We are probably moving to the Yuma area in the next couple months and I was wondering if there is a good way to figure out if there is a viable market for Short Term Rentals? There are some in the area but is there a way to find out how well they do? We are looking at different ways to house hack and looking at properties with that in mind... Thanks for your help!
@Julie Fullmer You can get some high level info here from airdna.co.
The fact that it's showing only 137 active rentals likely means there is not much of a market there however. That being said you could always look for business in the area that might need STRs for traveling employees or you might just be better off doing a long term rental with any extra space.
Best of luck on your move to Yuma!
If you Google "worst town to live in Kansas" my town was #1 in '17 & '18. This year we are #3. Lots of bank foreclosures here. We buy them and turn them in to STRs. There is a refinery in this town. Any given week there can be 50-200 contractors here doing short term specialty jobs. Some live locally and drive home each night. Some tow a camper here and stay in a park. What's left is staying in a motel room or staying in one of my houses. Same price as a motel, but you can cook and do laundry. Every bedroom of mine is probably decorated like Hugh Heffners bedroom. Plus I invite my better tenants to my place on their one day off every 14 days to shoot guns and drink beer (I have 3 kegorators, not all of them are in my garage).
Where is Yuma?
search for properties on VRBO and Airbnb and see how full their calendars are and what rates they are charging.
Then search for properties to buy that are conducive to house hacking.
Also make sure this area allows STRs.
It looks like there are some successful places on Martinez Lake and along the Colorado river. The calendar on VRBO shows some pretty solid activity.
@Julie Fullmer , you might be able to do well living in Yuma and having a rental up in that area. Looks nice!
EDIT- Ok, after looking at places for sale up there, I have to say that area looks less than stellar. Prices are sky high in my opinion and most are as attractive as a
rhinoceros scrotum. Also my opinion. Not that I go around checking out rhinoceros scrotums...
Anyways, the calendars are pretty full and the average rate is around $250 a night. It could work, but most waterfront places are 700k+. I am not sure it would pencil out.
Well at least I got a good laugh!!! Thanks for the input.