All Forum Posts by: Maurice W. Evans

Monitor pricing. Find a niche (families, pet owners, themed or unique unit). Slow season is the season you are not marketing. Don't rely solely on airbnb, use other OTAs and do your own promotion as well. Airbnb across the country, keep in mind every city has rules (that change over time) in regards to STR, make sure you understand them before you get into a market, especially if you do not live there.

which attractions are you referring to that are only 15-20 minutes from largo, tho?

In NYC, due to local law 18, many can not do STR, so MTR is the way to go if you don't want traditional ltr

NYC allows them, but with restrictions.

STR will only work one of two ways.

1) In a registered shared space with the owner

or

2) in a Class B building

 two different posts with 2 different points

Hi, I’m Maurice, a seasoned property manager in the heart of Brooklyn, operating alongside my wife to manage 25 units in this vibrant city. Given my years of experience in the rental market, I’d love to shed some light on a topic that has been gaining momentum — medium-term rentals.

Today, let’s delve into how you, as a property owner in New York City, can explore this golden opportunity and benefit from professional management in the evolving rental landscape.

The New York City rental market, much like the city itself, never sleeps. However, it’s also a market that evolves rapidly, with the advent of Local Law 18 bringing about a seismic shift in the realm of short-term rentals (STRs). This law, aimed at ensuring safety and fair practices, has inadvertently unveiled a treasure trove of opportunities in the form of medium-term rentals.

Now, picture STRs and long-term rentals as the two extremes on a balance scale. On one side, STRs pose constant turnover, a heavier toll on property wear and tear, and a more demanding compliance environment due to Local Law 18. On the opposite end, long-term rentals can potentially lock you into a troublesome relationship with a challenging tenant. So, where’s the sweet spot? Welcome to the world of medium-term rentals, perfectly balanced in the middle, like a fulcrum on that scale.

Medium-term rentals typically span between one to six months, appealing to a diverse crowd, often professionals temporarily relocating for work. Imagine a traveling nurse, a corporate hotshot on a project, or a movie producer scouting locations. They crave a place that offers the comfort of home, rather than the sterility of a hotel room.

As landlords, these rentals offer an escape from the regulatory labyrinth of STRs while securing a dependable income stream. With professionals as tenants, who often have their companies backing them, the rent check is almost always on time. It’s like signing a superstar athlete to your team for a season — they perform, they add value, and when their contract is up, they move on without any fuss.

Navigating these waters can be complex, which is why having an experienced property manager becomes invaluable. Picture us as your trusty GPS, guiding you smoothly on this new journey, avoiding any potholes or roadblocks. We ensure your property is attractive, well-maintained, and sought after by these professionals. From marketing your property effectively to vetting potential tenants and arranging for regular cleaning services, we’ve got you covered.

Let me share an illustrative story. We have a client, a property owner with a charming apartment in Brooklyn, who was previously operating it as an Airbnb. The constant need for cleaning, maintenance, and communication with guests, coupled with the implications of Local Law 18, made him contemplate an exit from the rental market.

When we stepped in, we suggested transitioning to medium-term rentals. We are now listing his property, and reaching out to our network of professionals. The goal is to help our client savor a steady income, fewer turnovers, and lack of STR regulations worries. In essence, a win-win scenario!

1. Property Appeal: Ensure your property is up-to-date, well-furnished, and located in a desirable area. Professionals on the move prefer a home-like experience.
2. Laws and Regulations: Make sure you comply with all local laws and regulations regarding medium-term rentals. Consult with a property manager if you need clarity.
3. Choose the Right Manager: Opt for a manager with expertise in medium-term rentals. They should have a keen understanding of marketing strategies and the nuances of local laws. They are like the coach of your team, guiding your property through the championship season.
4. Proper Documentation: Ensure that you and your property manager have a comprehensive agreement in place. This includes explicit rights to sublease and the division of income. As they say, good fences make good neighbors — and clear contracts make for good business.
5. Insurance: Always have a comprehensive insurance policy in place. This is your safety net, and should not be overlooked. Think of it as your sturdy umbrella, always ready for that unpredictable storm.

The shifting sands of the rental market in NYC offer challenges, yes, but they also provide opportunities for those willing to adapt. Medium-term rentals have emerged as the modern solution to the age-old quest for stable, manageable, and profitable property rentals.

In this evolution, having a professional by your side is not just beneficial, it’s crucial. We’re here, ready to manage your property with skill and dedication, ensuring you can reap the benefits without getting lost in the minutiae. After all, the beauty of NYC lies in its dynamism, and just like the city, we are always on the move, ready to conquer the next challenge.

Medium-term rentals may be the goldilocks solution for property owners — not too short, not too long, but just right.

By harnessing the right strategies and expertise, you can transform your rental property into a profitable, stress-free venture that thrives in the heart of NYC.

So, why wait?

It’s time to dive into the realm of medium-term rentals and discover the untapped potential that awaits.

 3-5x typically monthly....EASILY.  85-95% occupancy

 Hi,

There is a special enforcement group created by the mayor. There is a registration process. There are requirements set on the platforms. There are fines for everyone.  This increased enforcement is starting in July.

Greetings, I’m Maurice, a property marketer, manager, and real estate enthusiast based in Brooklyn, New York. I work closely with my wife managing 25 units, helping landlords navigate the challenges and opportunities in the New York City rental market. Today, I’d like to share my insights into why medium-term rentals, particularly to non-resident professionals, are a winning proposition for NYC landlords.

As we all know, New York City has a vibrant, fast-paced rental market. Yet, recent changes in local laws, particularly Local Law 18, have caused a significant shift in the short-term rental (STR) landscape. This law, enforced by the Office of Special Enforcement (OSE), has added a layer of complexity to short-term rentals that can make them less appealing for hosts. While this might initially seem like a setback, it's also opened the door to a more lucrative and less regulated opportunity: medium-term rentals.

Now, let's take a moment to talk about Local Law 18. This law mandates that anyone offering an STR must register with the city, limit rentals to their primary residence, and have no more than two guests at a time. There's also a long list of other requirements and restrictions that make compliance a challenging task. Penalties for non-compliance are steep, making the risks of STRs potentially outweigh the benefits.

So where does this leave property owners who are keen to earn rental income without the hassle of compliance headaches and potential fines? Enter the world of medium-term rentals (MTR).

Medium-term rentals typically range from one to six months. They attract a different kind of renter: often professionals, such as traveling nurses, corporate employees on assignment, or folks from the entertainment industry in town for a project. These individuals value convenience, comfort, and a ‘home away from home’ experience during their temporary stay. But the benefits don’t stop at the tenants. As a landlord, there are significant advantages to this kind of arrangement.

The medium-term rental market is less regulated than short-term rentals, meaning landlords can avoid bureaucratic red tape and potential penalties associated with Local Law 18. You’re dealing with fewer turnovers, and with companies often footing the bill for these professional tenants, payment reliability is increased. This means you can enjoy a more stable income stream and peace of mind.

But that’s not the end of it. These tenants are, by definition, transient. They’re in town for a job, not to find a permanent home. This results in less wear and tear on your property and less risk of problems that can arise with long-term tenants. These individuals are truly guests — temporary visitors who respect your property and treat it as their home during their stay.

Moreover, working with professional tenants typically results in fewer issues than with traditional long-term tenants. These folks are in town for work, not to cause trouble. Their focus is on their job, not on trying to change the lease or negotiate terms. Plus, the medium-term nature of these arrangements means there’s a natural end point in sight. These individuals will complete their work and return to their homes, making way for the next guest.

Think of medium-term rentals as the ‘Goldilocks zone’ of the rental market. They’re not as transient as short-term rentals, requiring constant turnover, increased wear and tear, and stricter regulations and potential fines. On the other hand, they don’t come with the risks of long-term rentals, where a problematic tenant can become a long-term headache. Medium-term rentals strike the perfect balance: they’re just right.

One story comes to mind that illustrates this point beautifully. We spoke with a property owner who had a beautiful, fully furnished apartment in Brooklyn. She’d been running it as an Airbnb but was growing tired of the constant cleaning, maintenance, and guest communication. Then came the introduction of Local Law 18 and the added compliance requirements. She was ready to throw in the towel.

We suggested she switch to medium-term rentals. The strategy was to list the property, market it to our network of corporate contacts, and soon gain a three-month booking from a known film director in town for a project. The director would have loved the convenience and comfort of living in a home instead of a hotel, and if she’d become our client could have enjoyed a stable income, less frequent turnovers, and fewer worries about compliance with short-term rental laws.

We would have ensured a smooth experience for all involved by handling the cleaning, managing the lease, and troubleshooting any minor issues that came up during the director’s stay. Our client would have been thrilled with the outcome and could have since transitioned all her properties to medium-term rentals. Alas, some people are slower to act than others.

As with any business venture, it’s important to conduct thorough due diligence before jumping in. Make sure your property is suited for medium-term rentals — updated, furnished, and in a desirable location. And of course, always ensure that you are complying with local laws and regulations. If you’re unsure, consider reaching out to a knowledgeable property manager who can guide you through the process.

In the wake of Local Law 18, we believe medium-term rentals present a promising opportunity for NYC landlords. They allow for a steady, reliable income stream, a more hands-off management approach, and a higher-quality tenant pool. Most importantly, they provide a way for landlords to navigate the increasingly complex landscape of short-term rentals without having to bow out of the rental market entirely.

Navigating this space can be complex, and that’s where my wife and I come in. With our extensive experience in property management and intimate knowledge of NYC’s real estate market, we take the hassle out of medium-term rentals. We ensure that your property is in an excellent location, well-maintained, and attractive to top-tier professional tenants. We’ll handle the logistics, from marketing your property to vetting potential tenants and even arranging for bi-weekly cleaning services.

In essence, we offer a comprehensive property management solution, allowing you to reap the benefits of medium-term rentals without the added stress

It’s an exciting time to be part of the medium-term rental market. The trends we’re seeing suggest that this sector is poised for growth. With an increasing number of companies opting for flexible work arrangements, there’s an expanding pool of professionals in need of medium-term accommodations. For NYC landlords, this opens up a whole new world of potential tenants who are reliable, responsible, and respectful of your property.

The world of real estate is always evolving, and those who adapt will thrive. Here’s to embracing the possibilities of medium-term rentals and to a brighter, more prosperous future for NYC landlords!

As we get closer, seems many STR people are freaking out.

I now co-host 4 units in an apartment building.  Focusing on 1-6 month corporate housing.  Looking for more to bring under management as there is a lot of demand for this!

 Thank you!