Medium term Heath care worker

[Seth Alexanderowicz]

Hey guys recently picked up a single family house that had a 700sq foot in-law appt. I have finally got everything approved to be a legal ADU with separate addresses. And Separate utility's. Now my first thought was to go with long term rentals 1100-1200 a month easy for the area and condition of appt. Now someone gave me the idea of short to medium term rentals with healthcare workers. Located in Manchester CT. Central CT located near. Hartford. UConn Heath. And with the recent news about Yale new haven hospital buying out Manchester and Rockville hospital. I'm am more inclined to go down this route. More $ ovi more work and upfront capital to furnish the place. Tips ? Pros ? Cons ? From anyone with experience with this. Please and thanks in advance for any information.

[Jared Hottle]

It sounds like you have a great opportunity with your newly approved in-law apartment as an ADU, and it's great that you're considering different rental options. Short-term rentals, such as those for healthcare workers, can be a great way to generate higher revenue and occupancy rates than long-term rentals. Here are some tips and considerations to keep in mind:

Pros: -Higher revenue potential: Short-term rentals can generate higher revenue than long-term rentals, as you can charge a premium for the convenience and flexibility they offer. -Flexibility: You can adjust your rental rates and occupancy levels based on demand and seasonality. -Lower vacancy rates: Short-term rentals can help fill vacancies during slow periods.

Cons: -More work and expenses: Furnishing and maintaining the property for short-term rentals can be more expensive and time-consuming than for long-term rentals. -Increased turnover: With more guests coming and going, you may need to invest more time in cleaning and maintenance. -Less tenant stability: With shorter rental terms, you may experience more turnover, which can lead to increased marketing costs and potential vacancy periods.

Tips:

• Market your property effectively: Make sure to market your property effectively to healthcare workers and other short-term renters. -Be aware of regulations: Make sure to familiarize yourself with local laws and regulations regarding short-term rentals, as they can vary widely by location.
• Keep it clean: Keep the property clean, well-maintained, and in good working order to ensure a positive guest experience. -Be prepared for unexpected expenses: Be prepared for unexpected expenses, such as repairs or replacements of appliances or furniture,

Considering the recent news about Yale new haven hospital buying out Manchester and Rockville hospital, it sounds like you are in a good location and your idea of short-term rentals for healthcare workers could be a good opportunity. However, it's important to weigh the pros and cons, and consider all the factors involved, such as the cost of furniture, and maintenance, and market demand.