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!

[Jasmine Brown]

Do you have any other indicators to support that the listings are not renting? I don't always update the availability on my Furnished Finder, so from the outside it could look like I'm not getting bookings. However, when booked, I'm still interacting with leads to secure the next bookings. I'd be interested to hear other perspectives on how people are managing their Furnished Finder listings. Either way, also look at who you are targeting for MTR. Why are they staying a few months and what characteristics/features are they looking for in a rental? Make sure that's what you're offering. Local connections really help, too. Join local STR groups (or create one if there aren't any) and chat about how they are doing with mid-term rentals.

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I'm a Realtor and Airbnb co-host in Atlanta and surrounding areas. Message me if you're looking for a property or need relief from the day-to-day management of your STR.

[Bonnie Low]

What is your ideal customer avatar? With a 1/1 I assume you're not trying to attract families so that narrows it down to traveling medical professionals, digital nomads, singles or couples relocating to your area as the most likely customer types. Are there hospitals in your area and are they using travelers? Reach out to some of the hospital staffing departments to get a feel for how likely travel medical professionals (not just nurses - think Physical, Occupational and Respiratory Therapists, Phlebotomists, Pharmacists and others) are to come to your area and ask if they provide housing referrals for their traveling staff. Network with local Realtors who may have clients in need of temporary housing when they relocate to the area. Get on some local social media forums to see who is looking for furnished rentals in your area. Furnished Finder isn't a bad resource, it just can't be your only resource.

[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!

[Zachary Deal]

I think Jasmine, Bonnie, and Joey all hit the nail on the head. I would definitely recommend searching local real estate Facebook groups and try to connect with other investors in your area to see if they have any MTRs