Where can I research for the demand for MTR? (Kokomo, Indiana)

Indianapolis, Indiana
Medium-Term Rentals
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Where can I research for the demand for MTR? (Kokomo, Indiana)

Elizabeth Park
Member since 2022 · 70 posts · 21 votes

I am trying to grow my portfolio and see if Kokomo, Indiana will make sense for MTR. 

For Kokomo, Indiana, I see posts where hospitals there are looking for travel nurses. 

Stellantis is building their 2-billion dollar power battery plant, partnering with Samsung. 

I'm thinking the city may be a good place to do MTD. Your thoughts? 

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Ron Brady
Rental Property Investor · Burlington County, NJ · Member since 2019 · 540 posts · 771 votes
3y

A quick tip we learned from @Al Williamson:

If there are extended stay hotel brands in the area, that's a good sign there is MTR demand. Akin to Burger King placing restaurants near existing McDonalds. McDs did the market research, BK drafted in McDs wake. Same with extended stay chains.

Best wishes to you.

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  • Denis PonderPro Member
    New to Real Estate · Yuma, AZ · Member since 2023 · 280 posts · 246 votes
    3y

    Furnished Finder is a popular site for mid-term renters.  You can see what is available in your area and look at the price and amenities.

    3Reply
  • Bonnie LowPro Member
    Lender · Asheville, NC · Member since 2016 · 1k+ posts · 1k+ votes
    3y

    Search the stats on Furnished Finder for your city and check out listings there. Also search for 30+ day stays on Airbnb in your area to see what type of listings there are and look at their calendar availability.

    [email protected]
    1Reply
  • Elizabeth Park
    OP
    Member since 2022 · 70 posts · 21 votes
    3y
    Quote from @Denis Ponder:

    Furnished Finder is a popular site for mid-term renters.  You can see what is available in your area and look at the price and amenities.


     Thank you! I've been looking. I see only a few properties available there for Kokomo, IN. 

    0Reply
  • Elizabeth Park
    OP
    Member since 2022 · 70 posts · 21 votes
    3y
    Quote from @Bonnie Low:

    Search the stats on Furnished Finder for your city and check out listings there. Also search for 30+ day stays on Airbnb in your area to see what type of listings there are and look at their calendar availability.


     Thank you! I have done that and I don't see too many listings in Kokomo, but I do see quite a lot of job postings for Kokomo. I think that's a sign for me to purchase and do the MTR. Your thoughts? 

    0Reply
  • Robin SimonBusiness Member
    Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
    3y
    Quote from @Elizabeth Park:
    Quote from @Bonnie Low:

    Search the stats on Furnished Finder for your city and check out listings there. Also search for 30+ day stays on Airbnb in your area to see what type of listings there are and look at their calendar availability.


     Thank you! I have done that and I don't see too many listings in Kokomo, but I do see quite a lot of job postings for Kokomo. I think that's a sign for me to purchase and do the MTR. Your thoughts? 


     probably going to depend a lot on the specific type of job postings.  Probably want to look at job postings that are specifically aimed at MTR potential renters like travel nurses or short-stint projects

    [email protected]
    Harpoon Capital515 Reviews
    WebsiteView Page
    1Reply
  • Ron Brady
    Rental Property Investor · Burlington County, NJ · Member since 2019 · 540 posts · 771 votes
    3y

    A quick tip we learned from @Al Williamson:

    If there are extended stay hotel brands in the area, that's a good sign there is MTR demand. Akin to Burger King placing restaurants near existing McDonalds. McDs did the market research, BK drafted in McDs wake. Same with extended stay chains.

    Best wishes to you.

    4Reply
  • Max Guerrero
    Seattle, WA · Member since 2016 · 50 posts · 23 votes
    3y
    Quote from @Ron Brady:

    A quick tip we learned from @Al Williamson:

    If there are extended stay hotel brands in the area, that's a good sign there is MTR demand. Akin to Burger King placing restaurants near existing McDonalds. McDs did the market research, BK drafted in McDs wake. Same with extended stay chains.

    Best wishes to you.


    I love that tip and it takes a lot of the gamble out of the equation. These big companies are slow though, and might take years to get something going in a market with growing demand.

    I would do some more research and see if there is a need for MTR in the space. You might get in early.

    2Reply
  • Conner Olsen
    Real Estate Agent · Austin, TX · Member since 2020 · 1k+ posts · 941 votes
    3y
    Quote from @Elizabeth Park:

    I am trying to grow my portfolio and see if Kokomo, Indiana will make sense for MTR.

    Furnished Finder, Airbnb by comping out other MTR (you can use pricelabs to make it quicker), or calling the local hospitals and asking them how many traveling professionals they have on a regular basis and if they struggle to find housing.

    1Reply
  • Elizabeth Park
    OP
    Member since 2022 · 70 posts · 21 votes
    3y
    Quote from @Conner Olsen:
    Quote from @Elizabeth Park:

    I am trying to grow my portfolio and see if Kokomo, Indiana will make sense for MTR.

    Furnished Finder, Airbnb by comping out other MTR (you can use pricelabs to make it quicker), or calling the local hospitals and asking them how many traveling professionals they have on a regular basis and if they struggle to find housing.


     thank you! It looks like I've been poking at the right places. 

    0Reply
  • Jamie Banks
    Real Estate Consultant · Reston, VA · Member since 2022 · 513 posts · 521 votes
    3y

    Here how I asses MTR demand:

    - Search Furnished Finder's stats 

    - Seach FF with my city to understand how many units are available vs. booked. If you see a lot of units available it could be a sign of the market being oversupplied. 

    - Go to indeed and search travel nurse in your city. You'll be able to see the number of open traveling professional positions

    I manage 2 units in Terre Haute, Indiana and I am surprised by the amount of demand in the small town. 

    3Reply
  • Tyler LingleBusiness Member
    Real Estate Consultant · Indianapolis, IN · Member since 2021 · 440 posts · 292 votes
    3y

    I would highly suggest networking with other investors but also PROPERTY MANAGERS! These guys would have the intel you need. I do MTR but more so in Indianapolis. 

    [email protected]
    Roots Realty Co. 564 Reviews
    WebsiteView Page
    1Reply
  • Elizabeth Park
    OP
    Member since 2022 · 70 posts · 21 votes
    3y
    Quote from @Ron Brady:

    A quick tip we learned from @Al Williamson:

    If there are extended stay hotel brands in the area, that's a good sign there is MTR demand. Akin to Burger King placing restaurants near existing McDonalds. McDs did the market research, BK drafted in McDs wake. Same with extended stay chains.

    Best wishes to you.

    Great tip! Never thought about that. I'm on it! Thank you!
    1Reply
  • Elizabeth Park
    OP
    Member since 2022 · 70 posts · 21 votes
    3y
    Quote from @Conner Olsen:
    Quote from @Elizabeth Park:

    I am trying to grow my portfolio and see if Kokomo, Indiana will make sense for MTR.

    Furnished Finder, Airbnb by comping out other MTR (you can use pricelabs to make it quicker), or calling the local hospitals and asking them how many traveling professionals they have on a regular basis and if they struggle to find housing.


    Thank you for the helpful tip!  

    0Reply
  • Elizabeth Park
    OP
    Member since 2022 · 70 posts · 21 votes
    3y
    Quote from @Tyler Lingle:

    I would highly suggest networking with other investors but also PROPERTY MANAGERS! These guys would have the intel you need. I do MTR but more so in Indianapolis. 


     I agree with you! Thank you so much!

    0Reply
  • Elizabeth Park
    OP
    Member since 2022 · 70 posts · 21 votes
    3y
    Quote from @Jamie Banks:

    Here how I asses MTR demand:

    - Search Furnished Finder's stats 

    - Seach FF with my city to understand how many units are available vs. booked. If you see a lot of units available it could be a sign of the market being oversupplied. 

    - Go to indeed and search travel nurse in your city. You'll be able to see the number of open traveling professional positions

    I manage 2 units in Terre Haute, Indiana and I am surprised by the amount of demand in the small town. 


     I am learning that small cities like Terre Haute and Logansport hospitals are all traveling professionals. Thank you for your help! 

    0Reply
  • Elizabeth Park
    OP
    Member since 2022 · 70 posts · 21 votes
    3y
    Quote from @Denis Ponder:

    Furnished Finder is a popular site for mid-term renters.  You can see what is available in your area and look at the price and amenities.


     Thank you!

    0Reply
  • Shaan Puri
    Member since 2023 · 27 posts · 15 votes
    2y

    I used ChatGPT to estimate demand / supply in some cities I am currently interested in. I took the following screenshot from FF stats

    ChatGPT response - 

    To determine which city is best in terms of most requests and least rentals, we can analyze the data provided in the images.

    From the images, we have the following data regarding map searches and housing requests (which I will interpret as demand) and the total rentals available (which I will interpret as supply):

    1. Cincinnati, Ohio
      • Demand: 183,409
      • Supply: 820 rentals
    2. Columbus, Ohio
      • Demand: 248,154
      • Supply: 990 rentals
    3. Louisville, Kentucky
      • Demand: 207,750
      • Supply: 960 rentals

    To find the city with the most demand and least supply, we can calculate the ratio of demand to supply for each city:

    Demand to Supply Ratio=Demand/Supply

    The city with the highest ratio will have the most requests relative to its number of rentals. Let's calculate these ratios.

    Columbus, Ohio, has the highest demand to supply ratio, with approximately 250.66 requests per rental available. This suggests that, relatively speaking, Columbus is the best in terms of having the most requests and least rentals available.

    The ratios for the other cities are as follows:

    • Cincinnati, Ohio has a demand to supply ratio of approximately 223.67 requests per rental available.
    • Louisville, Kentucky has a demand to supply ratio of approximately 216.41 requests per rental available.

    These ratios indicate the number of housing requests per each available rental unit in the respective cities.

    Good luck!

    1Reply
  • Zachary DealPro Member
    Lender · Member since 2023 · 465 posts · 425 votes
    2y

    @Shaan Puri Very interesting! Thanks for sharing. Seems like it could be a could way to calculate demand given there is no AirDNA equivalent for MTRs. 

    [email protected]
    1Reply
  • Tyler LingleBusiness Member
    Real Estate Consultant · Indianapolis, IN · Member since 2021 · 440 posts · 292 votes
    2y

    Hi there, I personally know investors doing MTR in Kokomo and other small mid sized Indiana cities like Muncie, New Castle etc. Would love to connect to point you in the right direction! 

    [email protected]
    Roots Realty Co. 564 Reviews
    WebsiteView Page
    0Reply
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