Unlocking Profits with Mid-Term Rentals in Savannah: A Realtor’s Guide
Savannah’s rich history, vibrant culture, and beautiful landscapes make it a prime destination not only for vacationers but also for a growing pool of residents in need of mid-term accommodations. From travel nurses supporting our hospitals to SCAD students seeking temporary housing, the demand for mid-term rentals in Savannah is at an all-time high. If you're considering an investment property, here's how mid-term rentals can be a profitable, low-maintenance, and rewarding option in this historic city.
1. Why Mid-Term Rentals?
Mid-term rentals—defined as stays from one to six months—fill a unique market gap, providing longer-term lodging than vacation rentals without the full-year commitment of a traditional lease. Savannah’s job market and student population offer an ideal ecosystem for these rentals. Here’s why:
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Hospitals & Healthcare Workers: With several large healthcare facilities, including St. Joseph’s/Candler Hospital, Memorial Health, and the VA Medical Center, Savannah is a hotspot for travel nurses, medical professionals, and specialists coming in for limited contracts.
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College Students & Interns: Savannah College of Art and Design (SCAD) attracts students from all over the world, many of whom need flexible housing options. Mid-term rentals appeal to SCAD students and interns looking for a quality living space during a semester or academic year.
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Seasonal Workers & Business Travelers: Tourism is the backbone of Savannah’s economy, meaning seasonal work is abundant. Professionals in tourism, hospitality, and related industries often require short-term housing while they work in the area.
2. Financial Benefits of Mid-Term Rentals
The financial potential of mid-term rentals is considerable, offering better returns than traditional long-term rentals and often less turnover than vacation rentals.
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Higher Rental Rates: With mid-term rentals, you can typically charge higher rates than traditional long-term leases due to the flexibility and furnished accommodations. In Savannah, it’s not uncommon to earn 20–30% more per month than you would with a year-long rental.
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Low Vacancy Rates: Thanks to the steady stream of healthcare workers, SCAD students, and seasonal business travelers, mid-term rental vacancies in Savannah remain low year-round, especially when you target multiple demographics for each unit.
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Tax Advantages: If you own the property, expenses associated with furnishing, maintenance, and management fees can be tax-deductible, which can greatly improve your bottom line.
3. The Logistics of Mid-Term Rentals
While profitable, managing a mid-term rental does require preparation to meet renter needs and maintain high occupancy.
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Furnished Spaces: Most mid-term renters expect fully furnished accommodations. Consider investing in quality furniture, basic kitchen supplies, and essentials like Wi-Fi. Comfortable, well-decorated spaces are particularly appealing to travel nurses and students.
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Flexible Lease Terms: Mid-term rentals require lease terms ranging from one to six months. Working with a professional property manager can simplify the process, handling lease drafting, tenant vetting, and monthly maintenance to keep your property in top condition.
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Marketing Your Property: Listing on platforms like Furnished Finder (popular with travel nurses) and Airbnb (for longer stays) can bring in potential tenants. Local Realtors can also play a crucial role in networking and showcasing your property to the right audience.
4. How to Choose the Right Property
Location is key to making your mid-term rental attractive to a wide range of renters. In Savannah, here are some areas that perform well:
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Historic Downtown: Perfect for SCAD students and those wanting to be close to the city’s cultural attractions and entertainment options.
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Southside: Closer to medical centers like Memorial Health, making it ideal for healthcare workers.
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Ardsley Park & Thomas Square: These popular neighborhoods have a balance of residential comfort and accessibility to downtown. They’re also popular with SCAD students and seasonal workers.
5. Challenges & Considerations
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Zoning & Permitting: Savannah has specific zoning regulations, especially in historic districts. Make sure your property qualifies for mid-term rentals by consulting with local authorities.
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Property Management: Managing frequent turnovers and ensuring your property is always guest-ready can be labor-intensive. Hiring a property management company can be invaluable in maintaining your property and providing professional support to tenants.
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Quality Control & Reviews: With each new tenant, the importance of maintaining high standards for cleanliness and quality of furnishings can’t be understated. Positive online reviews help sustain demand and improve profitability.
6. Why Now is the Right Time
The mid-term rental market in Savannah is on an upward trajectory. With an increasing number of professionals and students seeking flexible housing options, now is an opportune time to invest. Mid-term rentals not only offer great financial returns but also give property owners the flexibility to pivot between short- and long-term rental strategies as market conditions evolve.
Savannah is a special place for both residents and visitors, and mid-term rentals are an increasingly appealing way to meet the housing needs of a transient, professional market. With the right property and approach, investors can enjoy profitable returns while providing an essential service to the community. If you're interested in learning more about how to invest in a mid-term rental or want personalized advice on where to start, please reach out. Let's explore how you can make your investment work for you in Savannah’s thriving rental market.
