AirBnb in suburban areas, what are you seeing?

Question

I am finishing a renovation project right now in Cincinnati, Ohio that is a triplex and I am strongly considering doing a STR on the top unit. This would be my first STR. My main concern is how areas without a specific tourist draw are doing? I understand markets will vary, but any feedback or others experience would be super helpful! This is a C+ neighborhood, the building is being fully remodeled and will be very nice after its done. It is within 15 minutes of downtown and most of the major hospitals in the area, I understand there are a lot of travel nurses coming to Cincinnati right now so that could be a potential avenue for short term tenants. If you have any experience with STR in residential areas, I would love to hear your thoughts and past experiences. Thank you for your time!

Sunny Alexander · Answer

I recommend pulling numbers off AirDNA. They will show saturation and occupancy rates. Good luck!

Culin Tate · Answer

Pricelabs market dashboard (in addition to AirDNA) will be helpful

John Underwood · Answer

I hope you have a very laid back tenant on the 2nd floor. No telling who will rent the STR above them. What if they come and go at all hours, what if they have small kids who are very active and maybe even like to jump around?

What is your sound proofing like between floors? It may not be a big deal if there is adequate sound proofing.

Joseph Cornwell · Answer

@Sunny Alexander thank you for the tip!

@John Underwood Yes, we are going to be using sound dampening insulation between floors and double 5/8 drywall. Also, for the foreseeable future, my assistant would be living on the second floor and managing the day to day of the Airbnb. She is aware of the possible noise issues from STR.

@Mike Shemp Yeah based on location, it would make more sense to me as a work travel stay or coming to town to see family etc. Not really a tourist area, but it is close to downtown without being in a rough area.

Joseph Cornwell · Answer

@Culin Tate Thank you for the tip!

As for the area it is a safe area, perhaps I am being too critical by calling it a C area but either way the finishes will be very nice.

Mark S. · Answer

@Joseph Cornwell I can’t imagine you will be able to keep good tenants in the long term space with the top floor being transient.

Brandon Goldsmith · Answer

It is pretty tough to do Airbnb in anything less than a B area. There are different places you can run data to be able to get a better idea if this will work, but the property needs to be nice and also in a good area at the end of the day. @Joseph Cornwell

Bruce Woodruff · Answer

Yep, I would only want to stay in a nice place....not interested in an 'experience'....

Marc Rice · Answer

I would only recommend in A/B class neighborhoods otherwise guests will be turned off and you'll have environmental factors that disrupts your operations.

Mike Shemp · Answer

You may have to adjust how you market it for the STR market if it's a C+ neighborhood.

For example people on the STR rental platforms may not consider it for vacationing, but it may make sense for working professional or people looking for longer-stays in Cleveland or who want a more authentic experience of Cleveland.

Mike

AirBnb in suburban areas, what are you seeing?

AirBnb in suburban areas, what are you seeing?

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