Updated over 1 year ago on . Most recent reply
Convert a STR to MTR/LTR
I have a STR house in a resort town, but the city's new stricter policies have really cut into my revenue. I'm thinking about switching to MTR/LTR with furniture included. In this area, people usually rent for 1-12 months, and the rent is 30-50% higher than unfurnished LTR. Has anyone else made this switch from STR to MTR/LTR? Did it lead to more damage to the furniture/property and end up lowering your ROI? I got an inquiry from a family with a mid-size dog.
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Great question! We manage 60+ units (Primarily STR and MTR) we had one pivot from an STR to MTR. It has been great! We haven't switched an STR to LTR just out of caution for the tenants where in tear on the furniture. If you did LTR, I would honestly do it as a midterm basis. Meaning it may not be a traveling, nurse, but definitely a shorter term lease. Not sure if I'd want to sign a one-year lease with anyone but a working professional or someone that is placed there by insurance or corporate housing.