Need help with MTR

[Abraham Lunger]

Hi all, 

I am currently in the process of buying a 1 bedroom condo in NY and I do have 2 other condo units as long term rentals, I am thinking of converting them into Mid-term rentals, 

  I tried making comps on Furnished finder to see if there is a demand for Mid-term rentals in my area, I see that most of the rentals listed are sitting there for months without any bookings, 

I Can not decide if Mid-term rentals works in my area, Would love to hear your advice.

Thank you very much!

[Joey Banasihan]

Hey @Abraham Lunger, comps for MTR can be tricky. For Furnish Finder, I actually search in my area 3 months ahead to start looking at properties similar to mine. You will see listings and tags stating "Available in {INSERT DATE}" and this will begin to help you get an understanding on other units similar to yours and demand.

But remember that "demand" is not directly correlated with units available when it comes to MTR, similar to STR, demand also factors in amentities, location, wow factors, etc. For example, I have a 2/1 basement unit but I designed it and photographed it like a STR; I am also not the closest to the hospitals, yet I have been 100% booked for the last 2 years.

I would also search AirBnBs platform regarding the 30 day min stays and see what you find there as well. And like others stated, look around to see the levels of hospitals are near by and also determine if you can get faster internet for those who are traveling to do remote work and need high speed internet. Good luck, you got this!