Furnished studio rental ideas?

Question

I am closing on a former bed and breakfast in a tourist town. There are four lovely furnished guest rooms with in room/en suite bathrooms. It is grandfathered, but has been closed for over 10 years. I have NO interest in being a bed-and-breakfast owner!

So I am considering short and long-term furnished rentals to singles. My goal is to maximize revenue rather than occupancy. i plan to put small kitchenette in each...microwave, 7cf fridge, storage & shelving, small counter, etc

My plan, your thoughts or ideas?

advertise each room as a furnished Studio/efficiency or room using:

Turbotenant

Craigslist

furnished finder (travel nurses, etc)

Airbnb monthly type rentals

local newspaper

Nancy Bachety · Answer

If you were the end user of each of the five listed, what’s the competition like? What is the demand for each? Tourist town sounds like Airbnb is your best revenue producer except you sound like you’re interested in monthly’s. Why monthly’s at a tourist BnB location?

John Underwood · Answer

FB Marketplace is another great place to advertise.

Carolyn Fuller · Answer

Most people staying for a month or longer would prefer to have a full kitchen. It is true that during the pandemic, people have tended toward longer vacations where they can work from a vacation spot but again they'd prefer a larger space from which to work. I think you need to study your target audience better.

I do a mixture of STR and extended stay but I know my target audience well. One of our rentals is between MIT and Harvard and the other is on the other side of Harvard. I know a lot about visiting scholars and what they need in an extended stay rental. Currently even during times I'm renting short term, I have more bookings over 30 days than I have under 30 but I suspect that to change as we move beyond the pandemic. During the pandemic, I tried to rent to visiting nurses because my market had completely dried up - both vacationers and visiting scholars disappeared. One visiting nurse loved our apartment but all the other inquires went nowhere. Neither of our rentals met the needs of visiting nurses and yet visiting scholars can't rent our properties fast enough. We ended up renting to students at a substantial discount during the pandemic.

Different target audiences have different needs and it is important to know what those are.

Paul Sandhu · Answer

You can rent out the place for a set for filming adult movies.  I would put a stipulation in there that you do the lighting.

Paul Sandhu · Answer

If you have a specific large target market it would work.   I just rent to traveling refinery contractors. They are ruffians. So am i.

Furnished studio rental ideas?

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