Short term rentals in Phoenix - East Valley area

[Geoff Husa]

I'm looking for peeps who do short term rental in the Phoenix metro area, specifically the East Valley. I'd love to hear from you about what that market is like, and what your experience has been with your investments. Am a native to the area, looking at investing in there. Still researching and formulating our strategy and what we want to focus on. Mostly looking at long term rentals up to this point, but as I research a bit, my interest is piqued regarding STR. I'd love to know the following info, if you're willing to share...

Have your revenues taken a hit with the pandemic?

What kind of seasonal fluctuation do you experience?

How much vacancy is realistic to plan for?

Care to drop any hints about good locations for such rentals? Anywhere you definitely want to stay away from?

Anyone having any luck using a property with an Attached Dwelling Unit as their short term rental?

What kind of tenants do you cater to? Generally what are they coming to Phoenix area for?

Are you currently considering getting out of STR? Why?

Any really good peeps or resources to point me to for a good understanding of STR investing?

Any other thoughts you might have if you were to want to convince someone else why going the STR route in this particular area is worth considering?

Looking forward to hearing from some of the BP community on this!

Thanks in advance!

[Melanie Johnston]

Thanks @Lauren Kormylo for mentioning me!

@Geoff Husa I agree that @Michael Greenberg has a great perspective on the Scottsdale STR market. I have seen his operation from the inside and he runs a tight ship! I got started in STRs 15 years ago when the "shortest" rental period was 30 days. Even today I operate in what I call a hybrid mode, renting long-term to retired winter visitors and then using a 3-day minimum for other seasons.

As you can imagine, the STR industry, as part of the hospitality industry, has been on a roller coaster since the pandemic arrived. I would be happy to answer your questions. We are in the midst of a busy market, so let me carve out some time in the next few days to provide thoughtful responses.

I always say if you want to know up-to-the-minute demand for STRs in your target market, go to Airbnb and search for what you think you want to buy and check out their availability calendar. That's the best snapshot.

More later,

Melanie