This gives you time to reevaluate your vacation rental property. As guests cancel, your property will be free and clear of visitors.
If you look at this situation from a different perspective, this may be a great opportunity for your asset. The solution to your problem will likely come down to one of two options, sell your vacation rental property or convert your vacation rental property investment into a long-term rental property. Mortgage payments, HOA dues, and Utilities are still due, but the demand has completely dried up. With cancelations happening left and right and refunds demanded by tourists, vacation rental property owners are in a world of hurt and very concerned about what they can do next as their Orlando vacation property sits vacant. When the world goes into recession, everyday people begin to cut back unnecessary expenses, and that once a year trip to Disney World gets put on hold, and your booking begins to drop to non-existent. Unfortunately, COVID-19 has completely rocked our world, bringing central Florida to a screeching halt and possibly forcing us all into what looks like could be another recession. Orlando, Florida, had 75 million visitors last year (2019) as the theme park mecca continued to be the most visited destination in the United States. We are currently navigating uncharted waters.
If you own a short-term rental property, Airbnb, VRBO property in the Orlando and Central Florida market, you may be asking yourself what am I going to do? My bookings have been completely canceled for the foreseeable future. Airbnb, VRBO, and short-term rental properties take a huge hit. In times of economic distress, recessions, market contractions, and government-issued shutdowns.
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