Quote from @Kelsey Maren:
@Bob Evans Hi, where did you do your market/data analysis for the mid term rental?
Thinking about switching over to that from LTR in Raleigh but unsure of demand and determining the monthly.
We're still unsure after 7 months. We've only had a few days of vacancy (for us to clean), and we're rented through mid-June.
1. Nurses seem to get (or lock-in) contracts just a few weeks before the contracts start, so we get leases signed a couple weeks before the move-in date.
2. We don't see a ton of local demand for travel nurse housing. First, you won't see nurses contacting landlords directly on FurnishedFinder, but FurnishedFinder allows travelers to register and put in their needs. I get an alert and check to see if we're a good match.
3. We also use AirBnB, but without automation tools, I have to make sure that once dates are locked in on AirBnB or FF, then I have to black out the other site's calendar.
4. We chose a price in the same way you would with a STR. We checked out the competition, and it had to cashflow.
Not accounting for the start-up costs (which we want to pay off in the first year), we cashflow about $200/mth on that door ($400 if we do the cleaning and lawncare).
1. Nurses seem to get contracts just a few weeks before the contracts start, so we and move
https://www.biggerpockets.com/forums/52/topics/986433-mid-term-rental-start-up-costs?highlight_post=5894851&page=1#