Anyone doing MTRs in Walnut Creek, CA area?

[Elizabeth Cavanagh]

I'm interested in knowing if Walnut Creek is a good medium-term rental market for traveling nurses, digital nomads, etc.  I've identified 2-3 condo complexes that would allow MTRs, and they close to several hospitals.  I looked at the Furnished Finders stats and saw that the number of inquiries is pretty high, so it seems there's demand.  I just don't know if the price points I'd have to charge to make the numbers work actually reflect what folks are willing to pay for a MTR in this area.

If anyone's done this type of rental and would be willing to share their experiences, I'd greatly appreciate it!  I'm trying to avoid buying a condo, furnishing it and then finding that the actual demand is different.

[Matt K.]

Quote from @Elizabeth Cavanagh:

Quote from @Michael Baum:

Hey @Elizabeth Cavanagh, so I don't doubt there will be some demand. I do believe that the tech industry has moved towards a remote work type strategy, but there will always be folks traveling to and from the area. Just not sure if they will stay 30+ days at a time.

When I was working I would travel to various sites to train or teach folks, work on demos etc but I rarely stayed more than 2 weeks at a time. That included the area you are talking about.

What is the average purchase price for a place there? I can't imagine there are many bargains. Have you calculated what you could expect for nightly rate for 30+ day stays?

@Michael Baum I think I could get around $2500/month for a 30+ day rental. Purchase price would be around $365k and I have calculated the other costs (HOA, property tax, insurance, maintenance...) - I'm trying to talk to someone who is in this space to see if the $2500/month for a 1 bed/1 bath is what's advertised as available or what investors are actually getting for rent from MTR.  And yes, you're right, there are very few bargains!  Thanks.

I might have a contact for you, they operate in that space and post here sometimes as well. Let me see if I can get you an intro.

If you're ok with 2500 you might also be close to a traditional rental. By time you figure in the added expenses of mid term rental and potential vacancy/turnover a regular rental at slightly lower rate could also work out the same.  But that's going to really depend on where the condos are as it can change quite a bit depending on location.

Feel free to message, happy to help out I'm local.