MTR as a strategy to max out earnings on your STR

[Lisa Loesel]

Took a deep dive into analyzing my STRs this year. November marks the beginning of our slow season for the STR market in our area & I started noticing that even though I had to lower my prices to keep occupancy at a comfortable number, the guests seem more demanding & a little harder to please, resulting in more work for me & lower ratings, which impacts my overall, pretty high rating on my main platform (Airbnb). Last year around this time I had a traveling nurse reach out via Airbnb to rent one of my spaces for a 4-month period of time over the winter. This midterm rental situation worked out great for the slow season & then the property was available just as peak season started. This combination of STR & MTR seems to be the ideal way to max out profits & decrease my time investment. I listed one of my units on Furnished Finder & 3 days later I had 2 traveling nurses renting the unit for 3 months covering most of my off season & at a number that cash flows, which is not always a given over the winter months. According to my new tenants our state is in a nursing crisis. My properties are within 8 miles of 10 different hospitals making it a prime location for this type of rental. Is anyone else using this approach or only doing MTR? As we start seeing STR restrictions in more areas, I wonder if MTR is going to become more prevalent?

[Jonathan Schwartz]

I have used MTR on our property on Cape Cod for the past 4 years. We manage STR Memorial Day thru Labor Day, with huge weekly rates and use May & Sept to do repairs and upkeep. I've successfully found mostly young families looking to buy or build in the area, who need a 6-7mo. lease. All 4 years have been great tenants, providing bonus income, paying utilities for 6 months and easing my worries about an unattended house in the winter. Proper screening and choosing the right tenant is key but I am a big proponent of the strategy in seasonal markets.