Medium Term Rental Questions for Springfield, IL

[David Worker]

Hey Springfield Illinois community, I have some questions about medium term rentals in Springfield, IL. I am a long term rental landlord and this is my first stab at a medium term rental.

1. What kind of vacancy rates do you typically have?

2. How do you like to find your tenants? (Furnished Finder, Direct relationship with the hospital, ect.)

3. What is your minimum staying requirement?

Thank you!

-David

[Jamie Banks]

Quote from @David Worker:

Quote from @Jamie Banks:

1. What kind of vacancy rates do you typically have?

I'm seeing ~5% vacancy across my portfolio but I have properties as low as 0% and as high as 10%. I usually use 10% when running my numbers to estimate the viability of a MTR investment

2. How do you like to find your tenants? (Furnished Finder, Direct relationship with the hospital, ect.)

A mixture of all of the above. Most of my tenants are from Furnished Finder and other OTAs such as Zillow and being a preferred housing provider for different agencies. I've also gotten a good amount of requests from listing on Facebook Marketplace. 

3. What is your minimum staying requirement?

My minimum stay requirement is 30 - 31 days (depending on the city's requirement)

Thank you that was very helpful! With the minimum stay being 30-31 days, do you just have them sign a month to month lease? How much notice do you require them to give you before they move? 

 I typically sign draft the lease to be for the exact length of time that the guest needs the property, on average 3 months and I require a 30 day notice to vacate. If no notice to vacate is given then the lease will continue month to month.