Hello - We are considering doing short-term rental (STR) (e.g. AirBnB) in two of the units in an 8 unit building that we own. Does anyone have experience doing STR on a subset of units in a multi-family building with primarily long-term (LT) tenants? My gut is that the other tenants aren't going to like it, but I'm wondering if anyone in the community has experience with this that they would share (e.g. tips/tricks/best practices). Thanks!
I have a 14 unit apartment complex. They all are 2BR 1.5 bath. They used to be older retired people that would pay $400/month. We had several 2 BR houses that were bringing in $350-$525 per week. Once one of the apartments became vacant, we furnished it and charged $400/week. Now, 11 of them are STR's. The LT tenants can't really complain because they are the minority. Currently, there is no vacancy and a waiting list.
@Mark Kappelman I agree your current tenants will not like it. Some might ask to get out of their lease. When this happened i allowed them to get out.
I would assume any future prospective tenants if you let them know in advance they will be open to it.
Just sell it is corporate housing, you screen guests and background check on all guests, you require minimum x days, and your marketing to high end familys etc.