Short-term Downtown Rental - Thoughts on this idea?

[Transplant99]

Personally, I would stay downtown where you have a chance of living in a newer-ish building. Rentals in the Heights, most likely, would be old even if "renovated" on the inside. Personal preference though, I guess.

And I wouldn't let the MN cop trial impact anything. If you're living anywhere in the lower 48 and the cop is acquitted, you're at risk. So you might as well just live wherever you want to live.

[SlideRules99]

Originally Posted by WRnative

For the benefit of future posters, please provide an assessment of the market once you've leased a place, including rent ranges.

I promised to close back on this one. Unfortunately, as a niche, the short-term/fully furnished rental market in Downtown quickly took me over the $3k/month threshold. At that price point, I could get an all-inclusive, fully furnished, single family home in the Heights. Sort of an extended Air BnB. So that’s what I did.

I’ll share a few findings, in case there is any value for future searchers...

Two major categories I investigated - the “high rise” type living near Playhouse Square, and the “urban loft” type rentals in the Warehouse District. In both cases I looked at 2 bedroom units.

High rise units (some touted as “luxury” city living”) could be had for the mid-to-high $2ks for a typical 2 bdr. rental. Note this is NOT furnished/short-term...I’m talking standard 1 yr type rentals. Keep in mind you would also pay some portion of utilities, and parking (typically $100-200/mo for a spot or parking garage space). Residences at Hanna was one such building we toured.

The warehouse loft type rentals looked to be 10-20% less expensive, maybe $1800-2400 would be a typical range. These are hip units in old brick warehouses, hardwood floors, large warehouse windows, nice views of river or lake. Bingham building is a typical place we looked at.

There are many other options, but we ceased after a short search when the trend became clear.

I should note we DID find a corporate housing unit at Hanna that would have kept us below $2400, but it was tiny at 525 square ft. We chose not to pursue.

The Warehouse District lofts are very nice...they give you the gritty-but-chic vibe that has become popular recently. I will issue one cautionary note: There are LOTS of dog owners in this type of living. I love dogs as much as the next person, but suffice to say, a dog’s yapping can reverberate with all the brick, hardwood, and glass. Be advised, and let your ears be your judge.

In short, this could have been a great option, but not necessarily for furnished/short-term renters such as myself.

The apartments do a great job keeping their unit availability and pricing up to date, so that info obviously over-rides anything I typed as of March 2021.

OK, we’re off to Cleveland Heights for our short term rental.

Cheers!

[WRnative]

Originally Posted by SlideRules99

I promised to close back on this one. Unfortunately, as a niche, the short-term/fully furnished rental market in Downtown quickly took me over the $3k/month threshold. At that price point, I could get an all-inclusive, fully furnished, single family home in the Heights. Sort of an extended Air BnB. So that’s what I did.

I’ll share a few findings, in case there is any value for future searchers...

Two major categories I investigated - the “high rise” type living near Playhouse Square, and the “urban loft” type rentals in the Warehouse District. In both cases I looked at 2 bedroom units.

High rise units (some touted as “luxury” city living”) could be had for the mid-to-high $2ks for a typical 2 bdr. rental. Note this is NOT furnished/short-term...I’m talking standard 1 yr type rentals. Keep in mind you would also pay some portion of utilities, and parking (typically $100-200/mo for a spot or parking garage space). Residences at Hanna was one such building we toured.

The warehouse loft type rentals looked to be 10-20% less expensive, maybe $1800-2400 would be a typical range. These are hip units in old brick warehouses, hardwood floors, large warehouse windows, nice views of river or lake. Bingham building is a typical place we looked at.

There are many other options, but we ceased after a short search when the trend became clear.

I should note we DID find a corporate housing unit at Hanna that would have kept us below $2400, but it was tiny at 525 square ft. We chose not to pursue.

The Warehouse District lofts are very nice...they give you the gritty-but-chic vibe that has become popular recently. I will issue one cautionary note: There are LOTS of dog owners in this type of living. I love dogs as much as the next person, but suffice to say, a dog’s yapping can reverberate with all the brick, hardwood, and glass. Be advised, and let your ears be your judge.

In short, this could have been a great option, but not necessarily for furnished/short-term renters such as myself.

The apartments do a great job keeping their unit availability and pricing up to date, so that info obviously over-rides anything I typed as of March 2021.

OK, we’re off to Cleveland Heights for our short term rental.

Cheers!

Thanks for the feedback. I'm fairly confident it will help someone in the future.