West Coat Puerto Rico Airbnb Bubble?
HI all,
I ran a Airbnb for 3 years in Rincon Puerto Rico from 2016-2019. We sold be cause tenants sued the condo association to change bylaws to non airbnb friendly as it affected their use of condo. Long story but we sold. I have been monitoring the market for the past 3 years, and watching prices almost double. We bought our condo for $335k in 2016 with average nightly rental of $250 and now same unit is $650k with the same nightly rental. Prices are coming down some but its still crazy unless you go in all cash.
I understand Act 60 is a driving force of pricing and demand but its seems like the market is at a tipping point of saturation. Anyone have thoughts or insight on possible bubble burst in PR or numbers on ADR vs Sale Price.
thanks Scott