Extra Room in Condo MTR or LTR?

Question

Hey everyone, just bought my first place about 6 months ago, it's a 2 bed 1 bath and purposely left the 2nd bedroom empty to rent but haven't pulled the trigger.  I was thinking which would be more advantages and what other people have done in my area or else where.  My options are spend money on some furniture and doing furnished finder because I live less than 10 minutes away from a hospital and they are going to be updating/building a new hospital at the same location or do I get a long term roommate where I don't have to worry about buying furniture or vacancy?  Appreciate your thoughts.

Sarah Weaver · Answer

Congrats on buying your first place, Travis! I would start by looking at demand for furnished rentals. You can do this by heading to furnishedfinder.com/stats and entering your city. Then, compare the number of housing requests to the inventory currently on the market.

Living less than 10 minutes from the hospital is an ideal location for an MTR, especially knowing that the facility will grow.

I would also reach out to local investors who have furnished rentals in the area (find them here or on Facebook groups) and see how their properties are doing. It sounds like a furnished rental might be a great plan. Best of luck!