MTRs are furnished rentals that are rented longer than 30 days but typically not longer than six months. These rentals are geared towards those who need temporary furnished housing. Individuals looking for this type of housing are typically in traveling professions - healthcare, construction, or even some corporate jobs. But there may be countless reasons someone might need or want furnished housing.

The predominant users of mid-term rentals are travel nurses. Nurses accept 90- to 120-day contracts with local hospitals and clinics, and in many cases, they receive a housing stipend to help them pay for housing. Another frequent user of mid-term rentals is insurance companies. They place their insured clients in temporary furnished housing if there is a catastrophic event, like a fire or flood.

The following are some of the benefits of investing in mid-term rentals:

• MTRs command higher rents, typically 20-50% more than long-term rentals.

• MTRs are not subject to short-term rental laws and regulations.

• MTRs attract well-qualified and professional tenants.

• Many platforms can be used to market these properties: Airbnb, VRBO, FurnishedFinder.com, Zillow, etc.

• MTRs require turnover 2 to 4 times per year, as compared to short-term rentals that turnover every few days on average.

• You may be able to do a hybrid version —> primarily use the MTR strategy and fill in with short-term stays in-between tenants if necessary.

On October 26th, one of my investment groups closed on a triplex in Fargo that has three 1-bedroom units. Over the next year, we will convert those units to mid-term rental apartments. When the existing leases expire, we will fix and freshen up the units, furnish, and then fill them with traveling nurses or professionals. We should be able to command at least double the rent of a long-term tenant. This can be a great strategy for increased returns, while providing a housing option to traveling professionals and their loved ones.

The photos below show an MTR rental in Fargo, ND. It is currently being rented to a healthcare tech and her family. She signed a lease for six months and pays 25% above long-term rental rates.

Contact me using the form below if you want more information on MTRs and how they can benefit you. I'm happy to answer any questions you may have!