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Updated about 2 months ago on . Most recent reply
Midterm vs long term - Renton WA
Trying to figure out whether is it worth transitioning my 2br 1ba 1100 sqft unit to midterm rental from long term rental in Renton WA? Appreciate the feedback.
Most Popular Reply
Hi @Eric I.
As @Julia Lyrberg noted, MTRs typically rent for more than LTRs, as they should for a furnished home with utilities included.
For market pricing, I collect LTR data from BP rent calculator and multiply by 1.5x. Then I get STR data from AirDNA to ensure it's well above 1.5x LTR data. And lastly, I search FunishedFinder listings nearby, find comparable properties, and track the listed rent for a few months (does it increase, decrease?). Of course the listed price may not be the actual rented price, but by tracking several listings for a while you can gain a better understanding of the market. As @Robin Smith mentioned, for assessing demand I used FurnishedFinder.com/stats; you can see demand data for a given city and some pricing data too. And proximity to hospitals is key, within 15 minutes is what I seek.
When I was trying to determine demand for our area, I selected about 20 listings near the location I was focused on, and tracked them for several months. If it gets rented the owner will update the listing with a new available date; if this moves by 30 days or more you can reasonably assume it was rented. If it moves a few days after reaching the available date, it probably hasn't rented yet. Tracking several for a few months will give you some understanding about vacancy rates. Also note if the listed rent changes. Our actual vacancy of less than 10% has closely tracked the data I collected this way.
All the best,
Wes