Do you own a short term rental property in Monterey California that’s been sitting vacant during coronavirus? If so, you come to the right place!
There’s no doubt that short term rental properties like Airbnb’s have generated significant revenue for their owners over the last 10 years but, COVID-19 has largely proved that the Airbnb market was untested before coronavirus because it benefited from an economic recovery which lasted for over 10 years and a long running bull market.
The Market Has Changed For Short Term Rentals
Since coronavirus, many investors who own short-term rental properties have had to sit on the sidelines and wait for Coronavirus to end while their rental properties sit vacantly. The reality is that even though coronavirus may be coming to an end soon, the damage has already been done and the Airbnb rental market may not recover for another 90, 120 days or longer.
Is There A Solution For Owners?
What’s the solution to the problem? The answer is to turn your short-term rental property into a long-term rental property. Doing this will enable you to continue earning income from your rental property over the next 6 to 12 months while the Airbnb Market recovers so that when there is a demand for short-term rental properties once again, you will be able to convert your rental property back to a short term rental if you choose to.
Contact 36 North Property Management
To learn more about the process of converting your short-term rental property to a long-term property, or speak with us about our Property Management Services, contact us today by clicking here.