Is It a Good Time to Sell Your Short-Term Rental Property?

Are you one of the many Americans who purchased a home in recent years to rent out on websites like Airbnb and VRBO? While short-term rental properties have been a great way to create additional income, many homeowners have felt the financial crunch as a result of the pandemic. It’s difficult to predict how long the travel industry will lag because of the coronavirus, which has many owners wondering if now is a good time to sell a short-term rental property. Let’s take a look at some of the things you should consider when making this decision.

Are you losing income?

It’s safe to say that most owners of short-term rental properties have lost income over the last few months because of the pandemic. Many Americans have stopped traveling and are instead opting to stay home this summer. Unfortunately, your expenses on a property don’t stop just because of lost income. If you’re feeling pinched because of mortgage payments, taxes, and ongoing maintenance, then it may be time to sell your rental property.

Are you facing expensive repairs?

While regular monthly expenses can be challenging right now, it’s even more so for those property owners who may need to make major repairs in the near future. This includes replacing major appliances or a leaky roof. If these types of expenses will be too draining on your current financial situation, then it might be time to let a new owner tackle these challenges.

Are you in a popular market?

While many homeowners were nervous in the early stages of the pandemic, the good news is that the real estate market has remained strong. And experts predict that home prices will continue to stay steady for the rest of the year. Record-low interest rates have homebuyers out in droves, and there is a lack of inventory in the market. If your short-term rental property is in a popular vacation spot, now could be an amazing time to sell — especially if you’re away from the hustle and bustle of a large city. Americans are increasingly moving away from urban areas as a result of the pandemic and looking to buy homes where they can have more space. Selling your rental property right now could be a smart financial move.

Are you over it?

Maintaining a short-term rental property is a big job. And it can be particularly stressful as new regulations are put in place to keep your guests safe during their stay. We don’t know how long we’ll be living under these conditions, and it’s perfectly reasonable to want to let go of the additional responsibility. In addition, if you’re renting out a vacation home that you no longer use, then it might be time to move on. There’s no reason to hold onto a home that your family no longer visits, especially when there’s good reason to believe that you’ll find a buyer.

Contact Agent inc.

If you’re ready to sell your short-term rental property — or you’d just like to find an excellent property manager to oversee the day-to-day tasks – then contact Agent inc. or Agent Property Management at 949.518.1899or [email protected]. If you’ve got a question, we are available.