In the real estate industry, mid-term rentals are a flexible and appealing option for both landlords and tenants.
Whether you're a landlord seeking to capitalize on this growing market or a tenant looking for a convenient and comfortable mid-term stay, this guide aims to provide insights, tips, and considerations to ensure a successful and satisfying experience for all involved.
From understanding market trends to optimizing property listings and navigating lease agreements, our guide covers the essential aspects that make medium-term rentals a practical and rewarding choice in today's real estate landscape.
- Definition
- Types
- Pros and cons
- Beneficiaries
- A guide for tenants
- A guide for landlords
- FAQs
- Best markets
- Flatio
Mid-term rental definition
What is a mid-term rental? A medium-term rental typically spans a duration of 30 to 90 days, with most of them being 90-day rentals. Mid-term accommodation strikes a balance between the brief nature of short-term rentals and the more extended commitments of traditional long-term rentals.
This unique category offers a myriad of benefits and challenges, making it crucial for both landlords and tenants to navigate the landscape with a clear understanding.
Types of mid-term rentals
Mid-term rentals come in various types, catering to diverse preferences and needs of both landlords and tenants.
Here's a breakdown of the common types:
Private room rentals
Ideal for those seeking a more budget-friendly option or a shared living experience. Renting a private room within a larger property allows tenants to enjoy communal spaces while maintaining a level of privacy.
Entire house or apartment rentals
Perfect for individuals or families desiring complete autonomy and privacy. Renting an entire house or apartment provides a home away from home, allowing tenants to enjoy the space exclusively for the duration of their stay.
Shared accommodations
Tailored for those who enjoy a communal living environment, shared accommodations involve renting a portion of a property while sharing common spaces like the kitchen or living room with other tenants.
Serviced apartments
Offering a hotel-like experience with the comforts of a home, serviced apartments come fully furnished and equipped with amenities.
They often include housekeeping services, making them an excellent choice for a hassle-free mid-term stay.
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Vacation rentals
Suited for those seeking a temporary escape, vacation rentals offer unique properties such as cottages, villas, or cabins.
These often come with special features and are situated in scenic or tourist-friendly locations.
Corporate housing
Geared towards business travelers, digital nomads or professionals on assignment, corporate housing provides fully furnished apartments with utilities included.
These rentals offer a convenient and comfortable solution for extended business stays.
Understanding these different types of mid-term rentals allows both landlords and tenants to find the perfect match based on their preferences, budget and the nature of their stay.
Whether it's the privacy of an entire property, the sociability of a shared space, or the convenience of serviced amenities, the diversity of mid-term rental options ensures there's a suitable choice for every individual and situation.
Pros and cons of mid-term rentals
Advantages of mid-term rentals
- Flexibility for tenants: Mid-term rentals provide tenants with the flexibility to adapt to transitional phases in life. Whether it's a job relocation, educational pursuit, or a temporary housing need, tenants can find a home that meets their requirements without the commitment of a long-term lease.
- Steady income for landlords: For landlords, mid-term rentals offer a steady stream of income, often appealing to property investors looking for consistent returns. This type of rental arrangement can minimize the risk of extended vacancies, providing financial stability.
- Market demand and trends: The growing popularity of remote work and the increasing prevalence of short-term projects contribute to the rising demand for medium-term rentals. Landlords can tap into this demand by catering to a diverse tenant base.
Disadvantages of mid-term rentals
- Potential vacancy challenges: While mid-term rentals reduce the risk of extended vacancies, they may still face challenges during transition periods between tenants. Effective marketing and strategic lease planning are crucial to minimize these gaps.
- Lease agreement complexities: Crafting a lease agreement for mid-term rentals requires a delicate balance. Landlords must address the unique needs of tenants seeking flexibility while ensuring legal and financial protection for both parties.
- Balancing tenant and landlord interests: Striking a balance between tenant expectations and landlord requirements can be challenging. Clear communication and a thorough understanding of each party's needs are essential to foster a positive rental experience.
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Who benefits from mid-term rentals
Tenants
- Individuals in a phase of change: Mid-term rentals are ideal for individuals undergoing transitional phases, such as relocation for a new job, educational pursuits, or personal circumstances. The flexibility offered by mid-term rentals aligns with the unpredictable nature of life changes.
- Remote workers and digital nomads: The rise of remote work has given individuals the freedom to choose their living locations. Mid-term rentals provide remote workers and digital nomads with the option to explore new areas, cities, and countries without committing to long-term leases.
- Students: Students often have temporary housing needs, whether for a semester or during internships. Mid-term rentals offer a practical solution, providing a home away from home without the constraints of a typical academic lease.
Landlords
- Property investors: For property investors, mid-term rentals present an opportunity to diversify their portfolio. The steady income and reduced vacancy risks make mid-term rentals an attractive investment strategy.
- Vacation home owners: Owners of vacation homes can maximize their property's utility by renting it out during periods of the year when they are not using it. Mid-term rentals allow for a balance between personal enjoyment and rental income.
- Property managers: Property management professionals can leverage mid-term rentals to cater to a broader clientele. Offering flexibility in lease terms enhances a property manager's ability to meet the diverse needs of tenants.
A guide for tenants to mid-term rentals
How to find mid-term rentals: Mid-term rental websites
- Overview of mid-term rental platforms: Numerous online platforms specialize in mid-term rentals. Platforms like Flatio provide a vast array of options for tenants seeking mid-term accommodation.
- Popular mid-term rental sites: Understanding the features and offerings of popular mid-term rental sites is crucial for tenants. Researching and comparing listings on different platforms ensure tenants find the most suitable property for their needs.
- Evaluating rental listings: Tenants should carefully review property listings, considering factors such as location, amenities and rental terms. Clear communication with landlords or property managers is key to confirming details and addressing any concerns.
What to look for in a mid-term rental
Location considerations
- Proximity to work or school: Choosing a mid-term rental close to work or school minimizes commute time and enhances overall convenience. Tenants should assess transportation options and local amenities to ensure a seamless living experience.
- Safety and neighborhood amenities: Safety is paramount in any living situation. Researching crime rates and neighborhood amenities, such as grocery stores and healthcare facilities, helps tenants make informed decisions about the suitability of a location.
Property features
- Furnished vs unfurnished rentals: Understanding the pros and cons of furnished and unfurnished rentals is essential. While furnished options provide convenience, unfurnished rentals offer more flexibility for tenants who prefer to bring their belongings.
- Utilities and amenities included: Tenants should clarify which utilities and amenities are included in the rental agreement. Knowing the associated costs and available services ensures there are no surprises during the lease term.
Understanding a mid-term rental lease agreement
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Lease terms
- Duration and renewal options: Mid-term leases typically range from 30 to 90 days, but variations exist. Tenants should discuss renewal options and any potential penalties for early termination to avoid misunderstandings.
- Rental rates and payment terms: Clearly defined rental rates and payment terms are crucial components of a mid-term lease agreement. Tenants should confirm the payment schedule, acceptable payment methods and any applicable late fees.
Legal considerations
- Tenant rights and responsibilities: Tenants should familiarize themselves with their rights and responsibilities outlined in the lease agreement. This includes adhering to property rules, reporting maintenance issues promptly, and respecting the property's condition.
- Landlord obligations: Landlords have responsibilities as well. Providing a habitable living space, addressing maintenance requests in a timely manner and respecting tenant privacy are fundamental obligations that should be outlined in the lease agreement.
Factors to consider before signing a mid-term lease
- Checking rental history and references: Both landlords and tenants should conduct due diligence before entering into a mid-term lease agreement. Landlords may request rental history and references to assess a tenant's reliability, while tenants can seek references from previous occupants.
- Inspecting the property: A thorough property inspection before signing the lease is crucial. Tenants should document any existing damages and ensure that the property meets their expectations in terms of cleanliness and functionality.
- Clarifying maintenance and repair policies: Understanding how maintenance and repairs will be handled during the lease term is essential. Clear communication about procedures, response times and responsibilities ensures a smooth living experience for tenants.
A guide for landlords to mid-term rentals
Listing your property on mid-term rental websites: Creating an effective rental listing
- Highlighting property features: Crafting a compelling listing involves showcasing the unique features of the property. Emphasizing amenities, location advantages and any special considerations can attract potential tenants.
- Setting competitive rental rates: Researching the local market and setting competitive rental rates are crucial steps for landlords. Pricing a property appropriately ensures it stands out among other mid-term rental options.
Utilizing rental platforms
- Overview of rental platforms: Understanding the features and policies of various renting platforms is essential for effective property management. Each platform may have different audience demographics and requirements.
- Maximizing visibility on platforms: Employing strategies such as professional photography, detailed property descriptions, and responsive communication can enhance a property's visibility on rental platforms. Regularly updating listings also keeps them relevant.
Drafting a comprehensive mid-term rental lease agreement
Essential lease agreement components
- Terms and conditions: A well-crafted lease agreement includes clear terms and conditions that outline the expectations of both parties. From rental rates to maintenance responsibilities, every aspect should be detailed.
- Legal clauses and disclosures: Including legal clauses and necessary disclosures ensures that the lease agreement complies with local laws. This may involve details about security deposits, eviction procedures, and tenant rights.
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Customizing lease agreements for different tenants
- Corporate rentals: Landlords catering to corporate tenants should consider including provisions that address the unique needs of businesses, such as invoicing processes, corporate guarantees and flexible lease terms.
- Student rentals: Student-centric lease agreements may incorporate clauses related to academic schedules, co-tenant arrangements and flexible lease start and end dates to align with academic calendars.
Managing mid-term rentals effectively
Communication strategies with tenants
- Setting expectations: Clear communication from the outset helps manage tenant expectations. Providing information about property rules, maintenance procedures and contact points establishes a positive landlord-tenant relationship.
- Addressing concerns promptly: Timely response to tenant concerns fosters trust. Establishing communication channels for reporting issues and ensuring a prompt resolution demonstrates a commitment to tenant satisfaction.
Handling property maintenance and repairs
- Regular inspections: Conducting regular property inspections allows landlords to identify maintenance needs proactively. Establishing a schedule for inspections helps maintain the property's condition.
- Quick response to issues: Addressing maintenance requests promptly is crucial for tenant satisfaction. Landlords should have a reliable network of service providers to ensure timely repairs and upkeep.
Maximizing returns on mid-term rentals
Adapting to market trends
- Flexibility in lease Terms: Adapting lease terms to align with market trends, such as the increasing demand for remote work or pet-friendly options, can make a property more appealing to potential tenants.
- Exploring additional services for tenants: Offering additional services, such as cleaning, Wi-Fi, or concierge services, can differentiate a property in the mid-term rental market. These value-added services contribute to tenant satisfaction.
Legal compliance and regulations
- Regular updates on regulations: Landlords should stay informed about changes in local rental laws and regulations. Regular updates ensure that lease agreements remain compliant with current legal standards.
- Ensuring fair and legal practices: Adhering to fair and legal practices is essential for maintaining a positive landlord reputation. Transparent communication, ethical conduct and compliance with tenant rights contribute to a harmonious landlord-tenant relationship.
Frequently asked questions (FAQs) about mid-term rentals
For tenants:
Q: Can I extend my mid-term lease if needed?
A: Yes, extension options are often available. Discuss potential extensions with your landlord before the initial lease period ends.
Q: Are mid-term rentals furnished, or do I need to bring my own furniture?
A: It varies. Some mid-term rentals come fully furnished, while others may require you to bring your own furniture. Check the listing or inquire with the landlord for specifics.
Q: What utilities are typically included in mid-term rentals?
A: The inclusion of utilities varies. Clarify with your landlord whether water, electricity, internet, and other services are covered in your rental agreement.
Q: Can I terminate the lease early if my plans change unexpectedly?
A: Early termination may be possible, but it depends on the terms of your lease. Discuss any potential changes in circumstances with your landlord and be aware of associated penalties.
Q: Is renter's insurance necessary for mid-term rentals?
A: It's advisable. While not always mandatory, having renter's insurance can protect your belongings in case of unexpected events. Check with your landlord for their policy.
Q: How often are mid-term rentals inspected for maintenance purposes?
A: Inspection frequency varies. Landlords may conduct periodic inspections to address maintenance needs. Discuss this with your landlord and be informed about the inspection schedule.
Q: What steps should I take if I encounter issues with the property during my stay?
A: Report issues promptly to your landlord. Clearly communicate concerns and, if necessary, follow any procedures outlined in your lease agreement for problem resolution.
Q: Can I have guests over in a mid-term rental?
A: Generally, yes. However, check your lease agreement for any specific restrictions or guidelines regarding guests to ensure compliance with the terms.
Q: How is security deposit handled, and when can I expect a refund?
A: Your security deposit is typically refunded after move-out, pending any deductions for damages. Confirm the refund process and timeline with your landlord.
Q: Are there pet-friendly mid-term rentals available?
A: Yes, some landlords allow pets in mid-term rentals. Check the property listing or inquire with the landlord about their pet policy before signing the lease.
For landlords:
Q: How can I attract tenants to my mid-term rental property?
A: Create an appealing listing with clear details about the property's features, location, and any unique aspects. Highlighting amenities and competitive pricing can attract prospective tenants.
Q: What should I include in the lease agreement for a mid-term rental?
A: Specify rental terms, payment details, maintenance responsibilities, and any rules or restrictions. Consider legal advice to ensure comprehensive coverage in the lease.
Q: Is it common to allow lease extensions for mid-term rentals?
A: Yes, offering lease extensions can enhance tenant satisfaction. Clearly outline extension terms in the lease agreement to avoid misunderstandings.
Q: How do I handle maintenance and repairs for mid-term rentals?
A: Establish clear communication channels for tenants to report issues. Respond promptly to maintenance requests, and schedule regular inspections to address potential concerns.
Q: Are there specific considerations for leasing to digital nomads in mid-term rentals?
A: Yes, digital nomads may have unique needs. Consider offering reliable internet services and amenities that cater to remote work, making your property more appealing to this demographic.
Q: Can I impose restrictions on subletting in mid-term rentals?
A: Yes, restrictions on subletting can be included in the lease agreement. Clearly communicate the subletting policy to avoid potential issues.
Q: What is the typical security deposit amount for mid-term rentals?
A: Security deposit amounts vary but are usually equivalent to one month's rent. State the deposit amount clearly in the lease agreement along with conditions for deductions.
Q: How do I address noise complaints in a mid-term rental property?
A: Include clear guidelines on noise levels in the lease agreement. When addressing complaints, communicate with tenants diplomatically and enforce the rules consistently.
Q: Are there benefits to offering furnished mid-term rentals?
A: Yes, furnished rentals can attract a broader tenant base. Consider the demand in your market and evaluate the potential benefits of offering furnished options.
Q: How can I stay informed about local rental laws affecting mid-term rentals?
A: Regularly update yourself on local rental laws, attend landlord seminars, or consult with legal professionals to ensure your mid-term rentals comply with current regulations.
Best mid-term rental markets
We've compiled a list of the 20 best cities for mid-term rentals from around the world, each with unique features that make them conducive to medium-term rental success for both tenants and landlords.
Porto, Portugal
For landlords: Tourist appeal
Porto's increasing popularity as a tourist destination makes it an excellent mid-term market. Landlords can benefit from a steady stream of tenants seeking extended stays to explore the city's cultural richness.
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For tenants: Nearby beaches
Porto doesn't have its own beach within the city limits. However, the nearby coastal areas do offer beautiful beaches. One popular destination is Foz do Douro, which is a seaside neighborhood in Porto, and it has a coastline with beaches where you can enjoy the Atlantic ocean.
Additionally, you can explore other nearby beach towns such as Matosinhos, which is known for its sandy beaches and is easily accessible from Porto.
Lisbon, Portugal
For landlords: Cultural magnet
Lisbon's rich history and cultural attractions make it a great mid-term market. Landlords can attract tenants seeking an extended stay to immerse themselves in the city's vibrant arts and traditions.
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For tenants: Vibrant neighborhoods
Renting in Lisbon allows you to immerse yourself in a rich culture in iconic neighborhoods like Bairro Alto and Baixa. Experience the lively city center while enjoying easy access to the beach for a perfect blend of cultural vibrancy and coastal relaxation.
Faro, Portugal
For landlords: Gateway to Algarve
Faro, serving as the gateway to the Algarve region, is a fantastic mid-term market. Landlords can cater to tenants exploring the southern coast and seeking a base in Faro for their extended stay.
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For tenants: Cidade Velha
Cidade Velha, Faro's Old Town, offers a blend of history and modern amenities, making it an attractive neighborhood for tenants wanting a central and culturally rich living experience.
Funchal, Portugal
For landlords: Island retreat
Funchal, situated on the island of Madeira, is an appealing mid-term market. Landlords can attract tenants seeking a tranquil island retreat and extended stays amidst natural beauty.
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For tenants: Zona Velha
Zona Velha, Funchal's Old Town, with its historic charm and lively atmosphere, is a preferred neighborhood for tenants desiring a unique and picturesque living experience.
Prague, Czech Republic
For landlords: Historical charm
Prague's rich history and architectural beauty create a great mid-term market. Landlords can attract tenants seeking extended stays to explore the city's well-preserved historic neighborhoods.
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For tenants: Cultural richness
You can experience the heart of Prague during your medium-term stay—savor the city center's vibrancy, wander through Old Town Square, enjoy the charm of Vinohrady, explore Ujezd, cross the iconic Charles Bridge, and make yourself at home in the lively neighborhoods around the Prague main railway station and Michalska.
Budapest, Hungary
For landlords: Cultural crossroads
Budapest's unique blend of Eastern and Western influences makes it an attractive mid-term market. Landlords can appeal to tenants attracted to the city's vibrant arts scene and historic charm.
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For tenants: An alive city
You can discover Budapest's heartbeat during your mid-term stay. Your home in the city center places you in the midst of a cultural crossroads, where the vibrant arts scene and historic charm come alive. Explore downtown, feel the energy of Sziget Festival, and experience the essence of the city.
Valencia, Spain
For landlords: Mediterranean appeal
Valencia's Mediterranean climate and cultural events create an enticing mid-term market. Landlords can attract tenants seeking a blend of vibrant city life and seaside relaxation.
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For tenants: A coastal haven
In Valencia, your home in the city center puts you right in the middle of the action. Enjoy the charm of the sea if you live near the sea, explore the historic charm of the old town and enjoy the tranquility of Patacona beach. Your stay in Valencia is an oasis on the coast, where vibrant city life blends with the soothing rhythms of the Mediterranean.
Barcelona, Spain
For landlords: Architectural marvel
Barcelona's unique architecture adds to its appeal as a mid-term market. Landlords can capitalize on the city's artistic richness by offering mid-term rentals in neighborhoods that showcase its unique structures.
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For tenants: Sheer bliss
Barcelona offers you the chance to relax on the beach, explore the lively city center, admire the architecture of the Eixample, and lose yourself in the historic charm of the Gothic Quarter. Barcelona Sants train station is your starting point for an easy and delightful exploration of this vibrant city.
Malaga, Spain
For landlords: Costa del Sol magnet
Malaga's location on the Costa del Sol makes it a great mid-term market. Landlords can attract tenants looking to explore the region's beaches, historic sites, and vibrant cultural scene.
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For tenants: Pedregalejo
Pedregalejo, along the coast, offers a beachside living experience with seafood restaurants and lively promenades, making it an ideal neighborhood for tenants.
Zagreb, Croatia
For landlords: Historic capital allure
Zagreb's historic charm and central location make it an appealing mid-term market. Landlords can attract tenants exploring Croatia with a base in the capital.
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For tenants: Tranquility and accessibility in Sesvete
Sesvete is an excellent choice for a mid-term stay in Zagreb due to its unique characteristics. This neighborhood offers a peaceful retreat from the bustling city center while maintaining convenient connections to Zagreb's main attractions.
Sofia, Bulgaria
For landlords: Emerging global appeal
Sofia's emerging popularity among digital nomads and expatriates creates a promising mid-term market. Landlords can tap into this trend by offering mid-term rentals in the capital city.
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For tenants: Lozenets
Lozenets, known for its parks and cultural venues, is a desirable neighborhood for tenants seeking a blend of urban living and green spaces in Sofia.
Bangkok, Thailand
For landlords: Global city vibes
Bangkok's status as a global city and its popularity among expatriates make it a prime location for mid-term rentals, creating a diverse and dynamic market for landlords.
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For tenants: Sukhumvit
Sukhumvit, a bustling district, offers a mix of shopping and nightlife, making it a preferred neighborhood for tenants wanting a dynamic urban lifestyle in Bangkok.
Las Vegas, United States
For landlords: Entertainment Capital demand
Las Vegas, renowned as the Entertainment Capital of the World, attracts visitors for both short and mid-term stays, creating consistent demand for landlords in this vibrant city.
For tenants: Summerlin
Summerlin, a master-planned community, offers a suburban setting with parks and family-friendly amenities, making it an ideal neighborhood for tenants seeking a quieter residential experience in Las Vegas.
Tokyo, Japan
For landlords: Technological hub
Tokyo's status as a technological and business hub creates a robust mid-term market for landlords. Professionals and visitors seeking a temporary home base contribute to the demand for mid-term rentals.
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For tenants: Shinjuku
Shinjuku, known for its skyscrapers, entertainment options, and shopping districts, is a bustling neighborhood suitable for tenants wanting a vibrant and convenient living experience in Tokyo.
Sydney, Australia
For landlords: Cosmopolitan lifestyle
Sydney's cosmopolitan lifestyle and economic opportunities make it an appealing mid-term market. Landlords can attract tenants seeking a blend of city life and proximity to iconic Australian landmarks.
For tenants: Surry Hills
Surry Hills, known for its trendy cafes, boutiques, and art galleries, is a popular neighborhood for tenants seeking a lively and culturally rich living experience in Sydney.
Cape Town, South Africa
For landlords: Scenic coastal demand
Cape Town's scenic beauty and diverse attractions make it a sought-after medium-term market. Landlords can cater to tenants wanting an extended stay to explore the city, Table Mountain, and the surrounding beaches.
For tenants: City Bowl
City Bowl, nestled between Table Mountain and the harbor, offers a mix of historic charm and urban convenience, making it an ideal neighborhood for tenants wanting a central location.
Buenos Aires, Argentina
For landlords: Cultural Hub
Buenos Aires' vibrant cultural scene and historical charm create a thriving mid-term market. Landlords can appeal to tenants seeking an extended stay to immerse themselves in the city's tango, art, and architecture.
For tenants: Palermo
Palermo, known for its parks, trendy cafes, and nightlife, is a favored neighborhood for tenants wanting a trendy and green living experience in Buenos Aires.
Vancouver, Canada
For landlords: Natural haven demand
Vancouver's stunning natural surroundings and cosmopolitan atmosphere make it an attractive mid-term market. Landlords can attract tenants wanting a temporary home base amidst the city's mountains, parks, and coastline.
For tenants: Yaletown
Yaletown, a waterfront district, offers a mix of modern living, dining, and outdoor activities, making it an ideal neighborhood for tenants seeking a dynamic urban lifestyle in Vancouver.
Berlin, Germany
For landlords: Creative hub
Berlin's status as a creative and tech hub creates a dynamic mid-term market. Landlords can attract tenants seeking an extended stay in a city known for its arts, music, and diverse neighborhoods.
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For tenants: Prenzlauer Berg
Prenzlauer Berg, known for its bohemian atmosphere, green spaces, and historic architecture, is a preferred neighborhood for tenants wanting a laid-back yet vibrant living experience in Berlin.
London, United Kingdom
For landlords: Global business hub
London's status as a global business and cultural hub ensures a continuous stream of professionals seeking mid-term accommodations, creating an excellent market for landlords.
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For tenants: An urban exploration
Discover London during your mid-term stay, with your cozy spot in the heart of the city center, near the iconic London Bridge, and in the lively neighborhoods of Edmonton, Kennington, Vauxhall, and Knightsbridge.
Flatio: A market leader in mid-term rentals
At Flatio, we pride ourselves on being a leading provider of short-term rentals, specializing in affordable and deposit-free accommodation in 300 different destinations across Europe and beyond.
What really sets us apart is our commitment to legal certainty. We offer verified, binding rental contracts, a key advantage for digital nomads who have to deal with complicated visa regulations.
Our user-friendly platform ensures a smooth rental experience and makes Flatio a great solution for anyone looking for a straightforward, trustworthy and flexible rental housing platform.
