Updated 2 days ago on . Most recent reply
Mid-Term Rental Pricing
My grandfather is letting me rent out his house since he’s living with me due to his age. It’s in a McMansion development in Highland Heights (Short term rentals are banned in that city) and it’s not too far away from hospitals and is in a good school district. It’s a 3 bed 2 bath ranch with a 2 car garage and a big (not fenced) lawn. If I cleaned it up and put some minor upgrades in I think comps for long term rentals in the area are close to 3,000 a month. What would be a conservative estimate for mid term rent price? It’s partially furnished is just have to get some beds in there.
Also, the third bedroom has just been used as an office even though it’s got a closet and a window, should I even put a bed in there or keep it as an office?
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Hi Tom, I would research the competition in the area. Go to Furnished Finder and Airbnb/Vrbo and search 30 day stays. See how they are finished and what their calendars look like. That should give you an idea what rents people are charging. As a rule of thumb it’s typically 1.5-2.0 times the LTR rents, but you need confirm by looking at the competition.
You can also check for business travelers, construction workers, insurance relocations, etc.
I would take the third bedroom and you use it as a duo purpose. If someone needs a bedroom then go that route if they prefer an office you can adjust. Might be better as a 3 bedroom home for higher rents as a starting point.