Mid-term rental pricing

[Ryan Daulton]

I am new to investing and am about to purchase my first rental.

How do I determine the median rent for MTRs in my zipcode?  All the BP calculators I've seen are based on LTRs.  What I've searched so far for MTR pricing: FF, Airbnb, AirDna.  Also, does anybody else get http error 404 when using FF?

[Ko Kashiwagi]

Are there PMs managing MTR specifically in that area? I like to compare 3 things when I do these types of research:

1. Software - plug it into AirDNA and FF

2. Comps - looks at LISTED rentals in that area for sanity check as softwares can be off

3. Talk to investors & PMs in that area

[Nick Zupec]

Hi Ryan. Because MTR is a unique hybrid somewhere between LTR and STR, I haven't found an easy way to get a rent estimate. I usually pretend that I am a traveler or renter searching in that market. I will look through all of the major platforms (Furnished Finder, Airbnb, Zillow, etc.) and see how much furnished MTR units are going for. I'll track studio, 1BR, 2BR, etc. as well as location and how nice they are finished. This may also fluctuate by season in some markets. Then you can see where your property would fall in relation to the comps (or if you are bringing a property online, you can see what you have to do to get to the higher range of the comps). Its kind of like doing a comparative market analysis. And I just checked and Furnished Finder is working for me at https://www.furnishedfinder.com/

[Ryan Daulton]

Wow, FF is working for me now too!  Another idea I had was to ask area property managers how much they think the going rate is for MTRs.  The FF rates in my zipcode are higher than I expected and their quality is less than what I'm bringing online!  How could I determine how much demand there is?

[Matthew Metros]

Check your competition on Furnished Finder. That should give you an idea of how much you can potentially charge. 

I would also suggest using Pricelabs to create a comp-set and filtering for 29+ days to see the listings in your market that require 29 or more days.

Here is a great article: https://help.pricelabs.co/portal/en/kb/articles/using-pricel...

[Ryan Daulton]

Is a Pricelabs comp-set called the revenue estimator on their website?