Evaluating Smaller Markets - Ohio

[Peter Baldridge]

I'm wondering if anyone can help me answer this question. 

I'm already invested in long term rentals in a smaller market outside of Cleveland Ohio. I'm interested in mid-term rentals for travel nurses. There's a regional hospital in the area, and I see a few mid term rentals located next to it. However, I've noticed that most of these rentals are completely vacant and show no bookings in the months ahead. Worse, they have no reviews.

My question is: is there simply no demand in this area, or is there something that I'm missing? Secondly, does anyone have a good metric for evaluating mid-term rental demand?

I would appreciate any and all feedback even if it's just telling me that I'm missing the obvious.

[Zachary Deal]

Hi Peter - where are you seeing these properties? If you're looking on Furnished Finder (which tends to be one of the most popular sites for traveling nurses), gauging how frequently the properties are booked or past bookings can be difficult as Furnished Finder provides you leads and then you book (set up lease, etc) with the your renters directly (see FF FAQs). Since they are really just lead platform and not full service (like Airbnb) tenants do not always leave reviews. Mid term rentals tend to be listed on many different sites so I would also recommend looking at Airbnb/VRBO for 30+ day stays and Zillow as well if you haven't. Good luck!

[Peter Baldridge]

Hey Zachary, I was looking at Furnished Finder. Thanks for explaining the nuance around the direct bookings. I'll take a look at VRBO and AirBnB as well.

[Nicole Heasley Beitenman]

I'm also in NEO. It may be that the market it already oversaturated; I imagine that point is coming soon. Furnished Finder has info on how many people are searching for MTRs in a given market. Have you looked into their landlord resources yet? And @Zachary Deal also gave you perfect advice.

[Eric Goldman]

alot of my friends do super well with mid term by hospitals in ohio. would be glad to connect you to them. 

[Jamie Banks]

Hi Peter, are you solely using Furnished Finder to assess the supply of MTRs in the market? Many landlords don't update their availability so FF can be skewed. I think you might need to consult with a local MTR expert in the area and/or dig a bit deeper into the market. I always use a mixture of sources between Furnished Finder, Zillow, DPGO, and other sites to understand the supply and demand of MTRs in the given market. 

My rule of thumb is that to invest in a MTR in the area I need to have at least 3 pillars of demand. Travel nurse demand is down quite a bit so I wouldn't just count on housing traveling medical professionals. 

[Bonnie Low]

You'd have to be specific about the area you're referring to for anyone to be able to answer the question about demand. Have you looked up the stats on Furnished Finder? Where are you seeing that the properties have no reviews? Unlike Airbnb & VRBO, people who use FF very, very rarely leave a review so it's not uncommon for there to be no reviews on very busy properties. Is there an Extended Stay type hotel in your area? Tha'ts usually an indicator of demand. Likewise, look into some of the properties listed on Airbnb in your area that offer 30+ day stays to see how far out their calendars are booked. All of these can help you gauge demand in your area.

[Peter Baldridge]

Quote from @Nicole Heasley Beitenman:

I'm also in NEO. It may be that the market it already oversaturated; I imagine that point is coming soon. Furnished Finder has info on how many people are searching for MTRs in a given market. Have you looked into their landlord resources yet? And @Zachary Deal also gave you perfect advice.

 Thanks Nicole. I will check out the Landlord resources!

[Peter Baldridge]

Quote from @Eric Goldman:

alot of my friends do super well with mid term by hospitals in ohio. would be glad to connect you to them. 

 That would be great Eric! I'd love to learn more from someone who's an expert in the field. 

[Peter Baldridge]

Quote from @Jamie Banks:

Hi Peter, are you solely using Furnished Finder to assess the supply of MTRs in the market? Many landlords don't update their availability so FF can be skewed. I think you might need to consult with a local MTR expert in the area and/or dig a bit deeper into the market. I always use a mixture of sources between Furnished Finder, Zillow, DPGO, and other sites to understand the supply and demand of MTRs in the given market. 

My rule of thumb is that to invest in a MTR in the area I need to have at least 3 pillars of demand. Travel nurse demand is down quite a bit so I wouldn't just count on housing traveling medical professionals. 

 Thanks Jamie, I didn't know about that FF detail. I don't think the area that I'm looking at has more than one pillar of demand. It might be time to look at a different market. 

[Jamie Banks]

I offer MTR market reports, if you'd ever like to learn more about them DM me!

[James Wise]

Quote from @Peter Baldridge:

I'm wondering if anyone can help me answer this question. 

I'm already invested in long term rentals in a smaller market outside of Cleveland Ohio. I'm interested in mid-term rentals for travel nurses. There's a regional hospital in the area, and I see a few mid term rentals located next to it. However, I've noticed that most of these rentals are completely vacant and show no bookings in the months ahead. Worse, they have no reviews.

My question is: is there simply no demand in this area, or is there something that I'm missing? Secondly, does anyone have a good metric for evaluating mid-term rental demand?

I would appreciate any and all feedback even if it's just telling me that I'm missing the obvious.

Probably a lot of those houses are in the hood. Travel nurses don't wanna live in the Hood. The hospitals are in the hood.