How are mid term rentals doing in Colorado?

Question

We have a house we flipped in prime location in Denver. It has been on the market for far too long, and now we are considering changing it to a mid term.

what are your tips for setting up the property for mid term for a newbie? How do you market? And how do you get into the traveling nurses and travel physical therapist network to fill these home?

Steve K. · Answer

Colorado is too broad of a market for anyone to give you accurate advice. So is Denver. Where is the property? I have a few mid-term rentals that do great. It needs to be in a really good location though.

Bill S. · Answer

@Marissa Negley What is holding it going to do for you? What does your financing look like for a long term hold? If you don't know where to find midterm tenants how do you know that the rent amount you are expecting is realistic? I have run the numbers several times and I can't make a mid-term rental work any better here than a long term rental when you consider the cost of furnishing and the added management. When the City outlawed most short term rentals many owners turned to midterm and it has driven down the price a good bit.

My advise is to bit the bullet and re-price your flip. Prices aren't likely to go up (S&P Case-Shiller index shows flat to trending down) in the next 2-3 years so hoping that appreciation will bail you out is probably not a good strategy. Even at that point you will have a "used house" meaning that you will have to repaint and all your new appliances and flooring will be slightly worn so you will be selling a "used" home like other owner occupants vs fully renovated and "new to the user" home that you are currently selling.

Hope Sawyer · Answer

@Marissa Negley

Shifting to mid-term is a smart move in Denver’s current market. Focus on fully furnishing the property with durable, cozy essentials and include utilities, Wi-Fi, and a workspace to appeal to traveling professionals. List on Furnished Finder, Airbnb (30+ day stays), and join Facebook groups for traveling nurses and medical housing. Also, reach out directly to local hospitals’ HR or staffing agencies—they often need quality housing fast. DM me if you want a setup checklist or platform recommendations.

All the best!

Andrew Street · Answer

Hey Marissa - If the flip’s sitting too long, switching to a mid-term rental is a smart move especially in Denver. Furnish it fully, keep it clean and comfy, and include all the basics.

List on Furnished Finder, Airbnb (30+ day stays), and local Facebook groups. Reach out to hospitals and join travel nurse/PT housing groups to connect directly.

Keep it simple, safe, and ready to move in. That’s what they want.

Kerri Shaffer · Answer

Hey, Marissa!

I've had some friends that have been successful with mid-term in Aurora but for a smaller unit at $1150/mo. Mid term may be more difficult for you depending on how big your house is and how much you would be asking for in rent. Rent by the room could be another possible option, but downsides then are that it's more work and you might have roommate drama to deal with!

You can try marketing it on sites like Zillow, or you can try posting it in different groups on Facebook for traveling nurses, etc. Once you can get one or two, word of mouth can really help with keeping it rented.

Timeline will play in as well because as others have said, furnishing costs will be expensive. So if you only want to rent it out for maybe a year, might not be worth the trouble/money. But if you think you want to hold it as a rental for several years, then I'd say give it a shot!

If you'd like any help with pricing, let me know! I can do analyses for sales and rentals, free of charge :)

Greg Weik · Answer

@Marissa Negley I would add that if you believe the home won't sell for what you need it to now, a MTR is probably not the best solution, as you will likely not want to sell the home in fall or winter.

If your numbers are such that minimizing the bleeding is your only play, do a LTR. Find great tenants (800 credit score), which should be relatively easy to do, and they will take great care of it. Hell, they might even buy it at the end of the lease.

If you're in a position to lose some money or a lot of money, choose losing some money.

Jay Hinrichs · Answer

we have worked with Insurance companies that look to place their clients that had a fire .. these usually stay 4 to 12 months and we get premium rent. double market is what we have gotten. However you have to look at costs of furnishing the home.. so maybe 10 to 15k with not to expensive furniture that can be thrown away when you want to move back in.. thats what we do.. we just haul it to the dump and buy what we like.

How are mid term rentals doing in Colorado?

How are mid term rentals doing in Colorado?

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