Co-living and STR

New Orleans, Louisiana
Short-Term & Vacation Rental Discussions
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Co-living and STR

Genevive Cueva Karlberg
Wholesaler · New Orleans, LA · Member since 2026 · 3 posts · 0 votes

My husband and I work with off-market properties in New Orleans, and we’re seeing more larger homes with 3+ bedrooms and 3+ bathrooms. We’re exploring whether some could work for co-living or as short-term rentals.

For those with hands-on experience, where would you start when analyzing a property? I’d love to hear how you assess revenue potential, operating costs, and what makes a property worth pursuing.

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Lauren Kormylo
Rental Property Investor · Phoenix, AZ and Rehoboth Beach DE · Member since 2019 · 1k+ posts · 1k+ votes
2d

As I've read, New Orleans has very strict laws on STRs, requiring permits and allowing only one STR permit per square block in residential areas, with a lottery system. There are other restrictions, and they sound complex.

For co-living, check out Padsplit's listings in New Orleans to see how much they are getting for room rentals, their house rules, how parking works, and what they look like. Padsplit is one of the large players in the co-living space, and they recruit landlords to list their houses with them, and then Padsplit manages them. They usually like to turn living rooms into more bedrooms to maximize revenue. You should also look at city or county laws for occupancy, because some limit the number of non-related adults that can live in one house.

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  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    2d

    Google the enemy method.

    Watch the video.

    1Reply
  • Lauren Kormylo
    Rental Property Investor · Phoenix, AZ and Rehoboth Beach DE · Member since 2019 · 1k+ posts · 1k+ votes
    2d

    As I've read, New Orleans has very strict laws on STRs, requiring permits and allowing only one STR permit per square block in residential areas, with a lottery system. There are other restrictions, and they sound complex.

    For co-living, check out Padsplit's listings in New Orleans to see how much they are getting for room rentals, their house rules, how parking works, and what they look like. Padsplit is one of the large players in the co-living space, and they recruit landlords to list their houses with them, and then Padsplit manages them. They usually like to turn living rooms into more bedrooms to maximize revenue. You should also look at city or county laws for occupancy, because some limit the number of non-related adults that can live in one house.

    3Reply
  • Andrew SteffensBusiness Member
    Tampa, FL · Member since 2022 · 3k+ posts · 3k+ votes
    2d

    Piggybacking off of the above comments:

    1 - Know where and what is legal in the subject municipality.

    2 - Know what does well in your market for STR i.e. locations, amenities, etc.

    3 - Once you have an identified property in a legal zone then analyze it using enemy method and AirDNA/Rabbu (is what I recommend)

    4 - #3 will give you an idea of revenue, you then need to back out your expenses.

    5 - Put in an offer, if it works.

    [email protected]813-563-0877
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  • Matthew Tregoning
    Property Manager · Melbourne, FL · Member since 2019 · 245 posts · 120 votes
    2d

    I'd walk the layout before getting too excited about the bedroom count. Can people get to each bathroom without crossing another bedroom, and where do all the cars go? Then get a cleaner to price the actual house. Three bathrooms are nice for guests but someone has to turn all three over.

    1Reply
  • Ashish AcharyaBusiness Member
    CPA, CFP®, PFS · FL · Member since 2017 · 5k+ posts · 3k+ votes
    1d

    Genevive, I’d start by underwriting the property based on the strategy that you can realistically operate, not just the highest possible revenue number.

    For co-living, I’d look closely at tenant demand, local regulations, management requirements, utilities, turnover, and whether the additional rooms actually create enough income to justify the added operational complexity.

    For STR, I'd focus on comparable properties, realistic occupancy, average daily rate, seasonality, cleaning costs, platform fees, furnishing costs, insurance, and local restrictions. A property with strong gross revenue potential can still underperform if the operating costs are too high.

    I'd also compare the two strategies based on the lifestyle and management commitment required. Co-living can create more stable income but may involve more tenant management, while STR can create higher revenue potential but often requires more active operations.

    The best opportunities are usually the ones where the property works under conservative assumptions rather than only the best-case scenario.

    From the tax side, the strategy choice matters too. STRs and longer-term rental models can have different tax considerations depending on participation, average stay length, depreciation, and how the property is operated.

    Feel free to DM me, I'd be happy to send over our Turn Key Rental Analyzer and a few STR tax resources that may help compare the different approaches.

    [email protected]941-914-7779
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