from anywhere, such stays open the door to genuine connections, local adventures, and memories that last a lifetime.
This is just the beginning of a shift to traveling for longer periods of time, and we believe these types of rentals add to the community in countless ways that are only beginning to be studied and analyzed. At Open Air Homes, we advocate for this enriched travel paradigm, ensuring our guests not only visit but truly belong.
