For many Wilmington property owners, short-term rentals (STRs) are a profitable choice during the busy tourist seasons. Summer brings in families seeking beach weeks, and fall offers event-driven bookings tied to Riverfest, Cucalorus Film Festival, and concerts at Live Oak Bank Pavilion. But what happens when demand slows down, and nightly bookings dip?
One option worth considering is converting your short-term rental into a long-term rental (LTR) for the off-season. This strategy isn’t for everyone, but it can help keep your property occupied and profitable during quieter months.
At Carolina Vacays, we specialize in helping homeowners navigate the local rules and maximize their rental income. In this blog, we break down what you need to know to determine if your property qualifies for the short-term rental market.
Steady Income: Even at lower monthly rates, LTRs provide consistent cash flow without the ups and downs of nightly reservations.
Reduced Turnover Costs: With STRs, you’re often paying for frequent cleanings, linens, and supplies. An LTR tenant lowers these recurring expenses.
Simplified Management: Fewer check-ins, fewer guest questions, and less hands-on management during a slower travel season.
Flexibility Limits: Locking into a lease, even short-term, may prevent you from listing your property for holiday bookings or spring events.
Wear and Tear: Longer stays may result in different types of property use compared to vacationers.
Market Rate Differences: STRs typically bring in more income per night during peak season than an LTR arrangement will off-season.
For property owners who don’t want to fully commit to a long-term lease, hybrid strategies can keep your rental profitable without sacrificing future flexibility. These approaches blend the stability of an LTR with the higher-earning potential of an STR, giving you the best of both worlds.
Mid-Term Rentals (1–3 Months):
Wilmington attracts a wide variety of guests who need accommodations for longer than a weekend but shorter than a year. Traveling nurses on temporary assignments, remote workers looking for a coastal change of scenery, and retirees escaping colder climates (snowbirds) are all excellent candidates. These tenants usually come pre-vetted, stay for longer stretches, and reduce turnover costs while still paying rates higher than traditional LTRs.
Flexible Lease Terms:
Another option is to offer leases that strategically end just before Wilmington’s peak summer season. For example, a lease running from November to May ensures your property remains occupied during the quieter months, while leaving it open for lucrative summer STR bookings. This flexibility allows you to maximize income year-round while avoiding long vacancies.
By blending these hybrid options into your property management plan, you can smooth out income dips, appeal to diverse tenant markets, and maintain control over your property’s availability when it matters most.
At Carolina Vacays, we work with property owners to find the right balance between STR and LTR strategies. Our team monitors market trends in Wilmington, from seasonal occupancy rates to rental demand shifts, so you don’t have to guess. Whether it’s maximizing nightly rates in the summer or securing stable tenants in the winter, we make sure your property works for you year-round.
Ready to explore whether an LTR strategy makes sense for your rental this off-season? Contact Carolina Vacays today, and let us help you create a customized rental plan that keeps your calendar full and your investment strong.
