Mid term rentals
For those that buy properties for mid term rentals, what tools do you use to assess the demand, expected rent, etc
Any useful insights would be greatly appreciated.
Most Popular Reply
Arman's point about identifying demand drivers first is spot on. The framework I'd add: the best MTR markets have multiple overlapping demand sources, not just one.
A market with a large hospital system is good. A market with a large hospital system AND a major university AND a military base nearby is much better, because your vacancy is cushioned if one source dries up.
For tools: Furnished Finder is the obvious starting point for comparable rates and availability. AirDNA has MTR-specific data now. Hospitable and Hostaway can help with operations once you're running.
A few markets I've seen CA investors do well in for MTR: Scottsdale/Phoenix (corporate + relocation), Boise (relocation + tech transfer), and parts of Tennessee like Nashville and Chattanooga (healthcare + music industry). Columbus OH shows up a lot because of the hospital density.
One thing people underestimate: furnished rent premium vs. LTR needs to cover the cost of furnishing and higher turnover/cleaning. Run the numbers both ways. Some markets the MTR premium is big enough to be obvious. Others it barely covers the extra cost and hassle.
Feel free to reach out if you want to talk through a specific market's MTR potential.