Corporate Rental? Getting STR run-around and no long-term options
Hello all,
So I bought a duplex uptown (good side of Leonidas area, to be exact) in June 2018. I renovated it and listed one side for long-term rental, but missed the wave of Tulane/Loyola students (I live on the other side). I decided to pull the listing, furnished it, and applied for an STR license to airbnb. Needless to say, the city has dropped my application twice now, for reasons beyond my control. While I wait to get that sorted out, I will not rent short term illegally, so my only options are renting for a minimum of 30 days or more.
I was looking into doing corporate rentals. There's a site called "corporate housing by owner." You pay a yearly fee and, depending on the package, you get so many photos, they'll take photos, video, and guarantee a booking in your first 30 days.
My question is, does anyone have experience with corporate rentals in NOLA? Is it a profitable business? I have a 2bd/1ba shotgun. One covered parking spot, one off-street parking spot (I have no car), dishwasher, washer/dryer, gas and electric, high-speed internet, keyless entry, etc. Similar houses I've seen listed range from $2100-3000+/mo. If I can get $2000, my mortgage would be paid, which helps me out a lot.
I'm really at a loss right now as to how to start making money on my rental side. The other option I'm considering is offering month-to-month or 3-6 month leases furnished and all bills paid for about $2000/mo.
Whatever the solution, I can't keep paying this full mortgage by myself for much longer. If you have personal experience with any of these things or have website recommendations or other advice, I am all ears.
Thanks!