Would a 6 bedroom house make a profitable MTR??? First timer, need help!!

Question

Hi Everyone,

We have a 6 bedroom house with a lot of great amenity spaces. Our initial thought was to make it a LTR but we have had multiple folks tell us, that the house would make a perfect MTR for a site like furnished finder. They suggested renting the rooms out individually and having all of the amenity areas be common spaces. Wondering if anyone has had success with this and if anyone could provide good insight on how difficult it is to keep all of the rooms rented and any issues with having the amenity spaces being shared between 5 different folks.

We live 20 minutes south of Seattle, 25 minutes north of Tacoma and have 5 hospitals all within a 30 minute drive us. Thank you again for reading this post and providing any insight!

Alan Eslinger · Answer

@Sean Smith I appreciate your insight, please send over the PM info for the co-living mgmt company. Thank you again!

Andrew Street · Answer

Hey there Alan - That setup sounds like a great fit for MTR, especially with your proximity to multiple hospitals—travel nurses love those kinds of arrangements. Renting rooms individually can definitely work, but keeping all rooms consistently filled can take effort, especially coordinating move-in/out dates and personalities.Shared spaces can be a plus if managed well, but you’ll want to set clear house rules and maybe even provide light cleaning of common areas to avoid issues. Overall, with your location and setup, it sounds promising!

Jeremy Jareckyj · Answer

You could also consider renting the entire 6 bed house flat out as an MTR. I have a few larger homes in the salt lake area that I MTR and they do well for insurance companies with large families, construction workers etc, AND it is wya easier than renting by the room

Sean Smith · Answer

@Alan Eslinger Everyone's definition of MTR seems slightly different. When I hear MTR I think 3, 6, 9 month leases. Longer than an STR stay, shorter than an annual lease.

Using that definition I don't have a ton of MTR experience so maybe someone else will chime in.

But I do have a decent amount of experience with rent-by-the-room / co-living properties. Think annual leases for individual rooms with furnished common areas.

In the Seattle area these rent on the low end around $650 a room/mo, and the top end I've seen is around $1200/room/mo. With a 6 bedroom house, this strategy could be a game changer when compared to the average SFH rents.

Furnished finder is a good place to advertise, and I've also seen success using Zillow's room rental feature and even FB marketplace.

If you're self-managing, it goes without saying but make sure to screen your prospective tenants throughly.

If you want to hire a PM, there's one co-living mgmt company in the area I'm familiar with that be worth talking to.