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A trend in real estate that has emerged in the last few years is of renting residential property (be it a house or an apartment) for a short period ranging between one and nine months. This is primarily because an increasing number of people looking for temporary accommodation are choosing to rent a house or apartment instead of opting for a guesthouse or hotel.
Here is a detailed look at residential property rented for short periods of time:
1. Rental rates are usually 10 to 20% lower compared to hotels and guesthouses.
2. Prices vary according to the season; rates are usually higher during the winter and summer months when the demand for short term rentals increases due to the wedding and holiday season. In some cases, corporate discounts and special family rates are available.