Turning My Fort Wayne Long-Term Rental Into an MTR?

Question

Hey everyone,

I’m looking for some guidance from investors who’ve navigated mid-term rentals (MTRs), especially from out of state.

I have a 2 bed / 1 bath, ~600 sq ft rental in Fort Wayne that went vacant in July 2025. We did about $2,700 in renovations to get it rent-ready and looking sharp for the next tenant, and that work wrapped up in September.

The issue?
It’s been sitting vacant ever since.

My property manager keeps telling me it’s harder to fill units in the winter season (which I get), but I'm wondering if I’m missing an opportunity here.

The property is literally a 1-minute drive—or a 12-minute walk—from a major hospital, and I’m starting to wonder if it might perform much better as a mid-term rental (travel nurses, short medical contracts, etc.).

Right now the long-term rent is $640/mo, but MTR data in the area suggests $1,800–$2,000/mo is realistic for furnished month-to-month stays.

Since I’m out of state, I’m curious:

• Is anyone here successfully running an MTR from out of state?
• Are you managing it yourself, or relying on a property manager?
• If using a PM, how did you find someone competent with MTRs (not just LTR)?
• Any experience converting small 2/1 units into profitable travel-nurse rentals in secondary markets?
• Anything I should be careful about before switching?

Is anyone here successfully running an MTR from out of state?

Are you managing it yourself, or relying on a property manager?

If using a PM, how did you find someone competent with MTRs (not just LTR)?

Any experience converting small 2/1 units into profitable travel-nurse rentals in secondary markets?

Anything I should be careful about before switching?

I’m trying to avoid another multi-month vacancy, and the hospital’s proximity seems like a natural fit for travel professionals.

Would love to hear your thoughts, experiences, and cautionary tales.

Thanks in advance! 🙏

— Hamidou

Janice Carter · Answer

It is definitely a slower market right now, so I would explore both LTR and MTR options to get it filled. Given how close the property is to the hospital, you should absolutely try marketing it on Furnished Finder and even Airbnb. Also let your property manager know you want to explore alternative strategies. Having their support will still be valuable since you are managing from out of state.

Chase Busick · Answer

@Hamidou Keita this is a very common issue many people have during this time of year...

There are many variables at play in this situation: timing of the lease ending - then leading into timing of a make ready being done, to when the place is available for rent, seasonal slow down for rentals - not as many people moving due to winter & don't want to incur moving costs, maybe not as many may be looking for this small 2/1, the area or don't like the condition/finished product. Are the PM's actually marketing it well - posted on all major online platforms, & in person - they should hopefully be giving you feedback from showings & online interactions. Are the pictures/videos good to showcase the entire home, amenities & area or are they just some they took from their phone? Are there any issues with the make ready, have you walked it or is there something that is inherently affecting people liking it...? Are you & the PM company open to any incentives for move in, maybe your competition for rentals are high & people have options... With that said, is the price too high & have you done any decreases or specials to attempt to fill faster? If you get someone interested in doing a LTR, I highly recommend them putting them on close to a 1.5 year lease to not deal with the same issues next winter.

For the MTR conversion it is a very hard decision to make. Your preliminary research is good, curious on if the high furnished stay amounts are comparable to your property or median average.. I managed a MTR in state, but it can easily be done from your PM company (idk if they will charge a different pay structure, but I'd work something out in regards to the leasing fees if it is going to be every 3 months or 6). The same process applies for MTR as LTR, you just need a slightly different marketing strategy. Furnish it nicely (can be expensive), have utilities all setup & ready, ensure great curb appeal, take very nice pictures & videos showcasing home & experience, marketing verbiage changes, different marketing platforms like Furnished Finder or making longer stay on Airbnb. Showings may change to more virtual (which can be a possible issue if they can't come look at before signing a lease as they'll be more open to options & best fit - price, location, condition of home, allows pets, nice & safe area, etc.)

The PM should still be vetting everyone & professionally screening them to make sure they meet the qualifications & standards (which can adjust too, but may open up to not as qualified people that can lead to uncertain outcomes)

There's a ton of potential for risk of it not working out, then a lot more money being spent all trying to find someone.. It could work out, but it may take you longer. I'd recommend revisiting with the PM company & get feedback from all their showings, marketing stats (tracker - is it being seen by a lot of people online), review their marketing material, & maybe consider lowering the price or doing an incentive for move in (half month off 3rd month lease, look into reducing pet fees/rent, or offer a low move in too with security deposit insurance through Rhino or another company). People will ultimately flock to affordability. Whether they know about your rental or not is on the PM & their marketing.

As like everything else, there is risk in everything, & is a very time/money consuming endeavor. Get competitive & look at ways to increase the desirability!