MTR #2 - The Surprising Way We Made a Fortune with Mid-Term Rentals
Spoiler Alert: This is NOT Travel Nurses
Have you ever stumbled upon a chance opportunity that completely transformed your life? That's exactly what happened to us in the world of luxury short-term rentals. It all started with a life-changing phone call from a temporary housing company working with an insurance firm. In search of a home for a family who had suffered a house disaster, they stumbled upon one of our properties listed on Airbnb. All our other properties were fully booked, but we took the chance and offered our personal home for rent. The family ended up staying for 11 months and kickstarted our journey into providing midterm rental solutions for insurance policyholders.
We quickly realized the potential of midterm insurance rentals and shared our knowledge with fellow short-term rental hosts. It was a game-changer for them too! With midterm rentals, you can avoid the stress of constant turnover and cleaning, while still making more money than with long-term rentals. This strategy has even helped a teacher in our community make nearly their entire annual salary in just 2 months! We've since been expanding our midterm rental portfolio and helping others do the same.
I want to share three inspiring case studies from our own rental properties that show how you can turn your STR into a meaningful source of income and comfort for families in need.
Case Study 1: A Home for the Whole Pack!
Meet dedicated teachers and their furry friends, who were in search of a place to call home in close proximity to their work and their children's school. Their home was destroyed in a fire. They needed a rental that would accommodate their furry friends and be located near their workplace and kids' school district. And that's where our 5-bedroom, 4-bathroom rental came to the rescue! They lived in the property for 11 months, and this generated a substantial $98,000 in rental income!!
Case Study 2: A Place to Relax and Rebuild.
Retirees and restaurant owners faced water damage, but found solace in our 6-bedroom, 4-bathroom rental. They only planned to stay for 30 days, but ended up staying for 5 months! During this time, they were able to relax, rebuild, and create memories in a comfortable home. And the outcome for us? An impressive $82,000 in rental income!
Case Study 3: A Safe Haven After a Fire.
An elderly woman was displaced from her home after a fire. A temporary housing agency placed her in a hotel, but she was not satisfied with her stay. That's where we stepped in, offering her a safe and comfortable haven in one of our condos. She ended up staying for 6 months, and this generated $31,000 in rental income.
These case studies serve as examples of the potential income that can be generated through insurance midterm rentals by hosting families who are displaced due to water or fire damage. By providing a comfortable temporary housing solution, I was able to help these families during a difficult time while also generating a meaningful revenue stream paid for by the insurance company.
I hope this blog post has inspired you to see what's possible to MTRs. If you're looking for a new opportunity to pivot your STR, consider exploring midterm rentals and see if your market supports it.
As fellow midterm rental hosts, I'd love to hear from you! If you're already on this journey, feel free to share your experiences below. Let's support each other and grow together in this exciting world of midterm rentals!
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