Medium Term Rental Property Size

[Chip Martin]

Hey BP,

My wife and I live in the Denver, CO area, and we are weighing the options of turning our current home into a long-term rental or a medium-term rental once we move. Our current house is a 1200 sqft, 4/2 with a nice big yard. I know it would do somewhat well as a long-term rental, but I'm not sure if traveling nurses or other medium-term tenants would be looking for a 4 BR house. Is there a specific size house/property that some of the medium-term investors have seen have the most success? Any market out there for a 4BR medium-term rental? My initial thought is traveling nurses would likely be traveling solo and would be looking for a smaller property. We have also looked into the possibility of doing a short-term rental, but wanted to do some research on the medium-term market first since we are close to a few major hospitals.

Chip

[Conner Olsen]

@Chip Martin I have a 2/1 MTR in Austin. I was able to increase my revenue from $1,200 to $2,750. There is a huge demand, way greater than I ever would have thought. A 4-bedroom home will attract more families for sure. They might be coming to your area to purchase a home and they need some time to explore first. Maybe the parents are there on a work contract. Maybe their house is being renovated and they need a place to stay for an extended period of time.

The way I determine the market on Airbnb specifically is to find other properties and see if they are booked 2-3 months out. If that's the case their demand is going to be high, maybe 85%+ occupancy. If there is a lot of vacancy in those properties there might not be strong enough demand at that price point.