Realize risk reward is part of the discussion but at this stage our market and competitor analysis put us in a low risk environment picking new Selfstorage sites.  

A solid competitor.

TLDR:  What to do about a tenant who is now my direct competitor on AirBnB ?

As the prices have increased, a lot of the lower-end houses that people like me would have bought and maintained as rental properties have been bought by homeowners and taken off the market. 4-5 years ago when I advertised a house for rent, I had maybe 6-12 competitors (same relative price, same relative size, same relative neighborhood) at any one time.

Full Disclosure: In many ways I am a direct competitor. 

They used their established capital and existing reserves to push out competitors.  

I'd imagine they are only priced this way so they can quickly grab some market share by undercutting their competitors.

Hi, @Mark S.We are friendly competitors with Mid South so I don't buy from them!

I'm sure they will pipe up shortly.Personally, I have never used Mid South to buy properties, but I have an outstanding working relationship with them (we are friendly competitors here in Memphis).  

Homeaway/VRBO deftly acquired all legit competitors and essentially foreclosed the self management side of things.If you are going to pay someone up to 19% and self manage, why screw with self managing?