All Forum Posts by: Collin Mitchell

Congrats on the new properties!

Richard Reyes (210)-944-2123

One of the easiest ways to figure out what's going on in your market is to search Furnished Finder for your particular city. While it used to be targeted just at travel nurses, that's no longer the case. You'll get an idea of how many people are searching for places in your city, what type of unit (entire house, hotel, room) and what the average rate by percentile for each of those is. You'd then want to get more granular and look at the actual properties themselves and search for location, configuration, decor and amenities similar to yours. Look at the total number of listing vs. the number of properties open during your search time frame to give you an idea of demand. You can do the same thing inside of Airbnb by filtering for 30+ day stays. It's a bit tedious, but it gets you familiar with your competition. 

Questions to answer first;

-Based on property locations, what demographic are you targeting for tenants?..corporate travel, insurance claims, medical, divorce, relocation, etc....lot's of options and they affect your ultimate rate.

-Generic rule of thumb is 1.3 to 1.6 X LTR rate, but location and demographics can drive that higher. I transitioned my first LTR to MTR last year. It began at 1.4x but now is running 1.6+x 

-Reno finishes and furnishings can also affect rent #'s 

Reach out with any other questions..I'm learning as well!

@Collin Mitchell

To

To Scotsman guide as a good spot to start