Short term rental in Columbus, Ohio

Columbus, Ohio
Columbus Real Estate Forum
5yFollow

Short term rental in Columbus, Ohio

Jessica Yim
Member since 2021 · 2 posts · 2 votes

Hello everyone, 

Newbie here and wanted to get some insight on next steps on our RE journey.

We are currently living in Columbus, OH (Dublin/Worthington area). We would like to either rent our current house now or turn it into a short term rental. Renting to tenants would be preferred but I don't think we can get a good rate of return (our home is $225,000, and I'm not finding many places in our area that rent out for more than $2k a month). It's hard to estimate what we'd be getting each month for a short term as well - we are in a decent location, but its still the suburbs.

What kind of measures do you use in making these decisions?

Thanks!

2Reply
26 views

Investor-friendly agents in Columbus, OH

See the agents BiggerPockets members work with in Columbus, OH.

Most Popular Reply

Zeke Liston
Real Estate Agent · Columbus, OH · Member since 2018 · 1k+ posts · 1k+ votes
5y
Originally posted by @Jessica Yim:

Hello everyone, 

Newbie here and wanted to get some insight on next steps on our RE journey.

We are currently living in Columbus, OH (Dublin/Worthington area). We would like to either rent our current house now or turn it into a short term rental. Renting to tenants would be preferred but I don't think we can get a good rate of return (our home is $225,000, and I'm not finding many places in our area that rent out for more than $2k a month). It's hard to estimate what we'd be getting each month for a short term as well - we are in a decent location, but its still the suburbs.

What kind of measures do you use in making these decisions?

Thanks!

 Hi Jessica, I would reach out to several Airbnb hosts in your area to see if they can give you an estimate of monthly earnings. Although, I have a feeling that a long-term tenant might be the way to go in this area. 

3Reply
See this reply in the discussion

8 Replies

Jump to latestLatest
  • Zeke Liston
    Real Estate Agent · Columbus, OH · Member since 2018 · 1k+ posts · 1k+ votes
    5y
    Originally posted by @Jessica Yim:

    Hello everyone, 

    Newbie here and wanted to get some insight on next steps on our RE journey.

    We are currently living in Columbus, OH (Dublin/Worthington area). We would like to either rent our current house now or turn it into a short term rental. Renting to tenants would be preferred but I don't think we can get a good rate of return (our home is $225,000, and I'm not finding many places in our area that rent out for more than $2k a month). It's hard to estimate what we'd be getting each month for a short term as well - we are in a decent location, but its still the suburbs.

    What kind of measures do you use in making these decisions?

    Thanks!

     Hi Jessica, I would reach out to several Airbnb hosts in your area to see if they can give you an estimate of monthly earnings. Although, I have a feeling that a long-term tenant might be the way to go in this area. 

    3Reply
  • Brandon GoldsmithBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2020 · 1k+ posts · 1k+ votes
    5y

    I agree with @Zeke Liston that this would probably be better as a long term rental. It can be pretty expensive to furnish a larger house for Airbnb. I would check on data for suburban homes though. There is usually more data on more metro area studios but I am sure you can still find some local PM companies that do STR. @Jessica Yim

    [email protected]614-963-3340
    2Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @Jessica Yim:

    Hello everyone, 

    Newbie here and wanted to get some insight on next steps on our RE journey.

    We are currently living in Columbus, OH (Dublin/Worthington area). We would like to either rent our current house now or turn it into a short term rental. Renting to tenants would be preferred but I don't think we can get a good rate of return (our home is $225,000, and I'm not finding many places in our area that rent out for more than $2k a month). It's hard to estimate what we'd be getting each month for a short term as well - we are in a decent location, but its still the suburbs.

    What kind of measures do you use in making these decisions?

    Thanks!

     @Marc Rice should be able to help you with this. He manages my airbnbs in Columbus, Ohio

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
    WebsiteView Page
    2Reply
  • Brandon SturgillBusiness Member
    Real Estate Broker · Columbus, OH · Member since 2013 · 3k+ posts · 1k+ votes
    5y

    @Jessica Yim Are you looking to use the property as a STR or a long-term rental?...The Dublin area is probably seeing $1/sq.ft or better for rental rates...as far as short-term rentals go, assuming 30% occupancy puts you at 109 days a year...probably in the $150-170/night range....$1,400-$1,600/mo...this gets much better with 40% occupancy...but you also have STR regulations to think about and a host of other items to consider you do not have with a long-term rentals.

    937-979-7000
    Realize Multifamily Group11 Review
    View Page
    0Reply
  • Claire Rosenberg
    Property Manager · New York City · Member since 2017 · 61 posts · 28 votes
    5y

    Hi @Jessica Yim I would recommend checking out Airdna! It is a market research tool where it will tell you how much your property will make as a STR, occupancy rate, average daily rate, show what other Airbnb's are making and more!

    1Reply
  • Jessica Yim
    OP
    Member since 2021 · 2 posts · 2 votes
    5y

    thank you all for the help!

    0Reply
  • Ryan Mainwaring
    Rental Property Investor · Blacklick, OH · Member since 2016 · 286 posts · 253 votes
    5y

    @Jessica Yim When we consider short term, we always make sure it works as long term rental to reduce our risk.  If it works as both, then choose what fits your goals best.  Feel free to reach out if you want to chat.

    0Reply
  • Ado Shemesh
    Rental Property Investor · Columbus, OH (columbus oh) · Member since 2020 · 6 posts · 2 votes
    5y

    @Jessica Yim

    Airdna is a good resource. We are operating STRs in the Eastmoor/Bexley area and are close to fully occupied in the last year or so. There a few parameters to examine such as monthly costs, target guests etc. but if you do it right then you should be able to make ~2X of a regular tenant rent. It takes a good amount of work but doable and profitable if done right. Good luck.

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free