Here’s some hopefully encouraging news regarding our Newport rental property market.
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Many of you have questions about the rental market as we come out of lockdown and look to ease social distancing measures. The disrupted academic year and temporary closure of Salva Regina have affected a lot of you. Airbnbs are being canceled left and right, weddings are being moved to next year, and countless other events have been nixed or are at risk.
A positive trend, however, is that we’re seeing a lot of folks from New York, Massachusetts, and surrounding areas extend their seasonal stay here in Rhode Island for several weeks—either because they’ve been mandated to work remotely and thus can stay longer, or because they would simply prefer to lock down somewhere other than their 400-square-foot New York City apartment.
This won’t be enough to cover everything that we lost over this spring market, but I hope that it offers you some encouragement; we’re experiencing a shift, not a complete shutdown disaster. It just means that we’re going to have to approach the summer market a little differently.
Newport is a premier summer rental market even in the absence of a jam-packed event calendar.
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People are currently looking for more affordable summer rentals (mainly June through August), and hopefully, any agents you’re working with are educating these tenants on the value of Newport as a premier summer rental market even in the absence of a jam-packed event calendar.
If we can help out in this regard, please let us know. We’re currently updating our pricing; we would love to hear feedback as to what’s working for you right now, and we’ll share what’s working for us.
Visit our website or give our office a call any time if you have questions or concerns we can address. Stay safe and have an awesome summer.