Pam Knudsen, a rental tax expert with Avalara, says platforms such as Expedia are seeing up to 96% drops in short-term rentals. However, there are options to help owners stay afloat, such as finding longer term tenants.
"Look at doing a 30, 60, 90-day lease because there are people that are still moving into a community that need a place to stay," she advised.
Knudsen added that includes nurses and doctors that are moving temporarily to help fight COVID-19.
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"The other thing that we suggest is for people to look at the health care workers that are coming in, and having some place that they can stay for the time frame that they're there and call home would be a benefit to everyone that’s involved," she said.
Knudsen also recommended getting creative with social media to find tenants and trying to stay optimistic.
"It was very much a growing market prior to all this happening and so it will grow again," she said.