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Updated over 1 year ago on . Most recent reply

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Maria W.
3
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20
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Pricing Strategy for Converting Successful STR to MTR

Maria W.
Posted

Hello! The HOA for my STR investment property will be voting on banning STRs soon. If the vote passes, 3-month stays will be the minimum. I'd like to convert it to a MTR but I'm having difficulty coming up with a pricing strategy for it. I've come up with a price per room rate, but wondering if I should advertise it as an entire house on Furnished Finder instead of separate rooms?

Here are some details about the property:

-Located in Gulf Breeze, FL (12 min to Navarre Beach and 20 minutes to Pensacola Beach)
-4/2 with bonus sunroom, in-ground pool, waterfront lake views (I don't see any other properties for rent that include a pool + waterfront views so this property is unique)
-Earned $16k as an STR for its first year for May-July 2023
-The high-end LTR rate for this type of property is around 3k in my area

Here is the Airbnb listing

Here is the pool master BR listing on Furnished Finder (I haven't added the other rooms yet since I'm still not sure if the room-by-room strategy is best)

Questions:

-Should I list the entire home on Furnished Finder instead of listing separate rooms? 
-How do I price the entire house? Is it just as simple as adding up my separate room rates or am I missing something? So ($2000 + $1800 + $1600 + $1400= $6800/month) 

I'm going to reach out to hospital staffing recruiters, insurance agencies, and construction companies in my area but I need to make sure my pricing strategy is nailed down first. 

Thanks in advance for any help! :)


Most Popular Reply

User Stats

20
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3
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Maria W.
3
Votes |
20
Posts
Maria W.
Replied

Doing more research, it seems like this particular property would work best in this order:
1. Insurance companies hosting displaced families
2. Traveling Nurses (room-by-room strategy)
3. Construction Workers (probably a last resort since I read other threads about needing space for construction vehicles and wear and tear on the place). 

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