New to hosting help! Question about long term rentals

[Mary4822]

Hello,

I have a new rental in Charleston SC.  I have to do a 30day rental minimum due to Charleston regulations.  I am getting a lot of people asking for deep discounts.  Is this common because I have never negotiated my rentals when I use the platform as a vacation renter.  I don't think my rate is unreasonable.   I also have someone that wants to do a yearly rental but wants to pay monthly.  Is there a way of doing this on airbnb platform?   Obviously, people do not want to pay for a year up front but I am also worried about someone moving in and not paying after their initial payment.  What recourse do I have in that case.  Does anyone have a supplemental contract I could use to send to this person.  I would lower my rates for a yearly rental.  How would I do that?

Thank you,

Mary

[Huma0]

@Mary4822 

I host long term guests and have weekly and monthly discounts built in to my pricing. The nightly rate also reflects this, i.e. I set a minimum I am happy with (bearing in mind this will be lower according to the long term discounts I've opted for), but the nightly rate is lower than it would be for short term stays. So, if I then get any requests for more discounts for long stays, I just point out that the room is already discounted.

The important thing is to check out your local competition (comparable listings, not all of them) and price according to what you feel the place is worth and what makes it worth it for you to host, NOT what the guest wants to pay. There will always be guests who think they should get somewhere super cheap.

I would not recommend Airbnb for year long stays. You will get paid monthly, but if the guest doesn't pay after the first month, Airbnb probably won't do anything about it. Plus, there is really no real deposit if the guest defaults or causes damages. Perhaps tell the guest to book a shorter stay, i.e. three months, with the option of extending to a full year if all goes well, but that a contract and deposit will be required.

Most importantly, what are the regulations regarding tenants rights in your area? What you don't want to end up with is a costly and time consuming eviction scenario.

[Mary4822]

Thank you @Huma0.  Can I set up a contract and deposit with 1 month security/proof of funds and ask for references to protect me in case they decide not to pay after a month and I cannot evict them?  I am thinking about selling the property instead of dealing with these issues.  I originally thought that I could do less than 30 months but was not aware of the rules.  I prefer other rental sites.  Air bnb seems to have the most people trying to haggle.  I am ready to pull the plug on this whole thing already.  

[Huma0]

@Mary4822 

I have never done this myself with Airbnb guests, but I guess you could set up a contract and a security deposit/proof of funds if the guest is amenable to this. Just remember that this would be outside of Airbnb procedures so don't expect any back up from Airbnb if the guest breaks said contract etc. 

Then again, I have never hosted an Airbnb guest for a whole year. The longest on-site booking I have had was six months and that went pretty smoothly. I still get nervous though for bookings that long and here in the UK I do have the authority to evict because the rooms are in my primary home. I would be even more wary if I was renting out a property where the guest could become subject to tenants' rights. 

I have rented out rooms in my house to long term lodgers though (not via Airbnb) and one thing I would always do is a thorough reference check, as well as a contract and a six week deposit.

[AirbtheDiva0]

You can host them via Airbnb if you choose.

Just remember anything over 29 days and the SC Landlord Tenant Law applies so get a rental agreement signed.

We get signed rental agreements on all guest anyway so just a good idea all round as folks take it more seriously.