Austin MTR will NOT rent

[Hector Bermudez]

In the summer of 2022 I recently, completely renovated a 3/2 house that was a long time LTR and began listing it as a MTR.  The property is practically all new and is located near North Austin.  I have a PM that had listed the property on VRBO and Furnished Finder for roughly $3200.  The property rented fairly quickly for 3 months from a Home Insurance placement company.  After that, the property has now been vacant for nearly 4 months!  Last week, my PM placed the property on AirBNB and Landing at below comp prices.  It's only been a week since then, but nothing so far.  My PM doesn't understand why it is not renting out.  I am reaching out to the FB community for any input on why it may not be renting and what my PM or I can do to get it rented again.  Thanks in advance for your ideas and considerations.  

[Ryan Kelly]

@Hector Bermudez the simple answer is the market is getting saturated with STRs and MTRs because most investors haven't been able to get cash flow from long-term rentals. I probably have calls with 3-5 investors a week all interested in doing STR or MTR strategies in Austin. In addition, while the supply is increasing, the demand is shrinking. The recession creates less demand and fewer people are traveling and checking out Austin for business. Be prepared to convert it to a long-term rental or another strategy if you can't find success as an MTR.