Some MyPlace Members start out their life in Costa Rica by renting. And, that can be a good choice. However, finding long-term rentals in Costa Rica isn’t easy. If you live in the US, Canada or Europe, it’s pretty easy to find a place to rent. You go to one of many great rental web sites, choose the area you want, select the number of bedrooms and baths, and start browsing. However, not so in Costa Rica. There aren’t any good web sites out there for long-term rentals in Costa Rica. Why?
Costa Rican Culture
Many rental owners want to meet the potential renters in person, and get to know them a bit. Some long-term rental units might be a second home on the owner’s property, or perhaps the home next door, so many owners want to know who they are renting to. Will they get along? Could they be friends? Finding a long-term rental isn’t just a business transaction like it is back home…there is a social component to it. So, historically in Costa Rica, people looking for a long-term rental have done so with a “boots-on-the-ground” method – show up in the town you want to live, rent a hotel room initially for a couple of months, get to know the locals, gain their trust, ask around for a long-term rental, and eventually find one. The social portion of the transaction just isn’t easily achieved on a web site.
A second reason there aren’t any good long-term rental web sites is high demand. If you haven’t already figured it out, there is high demand long-term rentals in Costa Rica and short supply. Two forces are driving the high demand for long-term rentals. One, record numbers are moving to Costa Rica from other places…for retirement, to move their family for a better life, to work remotely, to buy or start a business, to start life over, to escape the high costs of living in their home country, to flee social deterioration, to get away from unfavorable political structures…so many reasons. Costa Rica isn’t a secret anymore. The number of people wanting to move to Costa Rica from countries around the world is staggering. And, a sizeable portion of the movers want to start out by renting.
Another reason for the shortage of long-term rentals is the weekly vacation rentals market. Most property owners want to achieve the highest return on their asset and using the property for vacation rentals often achieves a greater return. Property owners of a 2-bedroom home near the beach can easily earn $1,000 – $2500 a week renting to vacationers vs locking the property up for 12 months to a long-term renter for $800/month.
Web company focus on vacation rentals
And, the third reason why there historically haven’t been any good web sites for long-term rentals is most web companies have figured out that it’s more profitable to operate a web site that rents properties to vacationers for $1500 per week vs a site that advertises long-term rentals for $600/month.
The MyPlace Solution
For these reasons, MyPlace is just launching MyPlace Rentals. MyPlace Rentals allows long-term rental owners to list their property for a reasonable fee. And, MyPlace Rentals creates a site for people seeking a long-term rental in Costa Rica to view properties available across the country. Note, we’re just getting started, so don’t be disappointed by the low quantity of available long-term rentals. We’re signing on new long-term rentals every day! Ready to start looking for a long-term rental? Click here.
Are you a long-term rental property owner and have a property to advertise? Click here to list your property.