Real Estate Agent · PA · Member since 2021 · 240 posts · 131 votes
Hey BP family! I'm looking to learn more about the Philadelphia STR space. I would like to hear some insight into your deals. I am an agent and have a client interested in doing this. What are things we should keep in mind locating and setting up a STR in Philly.
I would make your client aware that there is a current ordinance that is being put into effect on January 1st, 2023 where all STRs will have to get a limited lodging license and will only be able to rent for 30+ days at a time unless if the property is zoned CMX-3 or above then you can rent it out for less than 30 days.
Otherwise, a good solution to this new ordinance that is being put into place is focusing on the MTR market/extended stay market as it seems there is becoming a new trend with traveling workers and corporate leasing staying at properties/units on a medium-term basis (2 months - 12 months).
If you have any more questions don't hesitate to reach out!
My strategy would be to do it in an area where way less people live. Check out a book called short term rental long term wealth. Shameless plug.
I agree with that strategy. I’m sure areas like that are more STR friendly as well and provide consistent returns. However. Catch here is My client has picked philly because he will be in philly for work purposes multiple times a year.
I would make your client aware that there is a current ordinance that is being put into effect on January 1st, 2023 where all STRs will have to get a limited lodging license and will only be able to rent for 30+ days at a time unless if the property is zoned CMX-3 or above then you can rent it out for less than 30 days.
Otherwise, a good solution to this new ordinance that is being put into place is focusing on the MTR market/extended stay market as it seems there is becoming a new trend with traveling workers and corporate leasing staying at properties/units on a medium-term basis (2 months - 12 months).
If you have any more questions don't hesitate to reach out!
I would make your client aware that there is a current ordinance that is being put into effect on January 1st, 2023 where all STRs will have to get a limited lodging license and will only be able to rent for 30+ days at a time unless if the property is zoned CMX-3 or above then you can rent it out for less than 30 days.
Otherwise, a good solution to this new ordinance that is being put into place is focusing on the MTR market/extended stay market as it seems there is becoming a new trend with traveling workers and corporate leasing staying at properties/units on a medium-term basis (2 months - 12 months).
If you have any more questions don't hesitate to reach out!
All the best,
Josh
Great insight. Thank you! I’ll be sure to reach back out if I have any questions
I would make your client aware that there is a current ordinance that is being put into effect on January 1st, 2023 where all STRs will have to get a limited lodging license and will only be able to rent for 30+ days at a time unless if the property is zoned CMX-3 or above then you can rent it out for less than 30 days.
Otherwise, a good solution to this new ordinance that is being put into place is focusing on the MTR market/extended stay market as it seems there is becoming a new trend with traveling workers and corporate leasing staying at properties/units on a medium-term basis (2 months - 12 months).
If you have any more questions don't hesitate to reach out!
I would make your client aware that there is a current ordinance that is being put into effect on January 1st, 2023 where all STRs will have to get a limited lodging license and will only be able to rent for 30+ days at a time unless if the property is zoned CMX-3 or above then you can rent it out for less than 30 days.
Otherwise, a good solution to this new ordinance that is being put into place is focusing on the MTR market/extended stay market as it seems there is becoming a new trend with traveling workers and corporate leasing staying at properties/units on a medium-term basis (2 months - 12 months).
If you have any more questions don't hesitate to reach out!
I would make your client aware that there is a current ordinance that is being put into effect on January 1st, 2023 where all STRs will have to get a limited lodging license and will only be able to rent for 30+ days at a time unless if the property is zoned CMX-3 or above then you can rent it out for less than 30 days.
Otherwise, a good solution to this new ordinance that is being put into place is focusing on the MTR market/extended stay market as it seems there is becoming a new trend with traveling workers and corporate leasing staying at properties/units on a medium-term basis (2 months - 12 months).
If you have any more questions don't hesitate to reach out!
All the best,
Josh
What if you want to fluctuate between MTR and STR?