Anyone Have an airBnB in Central Florida?

12 Replies

Does anybody own an airBNB in Central Florida who could share their recent history with it? I would really like to get into STR at some point with one of my next houses, but now does not seem like the right time.

I would be very interested to know how you are doing if you own one or more, and if your strategy has changed at all during the COVID situation. Maybe a price decrease or a lower cleaning fee? 

I ask because I have a rental property in a development where I know the house across from me is a STR. Lately I have seen people in it everyday.

-Matt

Currently regulations have changed due to covid. Only a certian amount of individuals allowed in parks and if they come from certain areas they must quarintine for I think 10-15 days before they can go to some of the parks. 

Working in long term rental we have noticed an influx of short term rentals jumping ship to long term.

The benefits of long term VS short term durning COVID.

You don't pay for internet or utilities, You don't pay for tourist tax, don't have to provide furniture or buy new furniture every so often, you won't have a vacancy period durning the slow season, don't have to pay for advertising year round and don't have to worry about paying for turnaround every time someone occupies. Regulations have changed where units have to be sanitized.

It up to you but if you really want to dive in to short term I would start looking at DavenPort area or Kissimmee, FL. They are closest to the park.

Hi again Matt

We manage about 70 STRs in Orlando. We use Key Data Dashboard, the leading STR data gathering system in the industry. Our average occupancy for Davenport and Kissimmee 4, 5, and 6 bedroom homes was 70-75% in June. In July it's trending a bit lower because of the spike in Covid cases. Once that normalizes, Disney reopens and travelers regain confidence we expect occupancies to trend up again.

We have decreased prices but increased cleaning fees to cover additional CDC cleaning and disinfection standards which we highlight in our listings. This has helped with bookings. We have also loosened our cancellation policies.

The ROI to investors is still significantly higher with the right vacation rental. Travelers are strongly leaning towards vacation rentals instead of hotels as they feel safer in a more private environment, so long term the future is bright.

It depends on your risk tolerance but we anticipate significant buying opportunities over the next months as owners may divest themselves of their second homes if their financial situation changes. Good luck!

Alice 

Originally posted by @Alice Horn :

Hi again Matt

We manage about 70 STRs in Orlando. We use Key Data Dashboard, the leading STR data gathering system in the industry. Our average occupancy for Davenport and Kissimmee 4, 5, and 6 bedroom homes was 70-75% in June. In July it's trending a bit lower because of the spike in Covid cases. Once that normalizes, Disney reopens and travelers regain confidence we expect occupancies to trend up again.

We have decreased prices but increased cleaning fees to cover additional CDC cleaning and disinfection standards which we highlight in our listings. This has helped with bookings. We have also loosened our cancellation policies.

The ROI to investors is still significantly higher with the right vacation rental. Travelers are strongly leaning towards vacation rentals instead of hotels as they feel safer in a more private environment, so long term the future is bright.

It depends on your risk tolerance but we anticipate significant buying opportunities over the next months as owners may divest themselves of their second homes if their financial situation changes. Good luck!

Alice 

 Hi Alice!!!

Thank you for that information. I'm actually surprised its that high in the 70% for occupancy. You must be doing something right. Are you just the property manager for these places or an owner as well?

I agree for sure. I think if the Covid situation continues we could be in for a buyers market. I doubt prices for homes will dip that much, but anything is better than nothing.

Thanks for replying,

Matt

Hi Matt!

Thanks for the kind words! We are strictly property managers and marketers. We have a F/T revenue manager who stays focused on occupancy and revenue. That helps!

It will be interesting to see what happens with the market!  So far, so good. All eyes are on Disney and the reopening yesterday. So far response from visitors is positive - they are having a great time and feeling safe. 

Alice

Our average booking window through June 30 was 29 days. That's lower than normal because we're relying mostly on local travelers. (though we do have some who will drive LONG distances to get here, say from the Midwest)

@Matt Nico - I have 3 STR in Davenport FL, my occupancy rate between all properties is 88% for July, 87% in August (still have time to rent), at about 70% for September already. My nightly rate average is 4% higher than last year.

The biggest change for me since COVID has been an increased number of cancellations, 100% domestic guests versus a large amount of international guests, and due to COVID guests stay inside the house much more than they used to so I've been having a lot more wear and tear issues than I used to.

My nightly rate is about $14/night higher than houses in the area

Originally posted by @Carlos H DeOliveira :

@Matt Nico - I have 3 STR in Davenport FL, my occupancy rate between all properties is 88% for July, 87% in August (still have time to rent), at about 70% for September already. My nightly rate average is 4% higher than last year.

The biggest change for me since COVID has been an increased number of cancellations, 100% domestic guests versus a large amount of international guests, and due to COVID guests stay inside the house much more than they used to so I've been having a lot more wear and tear issues than I used to.

My nightly rate is about $14/night higher than houses in the area

 Carlos, 

That's sweet. Thanks for sharing. Where in Davenport are you? I'm willing to bet we have properties within 5 minutes of each other. Providence? Reunion? Championsgate?

I see you are from Rhode Island. I guess you do out of state investing then?

@Carlos H DeOliveira

Thats the development off Old lake wilson and osceola polk line road right? I actually was checking out an MLS listing in there the other day. I own in the next development over. Small world.