Skip to content
Medium-Term Rentals

User Stats

2
Posts
11
Votes
Shatrice Cherry
Pro Member
  • Rental Property Investor
11
Votes |
2
Posts

MTR in Cincinnati, OH

Shatrice Cherry
Pro Member
  • Rental Property Investor
Posted Sep 14 2023, 19:46

I just recently closed on a LTR and curious about the demand for MTR in the Cincinnati and Columbus Ohio areas. I would love to hear from anyone doing MTR in the area.

Things I’m looking to learn:

How much demand there is for MTRs and does the demand goes more thowrds smaller or larger properties. What kind vacancy rates do you see?

Where is the demand coming from? Traveling nurses, insurance placements, or etc.

What type of property is the most preferred for MTR tenants, Single Family, Duplex, or Apartments?

What are you using to find tenants? AirBnB, VRBO, ALE Solutions, Furnished Finder, Facebook Marketplace, or are you reaching out to local hospitals in the area?

And do you use management or are you self managing your MTR?

Thanks for taking the time to answer my questions. 

User Stats

2,671
Posts
1,435
Votes
Robert Ellis
Pro Member
  • Developer
  • Columbus, OH
1,435
Votes |
2,671
Posts
Robert Ellis
Pro Member
  • Developer
  • Columbus, OH
Replied Sep 15 2023, 05:03
Quote from @Shatrice Cherry:

I just recently closed on a LTR and curious about the demand for MTR in the Cincinnati and Columbus Ohio areas. I would love to hear from anyone doing MTR in the area.

Things I’m looking to learn:

How much demand there is for MTRs and does the demand goes more thowrds smaller or larger properties. What kind vacancy rates do you see?

Where is the demand coming from? Traveling nurses, insurance placements, or etc.

What type of property is the most preferred for MTR tenants, Single Family, Duplex, or Apartments?

What are you using to find tenants? AirBnB, VRBO, ALE Solutions, Furnished Finder, Facebook Marketplace, or are you reaching out to local hospitals in the area?

And do you use management or are you self managing your MTR?

Thanks for taking the time to answer my questions. 


 just my suggestion... this is a pretty active strategy and the price premium isn't that much greater for all of the extra time you are spending. I'd focus on a larger strategy like long term rentals in ohio or a rental that works for all 3 in case of worst case scenario. 

User Stats

4,970
Posts
5,668
Votes
Remington Lyman
  • Real Estate Agent
  • Columbus, OH
5,668
Votes |
4,970
Posts
Remington Lyman
  • Real Estate Agent
  • Columbus, OH
Replied Sep 15 2023, 06:44
Quote from @Shatrice Cherry:

I just recently closed on a LTR and curious about the demand for MTR in the Cincinnati and Columbus Ohio areas. I would love to hear from anyone doing MTR in the area.

Things I’m looking to learn:

How much demand there is for MTRs and does the demand goes more thowrds smaller or larger properties. What kind vacancy rates do you see?

Where is the demand coming from? Traveling nurses, insurance placements, or etc.

What type of property is the most preferred for MTR tenants, Single Family, Duplex, or Apartments?

What are you using to find tenants? AirBnB, VRBO, ALE Solutions, Furnished Finder, Facebook Marketplace, or are you reaching out to local hospitals in the area?

And do you use management or are you self managing your MTR?

Thanks for taking the time to answer my questions. 


 I have 11 airbnbs in Columbus, Ohio. They are all STRs but I sometimes get people that rent it out for months at a time. I have very little vacancy.

There is a huge demand for it in Ohio

  • Real Estate Agent Ohio (#2019003078)

Reafco Logo
BiggerPockets logo
BiggerPockets
|
Sponsored
Find an investor-friendly agent in your market TODAY Get matched with our network of trusted, local, investor friendly agents in under 2 minutes

User Stats

1,705
Posts
1,530
Votes
Bonnie Low
Pro Member
#1 Medium-Term Rentals Contributor
  • Investor
  • Cottonwood, CA
1,530
Votes |
1,705
Posts
Bonnie Low
Pro Member
#1 Medium-Term Rentals Contributor
  • Investor
  • Cottonwood, CA
Replied Sep 15 2023, 09:13

MTR is a viable strategy in all of the major cities in Ohio and even some of the sub markets like Dayton and Toledo. If you look at Furnished Finder, you'll see that Cincinatti is the #1 searched city in Ohio. FF was originally created to help travel nurses find temporary housing. It's even in their tagline still. However, searches by non-medical travelers has now surpassed medical travelers and they are predicting that trend will continue. 

The vast majority of travelers looking for furnished housing prefer renting an entire unit rather than a shared space or a private unit inside of multi-family housing. There are exceptions to that. The more metro the market is, the more multi-family MTR units you'll find. You'll also find investors successfully converting duplexes, tris and quads to all MTR units because the tenant-type is compatible with one another. You even hear of some convering larger multis to all MTR spaces, but I've yet to hear of anyone able to keep them completely full doing so - but I'm sure they're out there!

The most common place to list your space is probably FF, followed closely by Airbnb now that they've put an emphasis on longer stays. ALE Solutions for insurance placements. And Facebook Groups geared at your particular guest avatar. Some people also list their space on Zillow and apartments.com.  There are many more, but these are probably the most common.

As for managing, I personally self manage. Many people use MTR property managers. It just depends on how involved you want to be and whether or not you want to give up a % of your cash flow. It's not difficult to self-manage and it's possible even if you're not local, but you will need a great support team if that's the case.

User Stats

591
Posts
616
Votes
Alfath Ahmed
  • Real Estate Agent
  • Columbus, OH
616
Votes |
591
Posts
Alfath Ahmed
  • Real Estate Agent
  • Columbus, OH
Replied Sep 15 2023, 12:51
Quote from @Shatrice Cherry:

I just recently closed on a LTR and curious about the demand for MTR in the Cincinnati and Columbus Ohio areas. I would love to hear from anyone doing MTR in the area.

Things I’m looking to learn:

How much demand there is for MTRs and does the demand goes more thowrds smaller or larger properties. What kind vacancy rates do you see?

Where is the demand coming from? Traveling nurses, insurance placements, or etc.

What type of property is the most preferred for MTR tenants, Single Family, Duplex, or Apartments?

What are you using to find tenants? AirBnB, VRBO, ALE Solutions, Furnished Finder, Facebook Marketplace, or are you reaching out to local hospitals in the area?

And do you use management or are you self managing your MTR?

Thanks for taking the time to answer my questions. 

Columbus is a more preferred market to do mid-term and short-term rentals. I usually help my clients find deals next to Nationwide Children's hospital and OSU Wexner medical center. They are both close to the downtown area.

User Stats

50
Posts
43
Votes
Wilson Lau
Pro Member
  • Investor
  • San Jose, CA
43
Votes |
50
Posts
Wilson Lau
Pro Member
  • Investor
  • San Jose, CA
Replied Oct 4 2023, 20:47

Disclaimer: I haven't done any MTR deals but I do personally invest in STR/Flips in Cincinnati/ North KY area and have looked into the Columbus market.

Based on the conversations I had with some of the local PMs, there are demands in Cincinnati but definitely not as robust as Columbus (Larger city, more establishments/developments, more hospitals, etc...)

SFH would be the way to go. MTR tenants pay top dollars and most of them would prefer a place with more privacy. The size of the property you invest in will also play a significant role on what type of tenants you get. Larger properties tend to attract families, while smaller ones are preferred by travel nurses/professionals, who typically don't need a 4b2b for their temporary stays.

Good luck!

Keller Williams Silicon City Logo

User Stats

192
Posts
206
Votes
Zachary Deal#1 Medium-Term Rentals Contributor
  • Lender
206
Votes |
192
Posts
Zachary Deal#1 Medium-Term Rentals Contributor
  • Lender
Replied Oct 5 2023, 06:55

I think that doing research on specific Facebook groups focused on your target groups in market and general apartment/real estate investor groups in the Cincinnati and Columbus area is a great way to gauge demand

User Stats

27
Posts
14
Votes
Shaan Puri
Pro Member
14
Votes |
27
Posts
Shaan Puri
Pro Member
Replied Jan 2 2024, 11:15
Quote from @Bonnie Low:

MTR is a viable strategy in all of the major cities in Ohio and even some of the sub markets like Dayton and Toledo. If you look at Furnished Finder, you'll see that Cincinatti is the #1 searched city in Ohio. FF was originally created to help travel nurses find temporary housing. It's even in their tagline still. However, searches by non-medical travelers has now surpassed medical travelers and they are predicting that trend will continue. 

The vast majority of travelers looking for furnished housing prefer renting an entire unit rather than a shared space or a private unit inside of multi-family housing. There are exceptions to that. The more metro the market is, the more multi-family MTR units you'll find. You'll also find investors successfully converting duplexes, tris and quads to all MTR units because the tenant-type is compatible with one another. You even hear of some convering larger multis to all MTR spaces, but I've yet to hear of anyone able to keep them completely full doing so - but I'm sure they're out there!

The most common place to list your space is probably FF, followed closely by Airbnb now that they've put an emphasis on longer stays. ALE Solutions for insurance placements. And Facebook Groups geared at your particular guest avatar. Some people also list their space on Zillow and apartments.com.  There are many more, but these are probably the most common.

As for managing, I personally self manage. Many people use MTR property managers. It just depends on how involved you want to be and whether or not you want to give up a % of your cash flow. It's not difficult to self-manage and it's possible even if you're not local, but you will need a great support team if that's the case.

 This is insightful perspective @Bonnie Low
Which neighborhoods, if any, do you recommend for MTRs targeting medical professionals? 

User Stats

27
Posts
14
Votes
Shaan Puri
Pro Member
14
Votes |
27
Posts
Shaan Puri
Pro Member
Replied Jan 2 2024, 11:16
Quote from @Alfath Ahmed:
Quote from @Shatrice Cherry:

I just recently closed on a LTR and curious about the demand for MTR in the Cincinnati and Columbus Ohio areas. I would love to hear from anyone doing MTR in the area.

Things I’m looking to learn:

How much demand there is for MTRs and does the demand goes more thowrds smaller or larger properties. What kind vacancy rates do you see?

Where is the demand coming from? Traveling nurses, insurance placements, or etc.

What type of property is the most preferred for MTR tenants, Single Family, Duplex, or Apartments?

What are you using to find tenants? AirBnB, VRBO, ALE Solutions, Furnished Finder, Facebook Marketplace, or are you reaching out to local hospitals in the area?

And do you use management or are you self managing your MTR?

Thanks for taking the time to answer my questions. 

Columbus is a more preferred market to do mid-term and short-term rentals. I usually help my clients find deals next to Nationwide Children's hospital and OSU Wexner medical center. They are both close to the downtown area.

 Hi @Alfath Ahmed, are you still able to get 1% deals around the hospitals for your clients? If so, please feel free to DM me, would love to chat with you 

User Stats

1,705
Posts
1,530
Votes
Bonnie Low
Pro Member
#1 Medium-Term Rentals Contributor
  • Investor
  • Cottonwood, CA
1,530
Votes |
1,705
Posts
Bonnie Low
Pro Member
#1 Medium-Term Rentals Contributor
  • Investor
  • Cottonwood, CA
Replied Jan 2 2024, 17:01
Quote from @Shaan Puri:
Quote from @Bonnie Low:

MTR is a viable strategy in all of the major cities in Ohio and even some of the sub markets like Dayton and Toledo. If you look at Furnished Finder, you'll see that Cincinatti is the #1 searched city in Ohio. FF was originally created to help travel nurses find temporary housing. It's even in their tagline still. However, searches by non-medical travelers has now surpassed medical travelers and they are predicting that trend will continue. 

The vast majority of travelers looking for furnished housing prefer renting an entire unit rather than a shared space or a private unit inside of multi-family housing. There are exceptions to that. The more metro the market is, the more multi-family MTR units you'll find. You'll also find investors successfully converting duplexes, tris and quads to all MTR units because the tenant-type is compatible with one another. You even hear of some convering larger multis to all MTR spaces, but I've yet to hear of anyone able to keep them completely full doing so - but I'm sure they're out there!

The most common place to list your space is probably FF, followed closely by Airbnb now that they've put an emphasis on longer stays. ALE Solutions for insurance placements. And Facebook Groups geared at your particular guest avatar. Some people also list their space on Zillow and apartments.com.  There are many more, but these are probably the most common.

As for managing, I personally self manage. Many people use MTR property managers. It just depends on how involved you want to be and whether or not you want to give up a % of your cash flow. It's not difficult to self-manage and it's possible even if you're not local, but you will need a great support team if that's the case.

 This is insightful perspective @Bonnie Low
Which neighborhoods, if any, do you recommend for MTRs targeting medical professionals? 


 If you're targeting travel medical professionals, look for neighborhoods near hospitals - preferably Level I trauma centers - as they tend to utilize travelers the most. The caveat, though, is that the neighborhood must be safe. Travel medical professionals are often willing to have a short commute if you're in a metro area so that they can be within about 15 minute of work and also in a safer area. 

User Stats

2,671
Posts
1,435
Votes
Robert Ellis
Pro Member
  • Developer
  • Columbus, OH
1,435
Votes |
2,671
Posts
Robert Ellis
Pro Member
  • Developer
  • Columbus, OH
Replied Jan 2 2024, 22:01
Quote from @Shaan Puri:
Quote from @Alfath Ahmed:
Quote from @Shatrice Cherry:

I just recently closed on a LTR and curious about the demand for MTR in the Cincinnati and Columbus Ohio areas. I would love to hear from anyone doing MTR in the area.

Things I’m looking to learn:

How much demand there is for MTRs and does the demand goes more thowrds smaller or larger properties. What kind vacancy rates do you see?

Where is the demand coming from? Traveling nurses, insurance placements, or etc.

What type of property is the most preferred for MTR tenants, Single Family, Duplex, or Apartments?

What are you using to find tenants? AirBnB, VRBO, ALE Solutions, Furnished Finder, Facebook Marketplace, or are you reaching out to local hospitals in the area?

And do you use management or are you self managing your MTR?

Thanks for taking the time to answer my questions. 

Columbus is a more preferred market to do mid-term and short-term rentals. I usually help my clients find deals next to Nationwide Children's hospital and OSU Wexner medical center. They are both close to the downtown area.

 Hi @Alfath Ahmed, are you still able to get 1% deals around the hospitals for your clients? If so, please feel free to DM me, would love to chat with you 


 Not within anywhere but probably West side. You'd want to do multifamily. Look into new construction too not just existing inventory. New construction trades at a massive premium in c neighborhoods which is where the agents will push you for the 1% deals. we can build the same multifamily in the same neighborhood or better and everything is brand new. 

User Stats

27
Posts
14
Votes
Shaan Puri
Pro Member
14
Votes |
27
Posts
Shaan Puri
Pro Member
Replied Jan 3 2024, 04:12
Quote from @Robert Ellis:
Quote from @Shaan Puri:
Quote from @Alfath Ahmed:
Quote from @Shatrice Cherry:

I just recently closed on a LTR and curious about the demand for MTR in the Cincinnati and Columbus Ohio areas. I would love to hear from anyone doing MTR in the area.

Things I’m looking to learn:

How much demand there is for MTRs and does the demand goes more thowrds smaller or larger properties. What kind vacancy rates do you see?

Where is the demand coming from? Traveling nurses, insurance placements, or etc.

What type of property is the most preferred for MTR tenants, Single Family, Duplex, or Apartments?

What are you using to find tenants? AirBnB, VRBO, ALE Solutions, Furnished Finder, Facebook Marketplace, or are you reaching out to local hospitals in the area?

And do you use management or are you self managing your MTR?

Thanks for taking the time to answer my questions. 

Columbus is a more preferred market to do mid-term and short-term rentals. I usually help my clients find deals next to Nationwide Children's hospital and OSU Wexner medical center. They are both close to the downtown area.

 Hi @Alfath Ahmed, are you still able to get 1% deals around the hospitals for your clients? If so, please feel free to DM me, would love to chat with you 


 Not within anywhere but probably West side. You'd want to do multifamily. Look into new construction too not just existing inventory. New construction trades at a massive premium in c neighborhoods which is where the agents will push you for the 1% deals. we can build the same multifamily in the same neighborhood or better and everything is brand new. 


 When you say, "Look into new construction", you mean buying a property and fixing it or do you mean buying a lot and getting construction done on it

User Stats

2,671
Posts
1,435
Votes
Robert Ellis
Pro Member
  • Developer
  • Columbus, OH
1,435
Votes |
2,671
Posts
Robert Ellis
Pro Member
  • Developer
  • Columbus, OH
Replied Jan 3 2024, 17:14
Quote from @Shaan Puri:
Quote from @Robert Ellis:
Quote from @Shaan Puri:
Quote from @Alfath Ahmed:
Quote from @Shatrice Cherry:

I just recently closed on a LTR and curious about the demand for MTR in the Cincinnati and Columbus Ohio areas. I would love to hear from anyone doing MTR in the area.

Things I’m looking to learn:

How much demand there is for MTRs and does the demand goes more thowrds smaller or larger properties. What kind vacancy rates do you see?

Where is the demand coming from? Traveling nurses, insurance placements, or etc.

What type of property is the most preferred for MTR tenants, Single Family, Duplex, or Apartments?

What are you using to find tenants? AirBnB, VRBO, ALE Solutions, Furnished Finder, Facebook Marketplace, or are you reaching out to local hospitals in the area?

And do you use management or are you self managing your MTR?

Thanks for taking the time to answer my questions. 

Columbus is a more preferred market to do mid-term and short-term rentals. I usually help my clients find deals next to Nationwide Children's hospital and OSU Wexner medical center. They are both close to the downtown area.

 Hi @Alfath Ahmed, are you still able to get 1% deals around the hospitals for your clients? If so, please feel free to DM me, would love to chat with you 


 Not within anywhere but probably West side. You'd want to do multifamily. Look into new construction too not just existing inventory. New construction trades at a massive premium in c neighborhoods which is where the agents will push you for the 1% deals. we can build the same multifamily in the same neighborhood or better and everything is brand new. 


 When you say, "Look into new construction", you mean buying a property and fixing it or do you mean buying a lot and getting construction done on it


 Buying a lot and building