I'm getting started with STR niche (used to have LTRs before and looking for better returns). I'll be starting out with my primary residence house to see if it's for me before I start looking for investment STR properties.
My house is in South Tempe, AZ. Very nice neighborhood, about 15 minute drive to Tempe downtown and ASU.
In order to start an AirbNb I would have pretty high upfront expenses like moving my expensive furniture to storage and furnishing my home with less expensive things.
My concern is, while there is a lot of demand for housing in the winter in Arizona, how high is the vacancy rate in the summer? Since I'm not in close proximity to any hospitals or financial institutions, I am not sure if the hassle is worth it for me. Any thoughts?
Investor · The worst town to live in, KS · Member since 2016 · 4k+ posts · 4k+ votes
7y
Look at the hotels. See if more or less vehicles (like minvans) are in the parking lots in the evening and early morning.
Also, you don't have to limit yourself by renting to tourists. My 24 STRs are rented to travelling working contractors. Those are the guys you see working on the large upright rigid structures of steel at a petrochemical refinery and associated nitrogen fertilizer plant.
Is there any large industry that utilizes contract workers?
Most people are making them 'vacation rentals'. I'm assuming that's what you call an AirbNb.
I've done this is the past and rented seasonally. Usually the seasonal rental income covers the cot of the home for the year.
The problem is that the home has to look good. Nice furniture and landscaping etc.
We always looked for at 6 month committeemen... but if you want a weekly, renters...ouch....a lot of work.
Listed property in ARMLS and VRBO.com seemed to work well..
That's what I would love, a 6 months commitment is the summer. What's the best way to find long-term tenants for a short term rental?
I have very nice furniture right now. It's my primary residence home currently.
What you describe would be perfect for a temporary executive or other professional doing a short term job (6 months). There are websites that specialize in matching the tenant with a prospective landlord.
Most people are making them 'vacation rentals'. I'm assuming that's what you call an AirbNb.
I've done this is the past and rented seasonally. Usually the seasonal rental income covers the cot of the home for the year.
The problem is that the home has to look good. Nice furniture and landscaping etc.
We always looked for at 6 month committeemen... but if you want a weekly, renters...ouch....a lot of work.
Listed property in ARMLS and VRBO.com seemed to work well..
That's what I would love, a 6 months commitment is the summer. What's the best way to find long-term tenants for a short term rental?
I have very nice furniture right now. It's my primary residence home currently.
What you describe would be perfect for a temporary executive or other professional doing a short term job (6 months). There are websites that specialize in matching the tenant with a prospective landlord.
Paul what are the websites you recommend for finding 6 months tenants?