MTR in Cincinnati, OH
Rental Property Investor · Member since 2023 · 2 posts · 11 votes
MTR in Cincinnati, OH
Most Popular Reply
Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votesQuote 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
12 Replies
- 3yRobert EllisBusiness MemberDeveloper · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
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.
Section 8 Launch52 Reviews - 3yRemington LymanBusiness MemberReal Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
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
- 3yBonnie LowPro MemberLender · Asheville, NC · Member since 2016 · 1k+ posts · 1k+ votes
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.
- 3yAlfath AhmedBusiness MemberReal Estate Agent · Columbus, OH · Member since 2022 · 1k+ posts · 1k+ votesColumbus 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.
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.
ReafCo | Ahmed Group 539 Reviews - Real Estate Agent · San Jose, CA · Member since 2023 · 182 posts · 104 votes3y
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!
- 3yZachary DealPro MemberLender · Member since 2023 · 465 posts · 425 votes
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
- Member since 2023 · 27 posts · 15 votes2y
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? - Member since 2023 · 27 posts · 15 votes2y
Quote from @Alfath Ahmed:
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.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.
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
- 2yBonnie LowPro MemberLender · Asheville, NC · Member since 2016 · 1k+ posts · 1k+ votes
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.
- 2yRobert EllisBusiness MemberDeveloper · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
Quote from @Shaan Puri:
Quote from @Alfath Ahmed:
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.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.
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.
Section 8 Launch52 Reviews - Member since 2023 · 27 posts · 15 votes2y
Quote from @Robert Ellis:
Quote from @Shaan Puri:
Quote from @Alfath Ahmed:
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.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.
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
- 2yRobert EllisBusiness MemberDeveloper · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
Quote from @Shaan Puri:
Quote from @Robert Ellis:
Quote from @Shaan Puri:
Quote from @Alfath Ahmed:
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.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.
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
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