Have you been letting your short-term rental property sit vacant during coronavirus? If so, this is one of the worst things that you could be doing because the goal of owning any type of rental property is to get it cash flowing as soon as possible.
Obviously, as an investor who owns a short term rental property, it’s understandable that you’d like to see the short term rental market get back to where it was before coronavirus but, the reality is that the short term rental market in the Monterey area, or elsewhere across the United States, isn’t going to recover anytime soon.
Most investors have speculated that it could take up to 120 days or more to get back to normal, once the shelter-in-place restrictions have been lifted and people start going back to work.
Yes, even though we’ve all been staying home during Coronavirus, and most people will be ready to take a vacation, the reality is that the average person who has been stuck at home for the last two months has been living off of their emergency funds. It’s likely that once they go back to work, they will be focused on rebuilding those funds instead of taking a vacation.
What’s the solution to having a lack of short term rental bookings?
Instead of letting your investment property continue to sit vacantly, while it suffers from a lack of short term bookings, the solution to the problem is to turn that short-term rental property into a long-term rental.
At 36 North Property Management, we’re experts at the local rental market and can guarantee that we will be able to rent your property for the most money possible to a long-term tenant.
How long should you rent your property? The answer this question is up to you, our suggestion is to consider renting it for a period of up to six months. This will allow you to get your investment property cash flowing once again and when the Airbnb rental market recovers, you’ll be able to have your rental property listed as a short-term rental on Airbnb, VRBO or your favorite short term rental website.
To learn more about the property management services that we can offer you, contact us today by calling (831) 484-4604 or click here to connect with us through our website.