I like the concept of MTRs, but very rarely can I get the numbers to work for our STRs. Most inquiries on Airbnb and VRBO are people between primary homes, and they're looking for 12-month unfurnished lease rates for the price of what I'm offering (fully furnished, all utilities included, etc.)
The original MTRs are corporate apartments.
We stayed in a corporate apartment for about a month after we sold our place in Boston and were waiting the final touches for new construction that we were purchasing in Newburyport. We wanted a change of pace and picked a fancy new apartment high-rise in a different neighborhood (we picked a building called Hub50 House, which was right next to the TD Garden and the North End - lots of activity because we rented during Celtics and Bruins playoffs, and walking 100 feet to a Who concert certainly didn't stink!)
From what I discovered, the corporate apartments are essentially Airbnb arbitragers. They lease units in this and other units around town, furnish them with VERY basic furnishings that any good Airbnb host would be embarrassed to have in their places, and make money on the delta. The building was great, the amenities on the 15th and 31st floors were major selling points, the unit was fine, but as an Airbnb host, how the people from whom we leased the unit appointed the apartment could have been better. I'd be shocked if they spent more than $5k on bed, mattress, couch, chair, tables, linens, and kitchen items.
We didn't have to pay tax on the rental because it was over 30 days (33 to be exact), but that will differ across municipalities.
The opportunity for STR operators is to provide an improved experience than what the larger corporate lease companies are doing.
