Long-term residents scooping up vacation rentals

Listings for three-to-six month rentals are also rising

TRD NATIONAL TRD WEEKEND EDITION /
Jun.June 06, 2020 12:00 PM
More vacation rental owners are extending available leases and traditional landlords are taking shorter leases for typical year-long rentals. (iStock)

More vacation rental owners are extending available leases and traditional landlords are taking shorter leases for typical year-long rentals. (iStock)

A larger than usual number of vacation rental owners are looking to secure long term renters.

At the same time, more owners of traditional long-term rentals appear open to leases between three and six months instead of typical year-long leases to appeal to renters wary of a long-term commitment.

Data from Zillow showed a 23 percent increase in listings for six months or less between March 1 and May 21, according to CNBC. Those listings usually fall in March.

Listings for furnished rentals were also up 42.8 percent in that time. Zillow economist Joshua Clark said both spikes were because of the coronavirus pandemic.

“With travel banned, vacation home owners may be looking to avoid the uncertainty of when the economy might open and look to get a longer term renter in their home,” he said. “Conversely, longer term landlords may now be open to three-six month leases to appease renters who don’t want to lock into a year-long agreement.”

The pandemic caused a significant decrease in short-term rentals through Airbnb. Occupancy over the last 30 days is up 23.2 percent, but still down more than 30 percent compared to the same period last year, according to AllTheRooms Analytics.

Some markets have seen huge increases in demand for summer rentals, such as the Hamptons. The pandemic caused a surge in demand from New Yorkers looking to ride out the pandemic outside of the dense and heavily affected city. [CNBC] — Dennis Lynch


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