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Medium Term Rental
I am interested in learning more about the medium term rental strategy. I recently listened to a BP podcast with an investor primary renting medium term with great results. We have a home in Gilbert AZ that will long term rental just fine, but if the returns are justified we would completely furnish the house and try 3-6 month rentals. The home is very close to the Banner Medical Center (maybe traveling or relocating doctors/nurses?), has been completely remodeled, and has a stunning resort style backyard. Anyone in the Gilbert or surrounding areas using this strategy successfully? Thanks!
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Hi, Michael. It's great that you have a nice property that works well as an LTR. I do see a lot of people who don't have that as an option if they fail to get traction on STRS or MTRs. It's different from both the long and short term niches. It sounds like you might have a higher end property. Your biggest challenge with using it as a shared space is that most travel nurses (if you limit yourself to this target customer) prefer to have their own space and if they are willing to be in a shared home, they don't want to pay much for it. However, your property may appeal to traveling physicians who often travel with their family and are looking for bigger, nice accommodations. Corporatehousingbyowner is a site you might consider promoting yor property to as well. I'd also reach out to local real estate agents who often are helping to find temporary housing for clients that are relocating. Again, higher paying targets than travel nurses in a shared space. You might also find success with your property targeting insurance placements. I always recommend people follow or reach out to Rachel Gainsbrugh - she's very active on Insta - who has built a highly successful MTR business targeting insurance placements. She offers lots of coaching on this particular strategy. Just remember, unlike LTRs, MTRs are a hospitality business. Don't be fooled by people who don't actually work in the MTR space who will try to tell you what it is or isn't.To be successful in this niche you must treat it as a hospitality business. You'll provide not only furnishings but a great guest experience, appliances you wouldn't expect to find in an LTR like washer and dryer, you'll be responsible for cleaning and turnovers (or hire someone who is), you'll also provide cleaning products for the guest to use during the stay or offer mid-stay cleaning services, and you'll pay for the utilities and WiFi at a minimum - none of which are common to the LTR space and are what make this niche much more similar to the STR experience. Sounds like you have a great property. Good luck to you!