I'm closing on a house that might make a good short term rental. Its a single family residence with 2 beds/2 baths upstairs (I could easily convert to 3/2 Up) and 1 bed/1 bath downstairs with kitchen. Separate driveway and entrances.
I'm wondering if I should turn them into 3-6 month short term "furnished" rentals. Anyone had any experience in these type of rentals?
Who would be the target market for these type of rentals? Most vacations aren't that long and permanent residences aren't that short.
Corporate rental, people building a house, travel nurses.
We had to move-in with my in-laws for a short season while we were in between houses. 3 months too long to live with family, even though I love them to death. feels like an underserved market but might be for a reason.
A lot of times this market is served by an extended stay america, it may be hard to break in when you are an unknown entity. There are tenants there but you could have times of extended vacancy, it is almost certain to be less stable than a traditional rental or even an Air BnB
Short term rentals "can" make more money IF they are kept full.
You also have more effort/time to be constantly screening for the next short termer.
These types of rentals are much more hands on than a traditional rental.
So, it depends on what your goals are for your time, money, effort, headaches etc
@Josh Ledbetter I would say this is a good idea only if you know for sure that your area has a need for corporate rentals, lodging for travel nurses, ect. Then you need to get connected to those hospitals, corporations etc. and make sure you are their first choice. If you are just advertising on craigslist, Zillow, facebook, etc. I don't see this working out.
@Josh Ledbetter The only concern I would have for this type of short-term rental would be how you are going to find the tenants/how the tenants will find you.
If you have marketing systems in place to locate this very specific group of people, (and there is a demand for this type of rental at your location) then go for it. If not, I would just take into account the risk of higher vacancy or a longer "start up" period.