Is Mid term rental possible in NYC?

Question

Hello,

I am new to the REI and was wondering if was possible to do a Mid term rental in NYC?

As of right now, I am grateful to own a two family home in Astoria and our tenant is planning on moving out this year.

Has anyone here had any success with this strategy in NYC? If so, I would love to hear your stories!

Best,

Andrew

Ecaterina Katerina Morosan · Answer

Hi Andrew, furnished mid-term rentals perform well in Manhattan in Brooklyn. I'm not dure about Queens, haven't looked into it. Astoria is a pretty desirable area, so might work as well. But as far as I know, mid-term rentals are mostly popular among tenants who needs to be in NYC seasonally or need to rent for 3-6 months before they decide on the property purchase and areas they want to focus on. In general, furnished mid-term rentals in NYC are priced at at least 20% premium.

Mohammed Rahman · Answer

Hey @Andrew Dao - yes! Mid term rentals have been getting more popular due to the recent Short Term restrictions aka "airbnb restrictions"

I have a few clients that do MTR to traveling nurses for example, it's not as much $ as AirBnb, but it's more than a long term tenant.

Depends on what your goals are - if you're ok with spending a bit of $ upfront to furnish your apartment, then you have ways to increase your revenue by renting out midterm (3-6 months, etc.)

Shoot me a text or a DM, happy to point you in the right direction as I've worked with other clients in Astoria doing the same.

My number is in the signature of this forum post.

Zachary Deal · Answer

Yes, Don has a good point. I think with any mid term rentals but especially in NYC it is important to vet potential renters as much as you're able to.

Jamie Banks · Answer

MTRs work in NYC; however, as mentioned, since STRs recently went through a change with regulations there’s a lot more MTRs in the market. The B2B market for MTRs in NY is huge, I operate there myself, but I would say that most people are looking for class A properties. If you plan to rent to digital nomads and other traveling workers the strategy could work well just make sure you’re monitoring competing demand to find ways to stand out on Furnished Finder, Airbnb, and other sites

Is Mid term rental possible in NYC?

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