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.
Investor · Upper St Clair, PA · Member since 2013 · 96 posts · 112 votes
3y
@Brandon Allenczy - I found this website where you can see the number of positions posted in your area to gauge demand for MTR for medical professionals.I hope this helps you and others trying to figure things out. https://www.vivian.com/browse-...
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.
Real Estate Agent · Hagerstown, MD · Member since 2019 · 160 posts · 121 votes
3y
Hey everyone:
An update! After extensive research, I think I'm going to give this a shot. I've talked to people using MTRs in my market, and they seem to do very well with very little vacancy.
I close on our next househack this coming Friday. It's a SFH with an in-law suite in the basement, and an addition that used to be the garage. My plan is to live in the in-law suite, have the addition as a private room Airbnb (typical STR), and have the remaining main level as a MTR (2 bed 1.5 baths I believe). Additionally, the bottom unit of our duplex will become a second MTR.
I'll post here to let everyone know how it goes and I'm sure ask some follow up questions!
Real Estate Agent · Melbourne, FL · Member since 2015 · 33 posts · 28 votes
3y
Sounds like you're on your way Brandon! If I might make a suggestion; furnish and rent one at a time, building up to your full quota, unless you have significant funds for all the little details that come up when starting with a new property. Otherwise, enjoy and happy investing! Sounds like a great property!
Sounds like you're on your way Brandon! If I might make a suggestion; furnish and rent one at a time, building up to your full quota, unless you have significant funds for all the little details that come up when starting with a new property. Otherwise, enjoy and happy investing! Sounds like a great property!
Thanks Rick! That’s what I plan on doing; the private room is the lowest hanging fruit so we’ll start there, get some bookings rolling, then move into our unit and do the other 2 larger ones
Is there something near your property that may create a market for an MTR? Examples would be a large hospital that requires a traveling staff or a nearby University that would need student housing? Typically, you need something nearby to create that demand for you. Your marketing can be tailored to that specific type of demand. For example, if you are near a University and want to market to student, then post your listing on facebook groups or forums where those students congregate at. If you are near a hospital, try to directly reach out to the hospital's HR department and see if you are able to get contact info for housing staff or boosters.
There’s not really a big attraction or anything, we’re just a very high traffic area between DC and Baltimore. We have a couple of hospitals that are smaller, but have a large # of travel professionals and we also have a lot of construction projects, manufacturing plants, etc for temporary workers. There are a couple universities within about 20-30 minutes but none in our city.
I spoke with someone who is using MTR’s in our market and she said she really only works with travel nurses and she’s had practically 0 vacancy.