Short Term Rental Riches

19. Where do we stand in the current crisis?

5 snips
Mar 24, 2020
The podcast dives into the current challenges faced by the travel and short-term rental industry during turbulent times. Personal experiences highlight the importance of adaptability and resilience. Listeners receive insights on protective strategies and long-term planning. Instead of despair, there's an emphasis on remaining positive and using this time to pivot toward better opportunities. Ultimately, there’s a hopeful message about emerging stronger and more strategically positioned in the rental landscape.
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ANECDOTE

Tim's Travel Lockdown Experience

  • Tim Hubbard shared his current situation being stuck in Florianopolis, Brazil due to travel restrictions and airline cancellations.
  • He described the calm local environment with stocked grocery stores and no panic despite global fears.
INSIGHT

Risk for Rental Arbitrage Operators

  • Rental arbitrage operators face the highest risk in the crisis due to leases on many units without ownership.
  • This could reduce short-term rental supply if large operators fail to survive, impacting the market supply.
ADVICE

Two-Month Backup Plan Deadline

  • Set a two-month deadline to consider switching short-term rentals to long-term tenants to cover fixed costs.
  • Meanwhile, experiment with strategies to increase occupancy before switching to long-term leasing.
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