Medium Term Rental Guidance

[Ryan Kramer]

I live in a suburb East of Cleveland (Wickliffe). I am considering turning my primary residence into a medium term rental within the next 6-8 months, since it is already furnished. My house is a 1,000 sq. ft. 3 bed, 1 bath, with a detached 1-1/2 car garage, partially finished basement with washer & dryer, updated kitchen, and deck off of the rear. One of the bedrooms on the ground level is currently my office, and I was considering keeping the desk, and buying a monitor & docking station. I also plan on moving the master bedroom (currently upstairs) to the other ground floor bedroom, and making the upstairs bedroom a "guest room."

I am relatively close to hospitals on the East side of Cleveland, as well as other hospitals in other surrounding cities, so I think that I am in a good location for this. Am I on the right track? I have already read 30-day stay, but would like some input from others in the area who have experience. TIA!

Edit: Also, trying to figure out how much to ask for rent. As a long-term, it looks like I could rent for $1,400/month. Looking at Furnished Finder, and I'm seeing comparable properties in the area from $2,500/month up to $3,500/month. I'm thinking of asking for $3,000/month? I could also use some help with finding a cleaner. Any references for that are appreciated!

[Nicole Heasley Beitenman]

I'm getting $1,500 a month for a 1BR/1BA in Youngstown. I'd expect Cleveland to fetch a bit more even with more saturation. When I first started about a year ago, Furnished Finder recommended pricing $300-500 a month above LTR rates. I took that advice and priced $500 over LTR rates. Then I bumped rents up $50 between each tenant until I felt like I hit the ceiling.