Co-living and STR

Co-living and STR

Wholesaler · New Orleans, LA · Member since 2026 · 3 posts · 0 votes

My husband and I work with off-market properties in New Orleans, and we’re seeing more larger homes with 3+ bedrooms and 3+ bathrooms. We’re exploring whether some could work for co-living or as short-term rentals.

For those with hands-on experience, where would you start when analyzing a property? I’d love to hear how you assess revenue potential, operating costs, and what makes a property worth pursuing.

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Rental Property Investor · Phoenix, AZ and Rehoboth Beach DE · Member since 2019 · 1k+ posts · 1k+ votes
4h

As I've read, New Orleans has very strict laws on STRs, requiring permits and allowing only one STR permit per square block in residential areas, with a lottery system. There are other restrictions, and they sound complex.

For co-living, check out Padsplit's listings in New Orleans to see how much they are getting for room rentals, their house rules, how parking works, and what they look like. Padsplit is one of the large players in the co-living space, and they recruit landlords to list their houses with them, and then Padsplit manages them. They usually like to turn living rooms into more bedrooms to maximize revenue. You should also look at city or county laws for occupancy, because some limit the number of non-related adults that can live in one house.

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  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    4h

    Google the enemy method.

    Watch the video.

  • Rental Property Investor · Phoenix, AZ and Rehoboth Beach DE · Member since 2019 · 1k+ posts · 1k+ votes
    4h

    As I've read, New Orleans has very strict laws on STRs, requiring permits and allowing only one STR permit per square block in residential areas, with a lottery system. There are other restrictions, and they sound complex.

    For co-living, check out Padsplit's listings in New Orleans to see how much they are getting for room rentals, their house rules, how parking works, and what they look like. Padsplit is one of the large players in the co-living space, and they recruit landlords to list their houses with them, and then Padsplit manages them. They usually like to turn living rooms into more bedrooms to maximize revenue. You should also look at city or county laws for occupancy, because some limit the number of non-related adults that can live in one house.

  • Andrew SteffensBusiness Member
    Tampa, FL · Member since 2022 · 3k+ posts · 3k+ votes
    3h

    Piggybacking off of the above comments:

    1 - Know where and what is legal in the subject municipality.

    2 - Know what does well in your market for STR i.e. locations, amenities, etc.

    3 - Once you have an identified property in a legal zone then analyze it using enemy method and AirDNA/Rabbu (is what I recommend)

    4 - #3 will give you an idea of revenue, you then need to back out your expenses.

    5 - Put in an offer, if it works.

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