Mid Term Rental Scene in Boston?

Question

Hi all, I have a three family property in Fort Hill in Roxbury with a 2 bed 1 bath unit that recently went vacant. Instead of filling it with another long term renter, I'm toying with the idea of furnishing it and catering to individuals looking for a mid term lease (i.e., traveling nurses, contractors in town for a short gig, etc.) in the vicinity of 3-6 months instead in hopes of capturing a bit more on my monthly rent. Fort Hill is well positioned between multiple hospitals, financial institutions, and colleges and offers public transportation within short walking distance.

I'm looking to connect with people who have had success (or failure) going this route prior to taking the leap and buying a bunch of furnishing that I'm sure I'll take a bath in the case I need to get rid of it should this strategy not pan out. Thank you!

I'm looking to connect with people who have had success (or failure) going this route prior to taking the leap and buying a bunch of furnishing that I'm sure I'll take a bath in the case I need to get rid of it should this strategy not pan out. Thank you!

Lien Vuong · Answer

There's corporate tenants who will do this for you and furnish everything. Why not try that? You'll get more $ and less start up capital.

Tom Wagner · Answer

Thinking of doing this with my four-unit in Jersey City and here are some scattered thoughts I've been considering:

* Trying it with just one unit first before expanding to the whole building

* Posting it for lease as a LTR and a MTR simultaneously, then seeing where the interest falls and buying the furnishings for MTR once demand is proven

* Going to the local hospital to talk to employees there, and potentially put up flyersOverall, I think it is a great way to boost revenue and I agree with your intuition that the added work of self-managing is worth the squeeze compared to offloading to a property manager.

Kyle Spearin · Answer

@Ian Martin Boston is a great place for mid term rentals. In addition to posting on AirBnB and VRBO, I'd recommend reaching out directly to HR at hospitals and major employers in the area (LinkedIn or if you can find their email or phone number). They'll know who to connect you with and you might be able to build a partnership with them.I also found this, which might be helpful. Good luck!

Jessie Dillon · Answer

hey ian! if you wanna offload this, i’d be happy to chat about doing a corporate lease with you (& running it on airbnb/vrbo on the back end). otherwise, amelia mcgee and grace just came out with a mid term rental crash course that should be good. even though travel nursing is slowing down, there are def still tons of other people looking for MTRs. you could always throw it up on furnished finder (as a prospective furnished rental) to gauge interest.

Can Karakas · Answer

Hi;

I recently moved to a different apartment than the one I was renting in Boston. Since my lease was still valid, I spoke to the landlord and she gave me permission to rent the apartment on airbnb. I contacted the city to apply for a STR license, but was told that I could not list the apartment as str if I was not the landlord. So I gave up and applied to MTR and found a tenant who wants to rent the apartment for 12 months from furnishedfinder. However, I applied to Furnishedfinder in person and listed the apartment as a sublease. I want to set up an LLC to sign an agreement with the future tenant. And I will make my new contract with the LLC. Do you think this is a good way? (because the amount I rent is higher than my rent and I will make a profit. Also, I don't want to do anything illegal, I want to run the business professionally. Besides that, does anyone know how I can get a STR license in boston without being a landlord? Would it help if I apply with LLC and clearly commercialize this arbitrage operation?

Thanks

Can Karakas · Answer

Hi;

I recently moved to a different apartment than the one I was renting in Boston. Since my lease was still valid, I spoke to the landlord and she gave me permission to rent the apartment on airbnb. I contacted the city to apply for a STR license, but was told that I could not list the apartment as str if I was not the landlord. So I gave up and applied to MTR and found a tenant who wants to rent the apartment for 12 months from furnishedfinder. However, I applied to Furnishedfinder in person and listed the apartment as a sublease. I want to set up an LLC to sign an agreement with the future tenant. And I will make my new contract with the LLC. Do you think this is a good way? (because the amount I rent is higher than my rent and I will make a profit. Also, I don't want to do anything illegal, I want to run the business professionally. Besides that, does anyone know how I can get a STR license in boston without being a landlord? Would it help if I apply with LLC and clearly commercialize this arbitrage operation?

Thanks

Adam Jaspon · Answer

@Lien Vuong do you know how to get in touch with corporate tenants to do this? Is there a service to contact?

Natalia Soares · Answer

Yes! I do this m. Multiple strategies you can use like rent by room too. I lost on furnished finder and Airbnb

There’s also insurance companies you can reach out too.

My property is in the North Shore but I can send you the unmatched leads I’m getting on furnished finder.

what is the typical long term rent for your units?

Sergei Shyshko · Answer

Hi Ian,

I wonder how it worked out for you? It seems like there is not much info on the BP forums for mid term rentals in the Boston area. Does it make sense from your experiace? The long term rentals are pretty strong in the area but can you really ~1.5x your rental income if you do mid term furnished rentals in Boston?

Ian Martin · Answer

Hey Jessie, I'll send you a DM.

Mid Term Rental Scene in Boston?

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