The Pandemic May Impact Short-Term Renters
Although the traditional real estate market has taken a significant hit in the last few months, homeowners that rent their home may be hit the hardest by the spread of COVID-19. In this brief article, a real estate investor with LEDGE Real Estate Solutions, LLC, will discuss the impact the global pandemic has had on the real estate market, especially in the Orlando area. For those saying, “sell my house fast in Apopka,” we can make a fair offer on your home in as little as 24 hours.
Orlando: The Most Visited Place in America
As the most visited place in America, Orlando welcomes over 75 million visitors a year, including both domestic and international guests. Although many of these visitors utilize the 120,000 plus hotel rooms in the area, many tourists prefer to rent a home to comfortably accommodate their entire family. Naturally, with the influx of family-oriented tourists visiting the best theme parks in the world, many Central Florida homeowners in places like Apopka, Winter Garden, and Ocoee have developed a strategy that offers the perfect vacation home to these guests.
For example, homeowners in Apopka can offer a lower rental price than most of the hotels on International Drive. These suburban homes also offer way more space. So families can choose between confined, overpriced hotel rooms or a spacious home that is only a 30 minute trip to Disney World. Although this strategy has worked for years, this summer the short term rental market should see a dramatic downturn in rentals due to the pandemic.
Short-Term Rentals in Orlando Take a Hit
With travel restrictions and shut down theme parks, this is a unique tourist season in Central Florida. Homeowners that rely on online marketplace companies like AirBnB for rentals are seeing a sharp drop in cancelations. The same goes for homeowners that utilize their home for long-term summer vacation rentals. As many Orlando-based homeowners utilize the cash they earn through short-term rentals to meet their mortgage payment, a depleted short-term rental market may result in more homes entering the market.
At LEDGE, we’re real estate investors located in Central Florida. We buy homes in every kind of condition and help clients that are looking to sell their home in a week or less. Whether you’re tired of renting, want to move elsewhere, or simply need cash, visit our instant cash offer form and get in touch with us today. If you’re saying “sell my home fast in Apopka,” we can help!
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