Mid term rental market in Dalla- Ft Worth

[Becky Samuel]

Hi!  I am new to real estate investing, and have been researching markets in several areas, and am really wanting to get started on MTRs.  Just read “30-Day Stay”, excellent book.  I’m in the process of narrowing my market. 

What are your thoughts on the demand for MTRs in DFW area currently?  It’s hard to get a feel for demand just looking on Furnished Finder and Airbnb.  Any personal MTR experience anyone can share from that area? And any additional tips on researching demand?

Also, would love any thoughts on other markets/cities that might be a great spot for MTRs.  Thanks!

[Steve Garcia]

Hi! I just listed my first MTR in Arlington on Airbnb and Furnished Finder. The Airbnb listing went live Friday, but my Furnished Finder profile has been up for weeks now. The Tenant leads have been very few and none so far that meet my price range at the moment. Check out Jesse Vasquez on Youtube. He has great information on how to obtain your own leads. He wrote the bonus chapter in the 30-Day Stay book. I will keep you updated to see what type of activity or interest I draw with this strategy.

[Becky Samuel]

Quote from @Steve Garcia:

Hi! I just listed my first MTR in Arlington on Airbnb and Furnished Finder. The Airbnb listing went live Friday, but my Furnished Finder profile has been up for weeks now. The Tenant leads have been very few and none so far that meet my price range at the moment. Check out Jesse Vasquez on Youtube. He has great information on how to obtain your own leads. He wrote the bonus chapter in the 30-Day Stay book. I will keep you updated to see what type of activity or interest I draw with this strategy.

Thanks for the info!  Good luck, I hope things pick up quickly on bookings.  Is the MTR close to several hospitals?  I don’t know the DFW region very well yet.  Would love to keep up with how things go for you!  Thanks!

[Conner Olsen]

Quote from @Becky Samuel:

Hi!  I am new to real estate investing, and have been researching markets in several areas, and am really wanting to get started on MTRs.  Just read “30-Day Stay”, excellent book.  I’m in the process of narrowing my market. 

What are your thoughts on the demand for MTRs in DFW area currently?  It’s hard to get a feel for demand just looking on Furnished Finder and Airbnb.  Any personal MTR experience anyone can share from that area? And any additional tips on researching demand?

Also, would love any thoughts on other markets/cities that might be a great spot for MTRs.  Thanks!

Any major metro (especially Dallas) will have a lot of demand. 95% of my bookings have not been medical professionals so as long as you're in a good location, know your target demographic, marketing on each channel (Airbnb, VRBO, FF, FB) you'll get booked.

[Bruce Lynn]

Not sure anyone can really tell you in DFW what the best mid-term market is.

I would think in medical district would be one.....the other near Baylor....think about people with longer term stays like transplants....that can generate 1-2-3 month family stays or longer.....so that's going to be UTSW and Baylor. VA hospital area might be another option, but the area is rougher.

Maybe by JPS in Ft. Worth would be good, but probably the primarily location in/around Fairmont is super expensive, so numbers probably don't work well.  Then when you get much outside that area then it gets bad fast.

Either place might be able to also rent to medical staff, visiting professors and such....but on Furnished Finder I see a lot of backlash.  I see owners charging what I think are pretty fair rents to cover their costs...utilities/washer/dryer/furniture/internet and toys...and such...add in vacancy and convenience and to me owner is not getting rich...but the potential tenants on the other hand feel like they're being gouged....of course they are getting paid 2x probably what permanent staff is making, but then don't want to give that up to pay for increased housing costs.   I get it, but there seems to be some disconnect.

Might also look around the universities like UNT and UTD.   Probably near TCU and SMU the price/rent ratio doesn't work well.

One thing I would suggest is don't just put it on AirBnB or VRBO or furnished finder......put in on MLS with a great realtor. That's where we're looking for property for our clients. We're never looking on AirBnB or VRBO....so you can be potentially missing a lot of bookings of great clients. Of course you are going to have to share profit with the realtor for helping place that tenant...but maybe no more than you would the booking sites.

[Becky Samuel]

Quote from @Bruce Lynn:

Not sure anyone can really tell you in DFW what the best mid-term market is.

I would think in medical district would be one.....the other near Baylor....think about people with longer term stays like transplants....that can generate 1-2-3 month family stays or longer.....so that's going to be UTSW and Baylor. VA hospital area might be another option, but the area is rougher.

Maybe by JPS in Ft. Worth would be good, but probably the primarily location in/around Fairmont is super expensive, so numbers probably don't work well.  Then when you get much outside that area then it gets bad fast.

Either place might be able to also rent to medical staff, visiting professors and such....but on Furnished Finder I see a lot of backlash.  I see owners charging what I think are pretty fair rents to cover their costs...utilities/washer/dryer/furniture/internet and toys...and such...add in vacancy and convenience and to me owner is not getting rich...but the potential tenants on the other hand feel like they're being gouged....of course they are getting paid 2x probably what permanent staff is making, but then don't want to give that up to pay for increased housing costs.   I get it, but there seems to be some disconnect.

Might also look around the universities like UNT and UTD.   Probably near TCU and SMU the price/rent ratio doesn't work well.

One thing I would suggest is don't just put it on AirBnB or VRBO or furnished finder......put in on MLS with a great realtor. That's where we're looking for property for our clients. We're never looking on AirBnB or VRBO....so you can be potentially missing a lot of bookings of great clients. Of course you are going to have to share profit with the realtor for helping place that tenant...but maybe no more than you would the booking sites.

Excellent info, thanks so much for sharing! Lots of great points to consider.  

[Becky Samuel]

Quote from @Conner Olsen:

Quote from @Becky Samuel:

Hi!  I am new to real estate investing, and have been researching markets in several areas, and am really wanting to get started on MTRs.  Just read “30-Day Stay”, excellent book.  I’m in the process of narrowing my market. 

What are your thoughts on the demand for MTRs in DFW area currently?  It’s hard to get a feel for demand just looking on Furnished Finder and Airbnb.  Any personal MTR experience anyone can share from that area? And any additional tips on researching demand?

Also, would love any thoughts on other markets/cities that might be a great spot for MTRs.  Thanks!

Any major metro (especially Dallas) will have a lot of demand. 95% of my bookings have not been medical professionals so as long as you're in a good location, know your target demographic, marketing on each channel (Airbnb, VRBO, FF, FB) you'll get booked.

Thanks so much!

[Maggie Owen]

I have a couple of investors that are doing MTRs in the Carrollton/Far North Dallas area!

[Manuel Reza]

Becky, I am starting with MTR in South Dallas in a nice area where new builds are going, although I do not have all the details, these are my learning points so far:

- Marketing focus on specific market, I used Market Place and HotPads to start and received a ton of requests, taking a lot of time, on top of market specific I would do as much automation as possible to reduce your time involved - I have rented 2 out of 3 rooms that I have within 15 days 

- Other sites to find tenants for me did not work, very difficult to communicate with potential tenants since the email resides within the site

- I will start with FF and AirBNB for the 3rd room and see if is works better me

Hope this helps and please update with your experience in the future, thanks

[Jamie Banks]

Hi Becky, being in DFW you benefit because it’s a populated area where people are frequently moving to and from for various reasons. Demand for insurance housing will (unfortunately) always be high in big cities because floods happen, houses catch on fire, etc. If you’re unsure I’d suggest getting a property that can easily cater to families that are displaced by insurance claims that’s at least 3 bedroom, 2 bathrooms. That’s what I’ll be doing for my next MTR. 

[Brady Ferguson]

The demand should be there as long as you target medical districts within the metroplex