COVID-19 has hit AirBnB hosts hard. Hosts are wondering what to do next and some are considering selling their property. Without the income stream to cover a second-home mortgage and expenses, owner’s are struggling to meet the demands to maintain the property. They are weighing their options and asking two major questions.
How long will current travel bans/restrictions remain, limiting the potential number of travelers looking to book short term "vacation" stay?
Will things go back to how there were?
The answer to the first question remains unknown and even when restrictions are lifted it may take time before people feel comfortable traveling and staying in an AirBnB. In response to the second question, things will probably not go back to the way they were. The travel industry is having to pivot to meet the growing concerns associated with accommodations and traveler’s concerns.
Another major concern is cleanliness and safety. With so much conflicting information about how COVID is transferred, people have varying beliefs about how to keep an area clean. In the past, renters’ comfort level with sanitation allowed them to accept and/overlook possible maintenance and cleanliness issues. There wasn’t a huge concern about health and safety. Now, renters are very worried and may not even be comfortable staying in a home that is very clean.
These concerns and questions lead to more questions and uncertainty. Owners are feeling panicked with the burden of their financial responsibility. We offer a solution. Convert your AirBnB property into a long term rental. The rental market is hot.
Day & Associates manages 804 units and collected 92% of rents in April and 95% of rent in May. Of those 804 units, 51 properties are single family residences. 49 out of the 51 single family rentals have collected rent. During this time, we have also filled 25 vacancies. Throughout the pandemic, most people are still working, people are still moving, and many are adjusting their lifestyle. The rental market is strong.
At Day & Associates we have a screening process to find the right tenant to fill your property. No more dealing with scheduling, cancelations, cleaning crews, damaged or stolen property, and seasonal renters. We also handle all maintenance issues and with our 24-hour emergency line you don't have to deal with any late night/weekend problems.
Most of all, you will have peace of mind and a reliable steady stream of rental property income.
For nearly 40 years, we have provided the best in professional rental management services for owners and investors in the greater South Bay. Our experience and resources make us the ideal partner in the management of your investments. We know what it takes to develop a successful property—and we put that knowledge to work for you!
Contact Jackson Day at (310) 218-9475 or jackson@dayandassociatesrealestate.com to learn how we can convert your AirBnB into a long term rental and start you on the road to a steady stream of income.