Mid Term Rental Demand
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.
Thanks everyone.
Most Popular Reply
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.