MTR in Tallahassee/Gainesville?

Question

Is anyone doing medium-term rentals in Tallahassee, FL? I am local to the area and think FSU with good post-graduate programs and some hospitals in the town would work out for MTR, but I would love to hear about people's experience with MTRs in the area. Is there any demand? What neighborhoods are you investing in? I also would like to hear opinions on the Gainesville MTR market. I am interested in investing in these areas if I can find some good deals with cash flow.

Yu Liu · Answer

I have 3 short term rentals in Tallahassee which I sometimes convert to MTR. Personally, I prefer MTRs as they are way less work and for similar payouts.

Best areas to invest in Tallahassee for MTR are definitely near the hospitals, so like midtown but those are generally higher in price because of the location, I see an influx of traveling nurses, medical providers that need housing there. I've also hosted contractors in the area and those have been great.

Gainesville is a market I am familiar with and there is good demand for travel nurses there as well, if not better than Tallahassee because of Shands hospital which is more well known than TMH in Tallahassee. I think Gainesville would also be a great MTR market but as always do your due diligence and make sure the numbers work with everything that you are doing! Hope that helps!

Nick Gober-Keller · Answer

It's exciting to see your interest in medium-term rentals (MTRs) in Tallahassee! Your awareness of the potential in having FSU and the various hospitals in the area shows astute thinking.

Here are some of the key hospitals in Tallahassee and their respective distances from downtown:

• Tallahassee Memorial HealthCare: Roughly 1-2 miles from downtown.
• Capital Regional Medical Center: Approximately 5-6 miles to the northeast of downtown.
• HealthSouth Rehabilitation Hospital of Tallahassee: Around 3-4 miles from downtown.
• Select Specialty Hospital - Tallahassee: Roughly 1-2 miles from downtown.
• Tallahassee VA Health Care Center: About 2-3 miles southwest of downtown.
• Florida State Hospital: Located in Chattahoochee, Florida, about 40-45 miles west of Tallahassee.
• Tallahassee Developmental Center: Approximately 4-5 miles from downtown Tallahassee.
• Tallahassee Memorial Hospital Behavioral Health Center: Within 1-2 miles from downtown.

I'd focus on areas that are convenient for both work and entertainment. Particularly for younger professionals such as travel nurses, having amenities such as bars, restaurants, theaters, and other entertainment venues nearby would be appealing.

Areas around FSU and the downtown hospitals within a range of 1-6 miles could be ideal starting points for your MTR, offering the balance of work-life convenience that potential tenants value.

Your proactivity in seeking insights on this forum is commendable! Venturing into MTRs is a bold step, and by asking the right questions, you're setting yourself up for success. Continue with this proactive mindset as you dive deeper into the world of real estate investment. Remember to conduct a thorough market analysis, consult with local real estate experts, and keep abreast with current trends. Good luck on your journey!