Help with medium term rental numbers in Charleston, SC
Hello everybody!
I had a questions regarding how to run proper comps for mid term rentals. We own multiple long term rentals in Arizona where we live and those are pretty easy but my issue is that while I am looking at places like furnish finder and Airbnb, the numbers I am seeing look great but I am struggling to see if those units are actually renting out at those prices or if they stay mainly vacant. So, questions is what you would suggest to be the best way to appropriately gage vacancy and rental rates for something like a mid term rental?
Thank you in advance for any help you can provide
Most Popular Reply
When it comes to mid term rentals the best thing I've found is to find out what is bringing mid term renters to a city. For example I have mid terms in Little Rock and they have a department called Little Rock Convention and Visitors Bureau and I was able to find that the city outsources all of their construction to companies out of state so I'm able to house those people coming. You just need to find out what department is over the tourism in your city.
Another way is to network with insurance companies such as Homelink, CRS, ALE, Sedgwick, etc and see how often they are needing housing in your area.
Good luck to you!