This is a great strategy for a STR/MTR hybrid. I wish all our properties here in LA can do STR stays.
The challenge we have is for properties with a strict 30-day minimum. I've had to come up with something creative to handle those awkward two- to three-week gaps between bookings so we're not losing all of our profits on vacancy. I'm curious what others have done to solve this problem in a market that has strict STR regulations.
@Bailey Kramer what markets are your MTRs in? I started in metro Atlanta and it's pretty strict as anything below 28+ nights is not MTR and requires special licensing or verboten.
@Bailey Kramer what markets are your MTRs in? I started in metro Atlanta and it's pretty strict as anything below 28+ nights is not MTR and requires special licensing or verboten.
Mine are across Illinois, Indiana, and Ohio. None of them have special licensing or restrictions!
What part of Illinois are your properties in @Bailey Kramer?
I've got two mid-term rentals here in Chicago, and we keep the minimum stay at 28 days to avoid being considered a short-term rental. Here in the windy city, you have to get an Airbnb license in order to host using the website, so it's a bit trickier.
Is your goal to keep growing the mid-term rental portfolio?
This is a great strategy for a STR/MTR hybrid. I wish all our properties here in LA can do STR stays.
The challenge we have is for properties with a strict 30-day minimum. I've had to come up with something creative to handle those awkward two- to three-week gaps between bookings so we're not losing all of our profits on vacancy. I'm curious what others have done to solve this problem in a market that has strict STR regulations.
This is a great strategy for a STR/MTR hybrid. I wish all our properties here in LA can do STR stays.
The challenge we have is for properties with a strict 30-day minimum. I've had to come up with something creative to handle those awkward two- to three-week gaps between bookings so we're not losing all of our profits on vacancy. I'm curious what others have done to solve this problem in a market that has strict STR regulations.
Hey Allen! I don't personally go into markets that have that strict of STR regulations.
What creative strategies have you come up with to handle those awkward 2-3 week gaps?
@Allen Duan I listen to the furnished finders podcast and both the hosts mentioned they will ask for folks to take up more time, AND they dont take reservations very early. Most of my best stays in MTR will reserve on average 3-4 weeks and some as late as three days before a multi month stay.
My worst stays/ people looking for deals show up too early — so I either ask them if they can fill the gap (for a small discount) or to wait a little later.