Any corona virus inpact on your STRs currently?

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Any corona virus inpact on your STRs currently?

Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes

Disclaimer: I think the Corona Virus thing is a bunch of fake news. It's no more deadly than the common cold.

That said, with all of the media hoopla about it, are you seeing any impact on your STR reservations? We are not; in fact, March is shaping up to be a record month for nights rented.

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Jon Crosby

Investor · Roseville, CA · Member since 2016 · 893 posts · 1k+ votes

@Collin Hays I personally have not but I'm on a forum with other STR owners in my area and they have received a few cancellations out of the Bay Area. Which is funny, because I would think if were scared of the virus, being isolated up the mountains and out of the city is exactly where you would want to be! :)

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Jon Crosby
Investor · Roseville, CA · Member since 2016 · 893 posts · 1k+ votes
6y
@Collin Hays I personally have not but I'm on a forum with other STR owners in my area and they have received a few cancellations out of the Bay Area. Which is funny, because I would think if were scared of the virus, being isolated up the mountains and out of the city is exactly where you would want to be! :)
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Michael BaumPro Member
Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
6y
No impact here.
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Carolyn Fuller
Cambridge, MA · Member since 2015 · 651 posts · 735 votes
6y
@Collin Hays Flu viruses kill fewer than .1% of people they infect. Coronavirus is thought to kill less than 2% of the people it infects but that is a heck of a lot more people than .1%. Scientists are predicting that within the coming year, some 40 to 70 percent of people around the world will be infected with this virus.

I don't think this is media hype.
To answer your specific question, I have a few upcoming visitors from Asia. So far none of them have cancelled.
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Collin HaysBusiness Member
OP
Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
6y
Originally posted by @Carolyn Fuller:
@Collin Hays Flu viruses kill fewer than .1% of people they infect. Coronavirus is thought to kill less than 2% of the people it infects but that is a heck of a lot more people than .1%. Scientists are predicting that within the coming year, some 40 to 70 percent of people around the world will be infected with this virus.

I don't think this is media hype.
To answer your specific question, I have a few upcoming visitors from Asia. So far none of them have cancelled.

40 to 70% infected? wow, let’s check back in a year and see if that happens. Sure hope not.
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Paul Sandhu
Investor · The worst town to live in, KS · Member since 2016 · 4k+ posts · 4k+ votes
6y
@Collin H.
No impact here, but I have some problems from a huge crane. It takes 30 days and 70 semis to transport and assemble. There are delays. It's delaying my renters.
The counterweight for the crane is 140 shipping containers filled with sand.
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Rob Massopust
Real Estate Broker · Santa Ana CA [South Coast Metro] · Member since 2016 · 459 posts · 202 votes
6y
I have a couple of corporate rentals and its been slow. Might be area or too much competition but the last listing we had I thought it would get more activity. 1 showing in last 2 weeks and 1 scheduled next week.
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Alan Ford
Rental Property Investor · Temecula, CA · Member since 2020 · 128 posts · 55 votes
6y
@Carolyn Fuller love a source on that that is actually science based?
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Carolyn Fuller
Cambridge, MA · Member since 2015 · 651 posts · 735 votes
6y
@Alan Ford The most useful article that I have found on the coronavirus, and the source I used for the above statements, is this Atlantic Monthly article:
https://www.theatlantic.com/he...
The scientist that is quoted as predicting that within a year 40 to 70% of the world's population will be infected with this virus is a Harvard epidemiology professor, Marc Lipsitch. But he is not alone. The emerging consensus amongst epidemiologist is that coronavirus is here to stay.
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Luke CarlPro Member
Rental Property Investor · Tennessee Florida · Member since 2016 · 4k+ posts · 5k+ votes
6y
@Collin H. I’m with you fake news.
If one of my guests canceled because of “Coronavirus” I would be psyched. Someone who is afraid to leave their house because of this thing is never going to be happy and therefore never leave a good review.
Now why can’t I get rid of this nasty cough? LOL
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Ken Latchers
Hatfield, PA · Member since 2012 · 1k+ posts · 629 votes
6y
The scientist is deeply wrong. It's been roaming around for a month and we're still at not that many people who have it. There are multiple vaccine efforts ongoing, are there other coronavirus types that have been around for a long time. Flu kills only 0.1%, but over 20 million Americans get the year and that doesn't even count the rest of the world. So you get 650,000 deaths worldwide and flu keeps changing itself. This coronavirus will be managed, it's just a matter of time

SARS also killed 2% of the people who had it and it wound up not being all that big a deal.

Originally posted by @Carolyn Fuller:
@Collin Hays Flu viruses kill fewer than .1% of people they infect. Coronavirus is thought to kill less than 2% of the people it infects but that is a heck of a lot more people than .1%. Scientists are predicting that within the coming year, some 40 to 70 percent of people around the world will be infected with this virus.

I don't think this is media hype.
To answer your specific question, I have a few upcoming visitors from Asia. So far none of them have cancelled.

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Michael C.
Investor · New York, NY · Member since 2019 · 91 posts · 92 votes
6y
We operate in New Jersey and Philly and are in a couple of private Facebook groups with operators in many different parts of the US
Most folks have had a few cancellation but no wholesale cancellation. Hawaii does seem to be impacted more given it is a pure flyto destination and people are flying much less now.
Separately, many of conferences, meetings, and conventions have been postponed or cancelled. So we are seeing some indirect impact from those cancellations. A friend in Columbus OH got hit bad by a convention being cancelled.

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Teresa Nelle
Real Estate Agent · Maui, HI · Member since 2019 · 35 posts · 18 votes
6y
Aloha, Maui is as busy as its ever been and I haven't heard anyone cancelling reservations. BTW, I am also involved in the travel industry as well.
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Odie Ayaga
Specialist · Delran, NJ · Member since 2016 · 2k+ posts · 951 votes
6y
I do think that 2% number is higher than reality only because many believe there are more infected than they think, but the symptoms aren't bad enough that people go to get treatment thinking it's something else.
I think it's a bit early to see much impact in the U to short term rentals. If more events get cancelled or more of the reported infections start popping up in localized areas I'd be curious to see how this topic goes.
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Carolyn Fuller
Cambridge, MA · Member since 2015 · 651 posts · 735 votes
6y
A study came out, I think on Friday, that estimates 1.4% but we aren’t really going to know for sure until more testing is done.
The lodging establishments that are currently feeling the effects the most are the hotels near convention centers.
The reason I think Coronavirus will not be nearly as bad as the 1918 influenza is that big events that draw thousands of people together are being cancelled. Our governments and our businesses are not being as cavalier about this virus as they were about the one in 1918.
That is likely to avert a repeat of the 1918 epidemic but it will negatively impact the tourist industry for the near future.

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John D.
Rental Property Investor · La Quinta, CA · Member since 2014 · 1k+ posts · 779 votes
6y
Fly-to destinations with lots of visitors from China, Italy, and other already-impacted countries are getting cancelled HARD. As the virus spreads, so will the cancellations. Most US drive-to markets should fare just fine.
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Lien VuongBusiness Member
Real Estate Agent · Boston, MA · Member since 2018 · 2k+ posts · 1k+ votes
6y
We havent had a reservation for our Asian condos in the past 60 days because of it. We are experiencing record high vacancy at the moment.
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Anand S.
Plantation, FL · Member since 2009 · 329 posts · 119 votes
6y
Some guests are writing and starting to hedge a possible coronavirus-related cancellation. Hopefully it doesn't happen, as these are the biggest money making months of the year.
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Julien Hochner
Lender · Farmington, CT · Member since 2017 · 16 posts · 11 votes
6y
Own 12 rental properties in Kyoto, Japan and we were expecting a stellar Cherry Blossom season (March-April) with approximately 90% occupancy. But unfortunately been getting a LOT of cancellations from March through September because of fear of the virus. We cater to foreign tourists with a lot of families including elderlies and young children.
A conference I was supposed to attend in Cannes, France mid-March was pushed back 3 months because of the virus. One of the biggest real estate conferences in Europe with close to 30k participants.
1 Reply
Ken Latchers
Hatfield, PA · Member since 2012 · 1k+ posts · 629 votes
6y
I hope you have strict cancellation policy with all your listing sites. Is not my problem somebody changes their mind. That is what trip insurance is for

posted by @Julien Hochner:
Own 12 rental properties in Kyoto, Japan and we were expecting a stellar Cherry Blossom season (March-April) with approximately 90% occupancy. But unfortunately been getting a LOT of cancellations from cMarch through September because of fear of the virus. We cater to foreign tourists with a lot of families including elderlies and young children.
A conference I was supposed to attend in Cannes, France mid-March was pushed back 3 months because of the virus. One of the biggest real estate conferences in Europe with close to 30k participants.

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Ken Latchers
Hatfield, PA · Member since 2012 · 1k+ posts · 629 votes
6y
I am seeing between 1 to 1.4% it's more likely. I think a lot of people probably had it and didn't even know it and they didn't die obviously. SARS was 2% and the world didnt end.

Originally posted by @Odie Ayaga:
I do think that 2% number is higher than reality only because many believe there are more infected than they think, but the symptoms aren't bad enough that people go to get treatment thinking it's something else.
I think it's a bit early to see much impact in the U to short term rentals. If more events get cancelled or more of the reported infections start popping up in localized areas I'd be curious to see how this topic goes.

0 Reply
Anand S.
Plantation, FL · Member since 2009 · 329 posts · 119 votes
6y
We have a strict cancellation policy but folks can still cancel without penalty due to extenuating circumstances such as this.
1 Reply
Julien Hochner
Lender · Farmington, CT · Member since 2017 · 16 posts · 11 votes
6y
@Ken Latchers
We do have a "Strict" cancellation policy which would allow us to collect on 50% of the booking but considering the situation my team and I have decided to fully refund every guest who decides to cancel their trip to Japan due to the virus. Most guest who cancelled have already rebooked or will rebook with us in the future once things clear up.
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Ken Latchers
Hatfield, PA · Member since 2012 · 1k+ posts · 629 votes
6y
That is one reason i am not a big airbnb fan

Originally posted by @Anand S.:
We have a strict cancellation policy but folks can still cancel without penalty due to extenuating circumstances such as this.

0 Reply
Ken Latchers
Hatfield, PA · Member since 2012 · 1k+ posts · 629 votes
6y
Almost no one is much of a repeat in my area, so I feel no obligation to let them cancel so I can lose money. Again, that is why trip insurance exists.

Originally posted by @Julien Hochner:
@Ken Latchers
We do have a "Strict" cancellation policy which would allow us to collect on 50% of the booking but considering the situation my team and I have decided to fully refund every guest who decides to cancel their trip to Japan due to the virus. Most guest who cancelled have already rebooked or will rebook with us in the future once things clear up.

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Odie Ayaga
Specialist · Delran, NJ · Member since 2016 · 2k+ posts · 951 votes
6y
@Ken Latchers I also don't think the world is going to end, but on the other end we're looking at 3 times as many deaths as SARS and MERS combined already. I think what we're going to see are a lot of mandated lifestyle changes (e.g. considering cancelling the Olympics and March Madness with empty arenas) that could especially impact STRs from a real estate perspective, but just the lives we're used to in general.
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