Diversifying your rental strategy is important!

[Andrew Bosco]

Diversifying your rental strategy is important! How are you protecting your assets?

Hey all, I feel the need to address this as the news about the Airbnb crackdown in NY will seep into other markets; https://amp.theguardian.com/.../airbnb-new-rental...For those of you who do not know - Airbnb regulations are getting tight in NYC by limiting number of guests, timelines etc. There’s speculation of a permit system coming to fruition as well which will cost investors and owners money to host on these platforms. All that said, we already see town regulations in NH and NE (My home base). 

For NH, Woodstock only allows up to 180 days of STR and Portsmouth is about to implement other similar variances (and has become quite anti Airbnb the last few years). Other towns and associations are following through with new HOAs popping up and limiting short term stays. A good example of this as lake side HOAs that do not allow short term rental stays the first 2 or 5 years of ownership. All this said state, town and judicial powers are trying to curb short term stays.

What does this mean for investors and homeowners? Well, MTR is a good strategy for the most part. It's not exactly short term but allows some flexibility. The key is how a town or county defines STR (is if 1-3 days, under 7 days or under 30 days). Implementing an MTR strategy in a STR home is a viable way to keep the system moving for the benefit of the owner. Establishing relationships with local employers and staffing agencies is essential. Additionally, if you're in a high tourist area, then you may want to consider renting for 30 days at a discount act like a short term rental. I've done this with a beach house during the summer work. I chose to rent to one of my repeat tenants for a longer period of time, rather than constant turnover. We made less money, but we also had less turnover and less headaches. The key is - be fluid and adaptive with your strategy.

Thanks for coming to my TED Talk.