My husband and I have been busting behind for the last 4 years renting two separate bedroom/bath suites in our owner occupied home. This has made it possible for us to purchase a condo unit a quarter mile away from our house as an investment property.
We won’t be “Airbnb-ing” it, as the association doesn’t allow STR. However, we can do 30 day rentals, and we’re trying to figure out what is going to net us the most profit with the least amount of hassle. Though we’re not opposed to some hassle if it means more moolah in the long run.
We have two options. We can do a traditional long term yearly lease, but we also live in an area where there are med school students and travel nurses looking for lodging for anywhere between 1 and 4 months, and we’re thinking that market might be more lucrative. My questions are for any fellow hosts/landlords that may have some experience and/or insight with both types of rentals.
I think that if we go long term, we will not furnish the apartment, but if we decide to go medium term we will. Can anyone give me an idea how long cheap-ish furniture from the likes of Big Lots will last? Should I plan on replacing it every 3 years? 5? 7?
Does anyone have any experience with what percentage I might be able to increase the rent if it was medium term and fully furnished? I understand some of this is location dependent (I’m in the US, New England, 20 minutes outside of the biggest city we have), but still thinking some of you might have some advice or insight, and thank you in advance for your time.