STR vs MTR Rental Strategy

[Willie Creear III]

What are the best options within the city limits as a rental strategy? I love the idea of an STR but with University of Michigan and Eastern Michigan it seems as if a student MTR would be a great option. There is also niche traveling progressional that could compliment an STR.

Which has been the better success rate for investors in the area? I am open to A/B testing the market in mid 2024. 

[Bonnie Low]

I'd echo what Jon said. If regulations in your market allow it, a combination of MTR/STR strategy often works since there can be a lot of similarities. Some people doing this strategy will rent STR in seasonal markets when there's high demand and high turnover and then pivot to midterm during the off season. I've also seen STR work as a gap fill strategy for people renting their properties out for insurance placements. For that to work you need a property that appeals to both kinds of guests and a community or location that not only has a higher number of homeowners, but attracts a lot of visitors as well.