With the end of coronavirus in sight, and the reopening of the economy in Washington, California and Oregon in the works, many people who own short-term rental properties in the Portland area like Airbnb’s, are wondering if Airbnb is going to survive coronavirus.
This is an excellent question to have because Airbnb had such a great run over the last five years, but the reality is that the company’s success can largely be traced to the fact that United States has enjoyed a prolonged Bull Market run in the stock market and Airbnb was largely untested.
One thing that we’ve learned with coronavirus is what happens when there’s a major catastrophe like COVID-19 is that the short-term rental market dries up and bookings go away. This is why the next step that every investor who owns a short-term rental property in Portland Oregon, or elsewhere across the United States should consider doing is turning their short-term rentals into a long-term rental properties.
Don’t Let Your Rental Property Sit Vacant
If your Portland Oregon rental property has been sitting vacant for the last two months, now is the time to turn it into a long-term rental property. Doing this will help you to get your property back into profit quickly so that you can use the income from the rent that your property earns to cover your mortgage, bills, and other expenses related to your property.
How long should you list your Portland Oregon rental property for? Even though most people will be going back to work immediately when the economy reopens in Oregon, the reality is that there will be some people who will not be able to go back to work immediately because they no longer have jobs and will have to start the process of job-hunting once again.
The economy in Oregon will recover after coronavirus, as will the United States economy as a whole, but for Airbnb, this means that investors who own short-term rental properties must be prepared for the market to take up to 12 months to recover.
Should you list your Portland Oregon rental property for up to one year? Ultimately, the answer to this question is up to you but, if you’re the type of investor who wants to get back into the game of having short-term bookings once the economy gets back on track, you may want to consider listing your Portland Oregon rental property for 6 months then reevaluate where the short term rental market is then.
Besides Long-Term Rentals, What’s Next for Airbnb Owners?
Thanks to a recent article on cnbc.com, we know that although most investors who have short term rental properties are intent on listing them on Airbnb once again, the consensus among many Airbnb owners is that they will not list their properties exclusively on Airbnb in the future.
Why? The answer to this question relates to how Airbnb handled refunds once coronavirus started to hit. Many owners felt that Airbnb’s level of customer service could be classified as “subpar” at best and that’s why they feel that instead of listing their properties solely on airbnb.com, investors who may have been burned by Airbnb are planning on diversifying their listings instead of having their properties solely on Airbnb when the economy recovers.
Contact Rent Portland Homes
At Rent Portland Homes, we can assist you with turning your short-term rental property into a long-term rental. Our property management team has decades of combined property management experience, this means that we are experts at all aspects of property management including tenant selection, maintenance, customer service, rent collection, accounting and so much more!
Learn more about the services that we can offer you click here to connect with us through our website, you will be glad that you did!