How Is Coronavirus Affecting the Short-Term Rental Market?

It doesn’t matter if you own a short-term rental property like an Airbnb, in San Diego, Phoenix, or Las Vegas, the outcome following during coronavirus has been the same.

In every city as bookings have stopped, and the short-term rental market has been hit hard, because people have been staying home for the last 60 days due to Coronavirus and the once stable short term rental income that Airbnb hosts and other short term rental owners could depend on is no longer coming in.

What does the future hold for owners who have short term investment properties? The answer is simple, Investors who own short-term rental properties like Airbnb’s should consider converting those short-term rentals into long-term rentals.

Long Term Rentals Are the Way to Go

Yes, even though lockdowns are projected to end within the coming month or so nationwide, the overall fear of getting infected with coronavirus is not going to leave the mindset of the general public anytime soon. This along with possible “rolling lockdowns” in the coming months means that short-term bookings may be affected for the next six months to one year.

Thankfully, owners who convert their short-term rental properties into long-term rentals can keep those properties cash flow during the 90-120 days while they wait for the short-term rental market to get back to where it was before coronavirus and the current economic crisis.

Converting a short-term rental to a long-term property is a better choice than just letting a property sit vacant for up to another month.

Long term rental properties are also a safer option that provides less risk for landlords as well.

GoldenWest Management Can Help!

Hiring a property management company like GoldenWest Management is the key to success with owning a long-term rental property because it will save an owner the time, money, and hassle of having to manage that rental property themselves

To learn more about the property management services that we can offer you, contact us today by calling (866) 545-5303 or click here to connect with us online.