Mid term rentals in Worcester
Hey BP community! Looking at RE in Worcester Mass. SMF properties are a tad bit over budget so trying to change strategies. Has anyone had luck with medium term rentals for traveling nurses and professionals?
Thank you!
Hey Craig! Midterm rentals are a great way to get extra cashflow. Usually you can get an extra $400-$500 from them. You do have to furnish the unit and include utilities in their rent though. Think of it like a long term rental and short term rental had a baby. The good thing about mid term rentals is that you know the travel nurses/professionals contracts (3-9 months or so). Knowing their move in and move out dates in advance, you can time the vacancies and keep the units filled nicely.
Check out the site furnishedfinder.com. That is where you can market to these individuals and also see the stats for average midterm rents of the area. Worcester has a few large hospitals like Saint Vincent's, UMass and others so it is a great niche to get into!
Hey @Craig Lang,
Just to add to what Wendell said, another target market for MTR you can look into is insirance contracts/ temp housing. Here’s a video to explain it more.
;si=EnSIkaIECMiOmarEhope that’s helpful, best of luck 🤝🍀
Hi Craig,
I think Midterm rentals are becoming more and more popular in Worcester. I have been getting several clients who are interested but also have many questions or are in a similar spot as you are . Because of it, we decided to dedicate our next meetup to a speaker who has experience with midterm rentals. She's going to be going into more details and her own personal experience. If you're in the area feel free to join us on feb 15 at the Bay State Brewery in Worcester from 630 pm to close. Its a completely free event and its catered to educating people in the area! Hope to see you there!
Quote from @Craig Lang:Hi Craig! I am in the process of integrating this model into one of my 2br units in Leominster as we speak. (Apologies for not being in Worcester specifically haha but there are a few pieces of advice that I have learned recently to try to help you out!)
Hey BP community! Looking at RE in Worcester Mass. SMF properties are a tad bit over budget so trying to change strategies. Has anyone had luck with medium term rentals for traveling nurses and professionals?
Thank you!
1.) If you have not already, I recommend checking out furnishedfinder.com/stats to see the demand for traveling nurses/professionals in the Worcester market. There are several very helpful metrics on the site, including # of searches for the area, gross rent ranges for single rooms & entire units, etc. From my sole opinion, I would think that the demand would be absolutely ludicrous because of the many medical facilities and college campuses around the city, but I have never done research on this market in particular.
2.) Keep in mind that you will incur some extra expenses utilizing this model in place of a traditional LTR. There are different ways to structure your leases in regards to utilities/services, but keep in mind that you may have to pay for electric, oil/gas/elec. baseboard heat, wifi, a cleaner between tenant turnovers, furnishing the unit, & maybe cable?? (someone told me recently that many folks do not supply cable anymore and just use the Roku TV’s w/ the wifi connection for streaming services etc.) as the owner. The drastically increased gross rents are very attractive, but there are some extra expenses that come along with is well just to keep in mind :). From my projections for the Leominster implementation, it seems that there will still be a pretty wide spread between the increased gross rents less the additional expenses, but we shall see!
3.) I highly recommend listening to Eps 679 of the BP Podcast with Zeona McIntyre (she is a very large proponent of the MTR model and also just wrote a book that came out recently called the “30 day stay”.) She shares TONS of super valuable advice across multiple facets of this strategy!
I am very excited to personally experiment with this model, and am curious to see if it could be lucrative in the city of Worcester! I am actively learning as much as I can about this model at the moment and would love to chat more about it with you!
Good luck!
Kyle