IS LONG TERM RENTING THE WAY FORWARD? DO YOU STICK OR TWIST. READ OUR ARTICLE NOW.
As we all sit here dissecting the current predicament and what the future holds for rentals in Marbella. One thing is for sure at the moment, we can’t rent our holiday apartments.
At the point when this article is written, the state of lock down on the Costa del Sol is stated to be until the 9th May 2020. Even then, there is speculation that flights will not be allowed to take place for the foreseeable future. This could not come at a worse time for owners and agents of holiday rental apartments. The period of May onwards would usually mean the start of the holiday rental period. This would be where short term holiday owners would make most of their profit on their properties. During the current lock down, no holiday makers can stay in these properties and even when the lock down is lifted, “will there be any confidence in the market for people to want to holiday so soon after Corona Virus”?
So much speculation, but not many answers…..
Our company have already had numerous cancellations for the months ahead (that is without the cancellations for the periods during Corona Virus). Once again, July and August are usually the cash cow for Holiday Rentals on the Costa del Sol.
So what can we do?
Long Term Rentals have always been a safe haven for property owners. Why……..? Firstly, the property is always occupied. Which means, you always get paid. Even during tough times that we are experiencing now. The percentages are in the favour of the long term rental owner. Marbella Lettings are currently managing a large portfolio of long term properties where we manage the rental payments being received and there are always options available to both the rental tenant and the landlord (Marbella Lettings are always here to help with any advice should it be required – completely free of course). With a rent collected rate above 90%, long term rentals are definitely the safe haven in the current market and possibly the months ahead.
A possible option for many holiday rental owners is to take a long term rental for one year. The timing on this may work out perfectly if you can isolate and allocate a long term rental tenant straight away (with the right rental agent this should not be an issue). The positives for this are, at least you will have a financial return on your property rather than waiting for the unknown Corona Virus parameters to unfold. Your property will be available for holiday rentals during the peak summer periods of 2021.
This is the question. DO YOU STICK OR TWIST?
Our professional opinion would be to consider the option of long term renting for the time being and wait for the dust to settle.
Marbella Lettings are here to answer and help with any questions that you may have in relation to Renting Your Property. Our guidance and assistance is completely free of charge with no obligation at all. We would be glad to help.
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