I'd appreciate some mid term rental advice

[Karen Kikalo]

I have a 3 bedroom + office (or really small 4th bedroom) house that I have been renting out long term for about 10 years.  It's located in a good neighborhood near a well respected hospital.  I'm thinking it might make sense to turn it into a mid term rental hoping for nurse occupants or people who need a home while theirs is being repaired or remodeled. How do I marry those two client profiles?  Would it be smarter to plan for adults and put queen beds in each bedroom or create kid space like bunkbeds to accommodate families?  Is it better to set up the small bedroom as a bedroom or do people find value in an office space?  What about garage space?  Would you have that available for the occupants or turn it into additional living space to be rented out?   I would appreciate any guidance from experienced mid term rental owners.  Thank you!

[Jamie Banks]

Before committing to turning your unit into a MTR, I would do some market research using Furnished Finder to understand the demand in your market and the supply of similar homes. You can also review comparable homes to get a sense of how to design your unit to stand out from the competition. 

Have you looked into the hospital’s use of traveling medical professionals? If not, search travel positions on indeed in your area to see if there’s postings for the hospital nearby. Not all hospitals use travelers and it’s important to understand the demand of travelers in your area. 

When designing your space I would plan for a family instead of the nurse group but keep in mind both guest avatars. To accommodate both adults and kids you could put a full bed or even a twin daybed in the room. I’ve done this with an office that doubles as a guest bedroom in one of my units. Depending on your market, an office space could be very valuable. Lots of my MTR guests worked from home or traveled with a partner that worked remotely. Having a garage is a huge plus because guests, especially nurses, prefer off street parking. Make sure to advertise the garage when you list the property.