Mid-Term Rental Ideas for a Converted Senior Living Facility

[Robert C.]

I've got a "brain storm with the audience" question for the Airbnb/FurnishedFinder/Furnished apartment/STR experts out there - looking for some ideas. I'm mostly a long-term hold apartment investor, and now getting deeper into the development world. I've tried doing STR on a couple apartments but haven't really figured out the right formula yet (and it's not my focus), so my experience with sites like Airbnb is super limited.

Here's the scenario: 

I've got a property lined up for housing development, but the planning process is probably going to take 2+ years before breaking ground. There's an existing building (looks like a house from the outside) on the site that was previously used as a senior living facility. It has 12 dorm-style bedrooms and two bathrooms, plus lots of common space (TV area, kitchen, outdoor space, big basement storage). I'd like to see if I can make some income while subdividing the lot and obtaining permits. While STR would probably make more sense the way it's laid out, my preference is 30-day+ rentals to avoid problems with neighbors and the local jurisdiction. It's in a nice residential neighborhood in the Bay Area, so near a lot of tech employers as well as hospitals/small businesses plus access as a home-base to all the things the region has to offer.

What would YOU do to make this thing marketable and income-producing? Amenities? Target audience? Price point compared to standard rentals? Any other ideas?

Airbnb keeps reporting that 30+ day rentals (has anyone coined the phrase "MTR" yet??) are on the rise during the pandemic, and they claim it's here to stay. And with still super-high local rents, I was thinking maybe some cheaper alternatives could be appealing with the right marketing/amenities/pricing.

Any thoughts would be appreciated!

[Alex Euziere]

@Robert C. Tough crowd.

I don’t have much experience to leverage, but I have a couple ideas.

1. Look for a Co-host (Facebook groups are a decent place to find one) that has mid-term experience to partner with.

2. Try reaching out to facilities managers and HR teams for the large local tech companies and offer up the ability to house interns or new transplants that are new hires. You may be able to fill it through a single contract. (You could run the campaign through LinkedIn)

Good luck!