Hello PB community,
I recently moved to Boston and and looking to start providing short term furnished rentals in the area. I am wondering if anybody has experience or interest in doing this any help would be greatly appreciated. Ideally I would be renting out apartments and turning them into short term airbnb and extended stays for traveling business professionals.
Will have to be outside of Boston City Limits. Still a good deal of demand.
You are going to have a difficult time in my opinion. Your business model is not unique and given the fact that you are a recent graduate I doubt you have much capital.
The arbitrage between yearly rentals and weekly/daily rentals provides some upside, but the profits margin is slim and you are going to need to find buildings that allow short term rentals.
@Shiv Gettu as @Collin Fishman already pointed out - It'd be worth taking a closer look at laws that cities have already passed or are considering. Mayor Walsh has already restricted short term rentals and I would expect that other cities in eastern Mass are not far behind. The shortage of affordable housing is just too great... Keep an eye on what the City of Boston does according to their Housing 2030 plan to help guide your investment strategy.... When the 2030 Housing plan was originally released 3 years ago, it called for 56,000 additional housing units to accommodate demand, just last week they increased that number by 30%...