All Forum Posts by: Ryan Arth

@Beth Anderson For sure. It will be Thursday 4/25 @ 6pm. It will be at the Winking Lizard in Independence. 

@Shane Davis If you need any help I would be happy to speak to you.

Given the limited options for furnished, medium term rentals available to health care professionals you don't need to be directly adjacent to the hospitals to be attractive. And in many cases it would be more attractive to not be directly adjacent to them, especially since these customers will be staying for months in an area. They will need access to a grocery, etc, and need to feel safe in the location.

You also get the skiing traffic in the cold season (when it used to snow here). Especially if you are actually in the park (ie Peninsula), or directly adjacent. 

 You can find local meetup groups in the area on meetup.com and you can also find virtual groups (sometimes related to the in-person ones) on FB. 

Shoreway Home Inspections, InspectionTech.

@Steven R. Congratulations. Where in Akron are you building and what market segment are you building for?

@Evelyn Allasi I understand your logic when considering the area, but the University created a lot of housing over the past decade that put pressure on people with houses that they had marketed to students. A lot of the housing stock in that area is quite old, and you already reviewed the data about the sub-market's issues. People who weren't able to find student tenants when the new supply came online had to rent to area residents, which may not have fit their model. 

Also, the University had some major challenges during the Pandemic, reducing their available programs as enrollment dropped.

Anecdotally, I have a friend who bought two adjacent houses to turn into University rentals. They were right by the stadium, but were in rough shape. After looking at the competition and the demand in the market we ultimately sold them to an out of state investor with seller financing. She improved the houses and now indicates that she wants to sell them off, as the idea was more promising than the investment. 

Some of the owners in that area own a dozen or more houses and occasionally sell them off in packages. The age of the housing stock coupled with the inexperience of a student tenant might make it difficult to keep up with maintenance without a strong property manager.

Other than the financial aspects discussed, look at the construction differences between duplexes and quads. Many duplexes built around here are traditional up/down stick frame duplexes sided with either wood. vinyl or aluminum. Many of the quads are brick, the stairwells are usually larger (helpful in getting a fridge or furniture up), and you just have a more solidly built structure to work with. 

@Itay Heled I have a friend who has 50 doors in that area, all MTR for healthcare staff. He is working on a defunct hotel for the same clientele right now. 

I'm doing some work for a client who is looking to do the same, though not specifically near the Clinic, as you can reach people at any of the three health systems without being directly near the Clinic. The scarcity of options that these people have makes them happy to drive a bit to solve their problem while also maintaining their comfort and safety during their stay.