Airbnb in Providence, any advice

[Richard Moreno]

Hello BP !

I have a 3 family in East side Providence, RI close to Brown University.

Layout of the units; 3 bedrooms in each unit

I have my daughter and her boyfriend living on the first floor,

 I totaly renovated the second floor which is the unit I am having issues with

And the 3rd floor,, I am trying to evict the tenants there for non payment.. story for another post..

So I'm not sure what to do on the 2nd floor , It's perfect for a small family but the only issue is that you can hear a pin drop on the floor! you can hear every footstep ! and that concerns me. I know I cant discriminate but I just can't have kids there ! I'll be hearing complaints every day.

So I kinda decided to either rent to students which would be great, but so far nothing :(  , or do short term rentals for each bedroom. 

Or rent one bedroom to a student and the other 2 to airbnb guests . See im not sure what to do, because I'm getting calls to rent out bedrooms but then I have the issue of what if they dont get along or maybe they dont want Airbnb guest to share there space ( kitchen, bath, living room ). 

I would like it if someone that is doing Airbnb in that area could contact me and share their experience with me. 

Thank You,

[Christian Allen]

I purchased a 3 family in Providence that was being used as an AirBnB for two of the units.  The guy who lived on the first floor was related to the owner and was the "property manager" for the two rentals.  They advertised on HomeAway and AirBnB and had pretty good success.  A majority of the reservations were long term nurses, people visiting family in the area, and parents visiting during graduation.  

They claimed to have a "low" vacancy rate for the two units and grossed more per month than a year long lease but that comes with more management.  Short term renters will have more questions and requests during their stay which for me was not a scalable model.   If you are fine with arranging a cleaning service or doing the turnover yourself, it can be a profitable opportunity in Providence.  

The site below provides data on AirBnB's based on location.  Might help you with your decision as well.

https://www.airdna.co/