Real Estate Agent · Hagerstown, MD · Member since 2019 · 160 posts · 121 votes
Hey BP!
I have a househack and I'm thinking about switching the rented unit from a LTR to a mid-term rental focusing on travel nurses, etc. My first step is just gauging if there's actually a demand for this in my area (Hagerstown, MD).
Does anyone have experience with mid-term rentals and estimating demand in their area? I know Airdna for STR's and Rentometer for LTRs, but nothing for monthly rentals yet. If someone has experience with it I'd love to ask a few more questions about your systems/marketing to guests.
Investor · Upper St Clair, PA · Member since 2013 · 96 posts · 112 votes
4y
I started 2 months ago renting out two units for mid-term rentals in my 6-unit building. So far so good. I live in Pittsburgh and there are plenty of hospitals in the area. Here's what I have learned so far.
* I bought Al Williamson's course and it was helpful, but not required in my opinion. If you search YouTube / podcasts you can find channels dedicated to this niche. * Being near hospitals and universities are great for traveling nurses, patients undergoing therapy, grad students, and/or remote professionals. * Having extended stay hotels in the area are a good indicator there is demand for mid-term rentals. * I furnished both units using Cort furniture to buy solid, matching, used furniture at a discount. You can finance the purchase if you don't want to lay out the cash up front. You can decorate a 1 bedroom apartment (living, dining, bedroom, TVs, art, desk, etc) for under $2000 delivered. I probably spend another $2k on kitchen appliances/essentials, linens, smart devices, etc. * I've added wifi and smart devices (thermostat, keyless locks) to help manage and be touchless. * Items like wifi, desks, smart TVs, blackout curtains are important to those interested in my units. * I get interest from furnished finder but all my bookings so far are via Airbnb. I understand 1/3 of Airbnb bookings are 30+ days. My minimum stay is 30 days to avoid taxes for STR and extra work involved in a turnover. * I am booked pretty solid thru the end of the year. YMMV, but I expect 10-20% vacancy max in my area. * My rent is 50% more than LTR units and I'm looking to increase it since I'm not having any issue keeping them full. Professional photos definitely help. * I'm probably going to convert more units next year if the strength in mid-term rentals persist.
Al Williamson is the guru on this and he offers a coaching course, which we took, which was very valuable and worth the cost. If you search Al Williamson and mid-term rentals you will find him and can listen to many of his appearances on podcasts and youtube where he answers the question you're asking.
One way we've estimated demand, and this is straight from Al, is to see if there are several extended stay hotels, e.g. Extended Stay America, Residence Inns, etc. in an area. If there are, there is demand because these chains have done the research and determined the demand is there. Hope this helps. Good luck!
. . . see if there are several extended stay hotels, e.g. Extended Stay America, Residence Inns, etc. in an area. If there are, there is demand because these chains have done the research and determined the demand is there. Hope this helps. Good luck!
I was just going to suggest this. Talk to the sales department at a few of those places and see if you can find someone that focuses on this segment. Not all will, but there should be some smart sales person that does. Also check furnished finders -- see if there are a few mid-term places near you.
Real Estate Agent · Southern Maine · Member since 2019 · 40 posts · 36 votes
4y
We have two long term rentals and two seasonal rentals. For the two seasonal rentals in Maine, we do weekly rentals during the summer, and then we rent them from September or October to the end of May. We've had great luck finding well qualified tenants. We use apartments.com and because I'm a realtor I also often have clients or other agents asking me for temporary housing for their clients. Last September, when I put our lake rental on the market we had over one hundred people reach out through fb marketplace and 33 on apartments.com within the first 48 hours. I had to take down the ads because I couldn't handle everyone.
Thank you so much for your suggestions! I found some listings on Furnished finder in my area (I had never heard of this website before) and am listening to Al Williamson as we speak. I was also able to talk to a nurse at my local hospital who said that hospital has a pretty high regular demand of travel nurses.
Investor · Huntersville, NC · Member since 2021 · 52 posts · 30 votes
4y
@Brandon Allenczy check out furnishedfinders.com and you can see rental demand in your area for travel nurses and other travelling business professionals. I have found my travel nurse tenants off of furnished finders and facebook groups
Real Estate Agent · Hagerstown, MD · Member since 2019 · 160 posts · 121 votes
4y
@Kellyn Cameron I recently did this and I did see a few listings on there, so at least I know it's somewhat a thing. Thank you!
For those of you who are currently using this strategy, are individual nurses booking you? Or is it the hospital's agency that has you on a list of rentals? I've been told recently that it's the agency that places these guests instead of them booking themselves.
@Kellyn Cameron I recently did this and I did see a few listings on there, so at least I know it's somewhat a thing. Thank you!
For those of you who are currently using this strategy, are individual nurses booking you? Or is it the hospital's agency that has you on a list of rentals? I've been told recently that it's the agency that places these guests instead of them booking themselves.
It can be both. Some just use their agencies and some will want to choose their place and save, or use more than, their per diem.
Investor · Huntersville, NC · Member since 2021 · 52 posts · 30 votes
4y
@Brandon Allenczy I would say most of the time it’s individual nurses. Some have the agency secure housing for them, but the vast majority of the time it’s the nurse finding the housing because they get to pick their housing and can control the cost a bit more
I called and spoke with rep from furnished finder. They won’t give exact addresses to compare to your rental but they will tell you demand for your area and actually give you low/high rent being paid by comparison of bed/bath and whether a room in shared home or entire home/condo. Be warned they will then start calling your phone to get you signed up but still very helpful. also consider calling local employers for nurses because they may have dedicated staff to tell of housing needs and be willing to directly place nurses in your rentals. That’s my approach working here at hospital in Midwest.
Real Estate Agent · Hagerstown, MD · Member since 2019 · 160 posts · 121 votes
4y
Hey everyone:
Following up on this, I'm running numbers on some mid term rentals and just wondering how you account for vacancy? I assume you have some vacancy, and your unit isn't rented 100% of the year. Ex: if I see that a good monthly rental rate in my area is $1800/month, would estimating 75% occupancy for the year be conservative (so my actual average monthly income for the year would be $1350?).
Just trying to gauge an average monthly income while factoring in vacancy. I know how to do this for LTR's but not extended stays.
@Brandon Allenczy check out furnishedfinders.com and you can see rental demand in your area for travel nurses and other travelling business professionals. I have found my travel nurse tenants off of furnished finders and facebook groups
Do you implement any type of screening/application with traveling nurses (i.e. background, credit, employment verification, etc.)? Lease Agreement? Or is treated like a short term rental (i.e. airbnb, vrbo, etc)? Thanks
The best way to figure out if there is a demand for MTRs is to see if there is a demand for STRs. Even though this may not seem beneficial but most travel nurse's/white collar professionals already book through Airbnb for their medium-term stays. I actually get a very good amount of traction from our guests looking to stay for an extended amount of time hence why I am saying this.
But, other than that if there is an STR market and an LTR market this allows you to tell easily that there will be an in-between. One more thing I would look into as well as to see how many hospitals/companies/construction sites are around your property. If there is a lot of those there will be a demand for housing for less than one year all the time just because of these.
I hope this helps and please don't hesitate to reach out if you ever need anything as this is what I work on a daily basis! Lol. Cheers!
Property Manager · Poconos, PA · Member since 2020 · 443 posts · 264 votes
4y
Hey @Account Closed!
This is a great question - I would only do an income/employment check for traveling nurses as they generally have a large income coming in per month and if they are to be working with ANY hospital they have to have a very clean background.
Otherwise, we also send a lease agreement over to them on top of our free application so we have some more security on our end. I would only recommend you do the same too because no matter what a sticky situation can come from the most unexpected moments.
Hope this helps and don't hesitate to reach out if you have any more questions!
Realtor · San Antonio, TX · Member since 2021 · 150 posts · 107 votes
4y
Call homeowners insurance companies and try and get on their third party relocation/temporary housing call lists. This strategy, along with being on the OTA's, 30+ day stay discounts, furnish finder, etc will increase your chances of getting those mid term bookings. You do save on the turnover costs and lodging taxes. I do this with my rentals in the off peak season, and during the summer months its full throttle STR. Good Luck!!
Investor · Upper St Clair, PA · Member since 2013 · 96 posts · 112 votes
4y
I started 2 months ago renting out two units for mid-term rentals in my 6-unit building. So far so good. I live in Pittsburgh and there are plenty of hospitals in the area. Here's what I have learned so far.
* I bought Al Williamson's course and it was helpful, but not required in my opinion. If you search YouTube / podcasts you can find channels dedicated to this niche. * Being near hospitals and universities are great for traveling nurses, patients undergoing therapy, grad students, and/or remote professionals. * Having extended stay hotels in the area are a good indicator there is demand for mid-term rentals. * I furnished both units using Cort furniture to buy solid, matching, used furniture at a discount. You can finance the purchase if you don't want to lay out the cash up front. You can decorate a 1 bedroom apartment (living, dining, bedroom, TVs, art, desk, etc) for under $2000 delivered. I probably spend another $2k on kitchen appliances/essentials, linens, smart devices, etc. * I've added wifi and smart devices (thermostat, keyless locks) to help manage and be touchless. * Items like wifi, desks, smart TVs, blackout curtains are important to those interested in my units. * I get interest from furnished finder but all my bookings so far are via Airbnb. I understand 1/3 of Airbnb bookings are 30+ days. My minimum stay is 30 days to avoid taxes for STR and extra work involved in a turnover. * I am booked pretty solid thru the end of the year. YMMV, but I expect 10-20% vacancy max in my area. * My rent is 50% more than LTR units and I'm looking to increase it since I'm not having any issue keeping them full. Professional photos definitely help. * I'm probably going to convert more units next year if the strength in mid-term rentals persist.
I started 2 months ago renting out two units for mid-term rentals in my 6-unit building. So far so good. I live in Pittsburgh and there are plenty of hospitals in the area. Here's what I have learned so far.
* I bought Al Williamson's course and it was helpful, but not required in my opinion. If you search YouTube / podcasts you can find channels dedicated to this niche. * Being near hospitals and universities are great for traveling nurses, patients undergoing therapy, grad students, and/or remote professionals. * Having extended stay hotels in the area are a good indicator there is demand for mid-term rentals. * I furnished both units using Cort furniture to buy solid, matching, used furniture at a discount. You can finance the purchase if you don't want to lay out the cash up front. You can decorate a 1 bedroom apartment (living, dining, bedroom, TVs, art, desk, etc) for under $2000 delivered. I probably spend another $2k on kitchen appliances/essentials, linens, smart devices, etc. * I've added wifi and smart devices (thermostat, keyless locks) to help manage and be touchless. * Items like wifi, desks, smart TVs, blackout curtains are important to those interested in my units. * I get interest from furnished finder but all my bookings so far are via Airbnb. I understand 1/3 of Airbnb bookings are 30+ days. My minimum stay is 30 days to avoid taxes for STR and extra work involved in a turnover. * I am booked pretty solid thru the end of the year. YMMV, but I expect 10-20% vacancy max in my area. * My rent is 50% more than LTR units and I'm looking to increase it since I'm not having any issue keeping them full. Professional photos definitely help. * I'm probably going to convert more units next year if the strength in mid-term rentals persist.
Hope that helps those interested in this niche.
Great Info. Im looking at turning one unit out of my 8 unit townhouse building to a MTR. I listed it on Furnished Finder about a week ago and have not gotten any leads yet. Definitely have the extended stay hotels around. Might to put it on Marketplace and AirBnB. Hadn't thought about listing it on AirBnb for MTR. I had a few people from Zillow reach out looking for a LTR at basically same price they both had decent income but real bad credit which im not a fan of. I like the idea of MTR with the option to possible do STR if it is vacant in the summer. My property is on Lake Erie with beach access.
Investor · The worst town to live in, KS · Member since 2016 · 4k+ posts · 4k+ votes
4y
I call travel nurses "psychotic mutts". Someone else on here calls them "borderline mentally ill". It's 2 different terms, but it describes the same kind of person.
I call travel nurses "psychotic mutts". Someone else on here calls them "borderline mentally ill". It's 2 different terms, but it describes the same kind of person.
ya ive heard that before too. Im finding the rental market is so hot right now I can get close to same price with a LTR so I might forgo the MTR for now. my highest rent Ive had in the past is 1400$ and im looking at near 2000k now for this one.
For out MTR, we use the app Vivian to track how many traveling RN contracts are available in your area and what the start dates for those jobs are. This provides a good forecast for demand in the area.
Lender · Asheville, NC · Member since 2016 · 1k+ posts · 1k+ votes
3y
Don't pay for a course - it's not that complicated! Save yourself the money and just buy the book 30 Day Stay by Sarah Weaver and Zeona McIntyre. They break it down for you and they've been on the podcast circuit lately so you'll learn pretty much everything you need to know. You're already getting good suggestions from people here about how to estimate demand. Here are a couple of things I haven't heard mentioned yet: MOST travel nurses prefer their own space over a room in a shared home. Not all do, but there's greater demand for entire units, even if it's just a studio or 1/1. Most do NOT use the employment agency to book their housing so you need to be marketing to individuals. Many hosts list on multiple sites, including FF and the OTAs as well as social media sites dedicated to travel housing. Check the GSA to see what rates are for your specific area so you price reasonably - and remember that they're almost always supporting their own mortgage or rent "back home" in addition to the per diem they get for traveling so not all of that per diem can be dedicated to rent. They're doing this to make extra - not to spend extra. There are lots of travel professionals and digital nomads beyond just travel nurses. Many in the travel medical industry, like technicians, make far less than nurses so their budget is a lot lower - this might be a good group to market a private room to. And if you can accept a pet it's a bonus - many travelers have a hard time finding accommodations if they have a pet. Best of luck to you!
I have a househack and I'm thinking about switching the rented unit from a LTR to a mid-term rental focusing on travel nurses, etc. My first step is just gauging if there's actually a demand for this in my area (Hagerstown, MD).
Does anyone have experience with mid-term rentals and estimating demand in their area? I know Airdna for STR's and Rentometer for LTRs, but nothing for monthly rentals yet. If someone has experience with it I'd love to ask a few more questions about your systems/marketing to guests.
Thanks everyone.
Brandon,
There is a lot of great advice on here- also get with the hospital HR department and find out how many travelling nurse they are planning on bringing in in the future.