A Landlord is a person who owns and leases a property to a tenant who occupies/uses the property for a specific use and time period according to terms outlined in a lease agreement. The duration of that lease can vary immensely, especially in the modern tenant market.
Short-term to long-term rentals
Many people are familiar with the common annual leases for renting a home or apartment to live in. Conversely, you may have experienced a short-term rental when renting a condo or house for a one-week vacation.
Landlords have options in the type of rental periods they provide. Platforms such as Airbnb and VRBO have created new opportunities in the short-term rental industry. New “work from anywhere” policies adopted by employers have also created opportunities for leases shorter than a year as professionals pursue different living experiences and even seasonal stays.
According to the Bureau of Labor Statistics, a survey of the “Consumer Price Index ( CPI) Housing Survey from January 2022 to June 2022, 59.6 percent of leases were for 12 months, 31.8 percent of leases were month to month, and 8.6 percent of leases were some other length.”