Turning Primary Residence to Mid-Term Rental

[Jeffrey Jones]

My wife and are considering purchasing a new home (living there a year and turning it to an STR - totally other topic) and I wanted to see if anyone here had any advice on turning our current home into a mid-term rental instead of going long-term. We are in Virginia Beach, VA and near many different hospitals (traveling nurses). How do I even begin?

[Shannon Strickland]

@Jeffrey Jones

Your MTR market isn't necessarily weak just because rents are low. I saw the same thing in Manassas when I was searching for FF. To assess the strength of my MTR market, I began by identifying properties nearby with similar amenities—these formed my competitor set. I marked these listings as favorites to track their performance easily, focusing on those with features like my property, such as the number of bedrooms, amenities like in-unit laundry or workspace, and proximity to local attractions or hospitals. I then reviewed their booking calendars, paying close attention to how often they were booked, the length of stays, and the gaps between reservations. I realized that many were also using Airbnb, allowing nightly stays and making their calendars unavailable to true medium-term tenants. Reviews, as well as the absence of reviews, provided valuable insights into demand and the quality of previous experiences. When targeting a specific demographic, I researched the types of guests most often booking in my area—traveling professionals, medical staff, and relocating families. I hired an online designer to make sure my listing appealed directly to these groups. That approach boosted my confidence to price my property at the higher end of the market. As a result, I received five qualified leads in the first week, and I quickly secured tenants willing to pay premium rent, valuing the move from a hotel into a well-furnished, thoughtfully designed home for a similar rate as their northern VA hotel. Hope that helps!