Snapshot · BiggerPockets Real Estate Podcast
By converting residential units to medium-term rentals for traveling nurses, contractors, and students, Remington earns 50% to 100% more rent than traditional long-term leases.
Where this was said
At 34:35 · chapter starts 34:20
Short-term rentals peaked in popularity during COVID and have since faced regulatory headwinds, management complexity, and market saturation. Remington's response was to move one step back on the rental spectrum: medium-term rentals. By targeting traveling nurses, remote contractors, and students who need furnished housing for one month to a year, he captures significantly higher rents than traditional leases — 50% to 100% more per unit [1] — Remington Lyman "Short-term rentals are overregulated and management-heavy; long-term rentals are safer but lower yield. Medium-term rentals — 1 month to 1 …" 34:20 . Columbus is an ideal market for this: the state capital, a major research university hospital, and a large contractor and construction workforce all generate steady demand for medium-stay housing. Remington uses a property manager for about 10 of these units at roughly 15% of revenue, which he considers a bargain given how much more they generate than standard rentals.
Short-term rentals are overregulated and management-heavy; long-term rentals are safer but lower yield. Medium-term rentals — 1 month to 1 year — hit the sweet spot: traveling nurses, contractors, and students pay 50-100% more than traditional tenants, with far less turnover than STRs.
Bhanu grew SiteGPT to $13,000 monthly recurring revenue entirely through organic channels, spending nothing on paid marketing.
More than 1 million people have visited SiteGPT's website since launch in March 2023, all through organic channels.
Approximately 90% of SiteGPT's Google search traffic comes from the free tools Bhanu built, not the main product pages.
Bhanu sold his first SaaS product, Feather, for $250,000 so he could focus fully on the faster-growing SiteGPT.
SiteGPT has generated approximately $500,000 in total revenue since its launch in March 2023.
The average customer lifetime value for SiteGPT is approximately $1,700 to $1,800, which Bhanu considers unusually high.
SiteGPT receives around 50,000 visitors per month, of which about 200 convert to leads and 60 start free trials.
SiteGPT hit $10,000 MRR within its very first month of launch, driven largely by early traction in the AI chatbot space.
Despite strong download numbers, PropGPT could not push past $1,000–$2,000 MRR due to poor product retention.
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