The rental market has found its footing after all of the craziness.
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Most of you own long-term, short-term, or Airbnb properties and have experienced at least some degree of turbulence over the last three months. Short-term rentals saw massive waves of cancellations, while the longer-term rentals experienced their own issues as members of the military were sort of stuck in the wake of do-not-move orders. So where are things right now?
Our Airbnb market has stopped its massive hemorrhaging of summer rentals inflicted by sweeping summer event cancellations. We’re now seeing an influx of folks looking for a more traditional summer vacation rental. For example, there’s a renewed emphasis on rentals that have outdoor spaces (lately everyone’s been asking me if I have a firepit). I think they’re picturing a very traditional, family-style Newport vacation. At least for the short-term rentals that I’m managing, I’ve noticed a tremendous upswing in those types of inquiries.
The civilian long-term rental market has remained relatively unchanged.
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The military has begun to move certain personnel, though I have not heard anything official regarding whether the do-not-move order has been completely lifted. That being said, the civilian long-term rental market has remained relatively unchanged, as it has during most of the previous large-scale disturbances. We’re seeing people come in to work the restaurants for the summer, which is very encouraging. A lot of people who have their primary homes in New York, Boston, Philly, and D.C. are renting second homes here for the summer.
On the legal side of things, courts began hearing evictions again on June 2—a very slow process that we’re slowly working our way through. I’m happy to say, however, that among the 155 properties we’re actively managing on the island (with a couple in mainland Rhode Island), I can only note two eviction scenarios. Thankfully, I think most people were either able to keep working or take advantage of assistance programs amid the pandemic.
Hopefully, you’re experiencing these relatively good outcomes from our wild and crazy times. We’re here for you if you have any questions or would like some insight on something; never hesitate to reach out to us via phone or email. Have a great start to your summer!