Tips on market research on 28+ day STRs?

Question

I've got a rental property that I'm considering turning into a STR. My only option is 28+ days. I've heard about traveling nurses and lawyers, for example. How should I go about seeing what the demand is in my area?

Paul Sandhu · Answer

Look on Craigslist or Corporatehousingbyowner and see how many other people are doing it.  The only traveling lawyer I've heard of slept in his car.  It was a Lincoln.

Account Closed · Answer

Also, it seems like the other crucial part of relatively short-term rentals is whether you are going to target the high-end or the low end of the market as that could dramatically affect the rates you could charge! I believe Podcast #492 talks mentions 30+ day short-term rentals if you are looking for more information.

Alex S. · Answer

Are there any hospitals nearby?  Military bases?

Those are the only two big drivers of 28-180 day rental demand that I can imagine.

Rik Hunter · Answer

Sure. It's technically a mid-term. https://www.biggerpockets.com/...

Rik Hunter · Answer

Awesome movie! Yeah, I've checked out AirBnB to see that there are others doing it (sometimes mixing true STRs with montthly). But thanks for the tip. The next step is market research regarding clients, but I'm not sure where to start. My competitors likely won't tell me who their clients are unless there's a glut.

Rik Hunter · Answer

I already own the property, and there are several others in my city. But the City has drawn a map overlay of allowed areas for under-monthly rentals, and the monthly rentals on AirBnB mostly fall outside the map. Since this is a duplex, I could try it as a STR and still have the long-term rental income, which would brea the building even.

Luke Carl · Answer

28+ days requires a lease which does not equal STR. Wrong forum bud sorry we can’t help.

John Underwood · Answer

I wouldn't want a STR that I could only rent for 28+ days at a time.

I would keep looking for something more conducive to being a vacation rental.

Tips on market research on 28+ day STRs?

Most Popular Reply