Hi, so following areas like Dallas and NYC, I realized that STR may in many future markets be problematic. The natural pivot to think about is MTR, but from what I hear those are usually occupied by traveling nurses/medical professionals, those on corporate projects, etc predominantly. How do you vet out a market to understand if it's good for MTR?
Unless you're in a very rural market or you're in a true vacation market, chances are MTR can be a viable strategy. The world of MTRs is much broader than the travel nurse sector and is growing every day. The key is making sure your property and location are suited to the type of traveler you're trying to attract. If you already own a property and you're thinking about using it as an MTR, I would start with a thorough and honest assessment of 1) your property 2) demand in your area and 3) the competition. It's important to understand that in this niche, your prospective guest type can be looking for very different things. For example, travel medical professionals usually want smaller properties, prefer their own space as opposed to a room in a shared home and want to be fairly close to the facilities where they're working. For the insurance placement strategy, you're usually looking at families needing to relocate, usually with pets, and they don't want to be too far from their current school districts. These two guests are looking for VERY different properties. Digital nomads, construction workers, corporate rentals, etc. are looking for specific things, too. So which does your property best line up with? What does your competition look like and what are they charging? Understanding these things and having realistic expectations about who is going to want to rent your property are key.