Mid-Term Rental Pricing Strategy

[Gaston Reeder]

How does everyone run their pricing strategy for mid-term rentals?

I'm looking to do something in Santa Fe that is a bit more upscale than what you would see for say, travelling nurses, etc. and moreso geared toward travelling professionals or creatives who would benefit from an office space in the house, along with thoughtful and current renovations and furnishings.

This is my first time buying an investment property and I'm trying to figure out a realistic way to analyze properties with potential renters but have found mixed opinions on how to predict pricing, especially when doing something a bit different than a standard furnished unit.

Would love any insight that you are willing to share!

[Jens Nielsen]

Hi Gaston,

Are you located in Santa Fe?

I've been investing for 10 years and have experience with long-term, mid-term, and short-term rentals. 
Typically, you want your monthly rent for a mid-term rental to be twice the traditional long-term rental rate to cover the higher vacancy, furniture costs, and utilities.

I live in Santa Fe myself, and would be happy to discuss specifics about the market.

Jens