COVID-19 continues to reshape the real estate market—this time, it's altering the short term rental market. According to a report by realtor.com, owners are transitioning properties from daily or weekly Airbnb and Vrbo rentals to seasonal rentals, securing leases of one to three-months in duration.
This spike in seasonal rentals is showing up in certain tourist destinations: Nashville (185%), Austin (160 %), Orlando (82%), Las Vegas (56%), Chicago (49%), San Antonio (49%), New Orleans (48 %), Honolulu (47%), Jacksonville (42%) and Bridgeport/Stamford, Connecticut (35%). Since the end of February, these locations saw an average increase of 74% in seasonal rentals, while seasonal rentals in the top 100 U.S. cities rose only by 21%.
Renting out a home for one to three months represents a "massive change" for owners who were accustomed to much-shorter term renters, reports realtor.com. But the uncertainties posed by COVID-19 makes longer term rentals an economic necessity.
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