Question for the AirBNB/STR pros
I'm analyzing a potential househack and am curious if it would be better to rent out the additional rooms on AirBNB and the other STR platforms than just renting the rooms to long term
The house is a 3bed/2bath Bungalow that is walking distance from downtown Towson, MD and Towson University. Downtown Towson is a very nice area that has a strong mix of bars, restaurants, retail, and some industry. However, Towson is more of a residential area than a tourist destination, although it is only 20-30 minutes from downtown Baltimore. Does anyone have any experiences they can share regarding short term rentals in areas like this? Does this sound like a neighborhood where a short term rental could yield higher returns than a typical rental? If anyone also knows of any websites where I can do some research on hotel demand and occupancy rates for a particular area I would greatly appreciate it.
Most Popular Reply
John Stoeber not an expert but I can give you my experience. What you can do is get on roomster and see how many people in your area are looking for private rooms long term and look at the average price that they are willing to pay. In my area people are willing to pay $900/mo for a private room but I can rent out 25 days in a month for $45 then I'll go the short term route. You have to know your up and down season though. I would definitely do a lease on your room if it's a down season in your area then go STR in the high demand season.