With the Corona Virus Pandemic now affecting many different parts of the world simultaneously the effect on the Property Market has been quick and devastating.
With tourism now on hold globally and for the foreseeable future what effect will this have on Landlords who have used Airbnb and other short-term rental platforms?
Airdna reports that bookings have dropped by more than 80% across Europe due to the current crisis whilst supply has fallen it remains largely unaffected meaning there is now a large over-supply of available properties.
With new legislation coming into force in 2021 the big question is will the Airbnb market recover and what should Landlords who now have empty properties due to Corona Virus do?
Gallus Property took the decision prior to Lockdown in the UK that travel restrictions and confidence in this market will not return during the course of 2020 and with new Legislation coming out next year that the Airbnb / Short-term rental market will not recover in Glasgow. With the economic shockwaves globally to follow the pandemic it is highly likely that the global travel market will be severely affected for years to come.
We also believe that travellers habits may change in the coming years, with hospital cleanliness standards expected it may be that many travellers will opt for hotels over apartments, certainly in the short to medium term the confidence in the Holiday Let market will be low which will be reflected in travellers numbers.
Though the traditional rental market will see more properties come on board we strongly advise any Landlord that switching over from Airbnb to long-term rental is the only viable option. We have also had success in securing tenancies with video walkthroughs and no-contact check ins. Many tradesmen are still working on vacant properties so providing safety certificates has been straight forward for our Landlords.
If you are worried about a vacant property or your rental returns having dropped significantly then get in touch today and see how we can help. If you are unsure what rental return you could achieve then use our free online valuation