Mid Term Rentals - COS

[Cameron Enger]

Hello Colorado Springs Family, 

I'm looking at purchasing a new primary and renting our current one out. Debating between long term and mid term. Do mid term rentals have the same requirements as long terms in Colorado Springs, or are they more similar to short term (require permits, etc)?

Thank you

[Joey Banasihan]

Hey @Cameron Enger! I believe that link is helpful but it depends on how you structure your MTR and your audience. When using a platform like Furnish Finder targeting travel nurses with typical contracts for 13 weeks or more, you will follow the same process at LTR with screening, creating a lease, etc. in which your rental will be more than 30 days (you can also require a minimum rental amount, aka. 2 months or longer). There is still the same amount of upfront costs and hospitality needed as a STR, just a little different.

The LTR route will not have the upfront costs, rather just ongoing maintenance and/or management (pending if you self manage or not), but pending on your goals the cash flow may not be as high pending your current mortgage, interest rate, etc.  Happy to talk more, I have a good friend who has two MTR's in COS that she has found some good success with.  Good luck!