Best Market for Midterm Rentals

[Benjamin Hirsh]

Hi
We are trying to choose a market for MTRs - we are between Columbus, Cincinnati, and Troy, NY.  
Very tough to determine a market for MTRs specifically because of the difference in strategy from STR/LTR. Can anyone provide insight whether it is in general or for those specific markets?
TIA

[Bonnie Low]

I don't know that there is a "best" market for MTRs. But there are definitely locations that don't work well. I always recommend you start by looking at your specific property. What is the location, how big is it, how is it laid out? This, more than anything, will help you determine who your target guest is. The mistake I see a lot of people making, especially right now, is thinking any property can work as an MTR and any guest should be happy to stay there and pay 2x-3x the market rate for an LTR. That just is not the case. The location matters. Guests want to stay in an attractive property with good amenities in a SAFE location. Those are pretty much universals (unless you're catering to construction or oil field workers - very specific niches). Travel medical professionals typically prefer their own space - not a room in a shared home. For this reason, 1/1s and 2/1s work very well for this guest type but expect to be able to collect 1.5 - 2x market rate if targeting this guest type - the days of massive per diems for travel medical professionals are gone. Digital nomads typically prefer a super cool space (like a Yurt with good WiFi or a tiny home with good WiFi) OR they like 2/1s so they have a separate, dedicated office space to WFH. Families prefer 3+ bedrooms. Sometimes these are families relocating to the area who need to rent before they buy. Insurance placements pay THE premium in this niche and usually are looking for 3/2 and bigger, nice neighborhoods and excellent quality. There are always exceptions, of course, but you can begin to see the nuances and why it's so difficult to name a "best" market for MTRs.