All Forum Posts by: Jeffery Wilen

@Lauren Kormylo

I got the same message from AirBnB. It’s an interesting fund, AirBnB decided who needs to get it based on their analysis of how your bookings are impacted. There isn’t even an application process. Seems to be more of a public relations move, that they’re “taking care of their hosts.”

This certainly isn’t seen nationally. In the jurisdictions that I invest, you have 12 months to replace what was in place as a legal non-confirming building/use. After that you must put a conforming building in place. But you are able to replace, and they make you stick to replacing, not expanding or improving. 

@Casey Maeda

Based on my experience I believe that C and D class MF will be better than A class. People are changing their mindset about what they can afford. Many tenants that used to look at an A class property are now looking B and C. As an example, we have a 1BR unit that was supposed to be vacant Mar 31st, tenant extended until April 30 to wait for their next apt to be ready. 
A year ago we had 25 inquires about this unit. To date, we’ve had over 150 inquiries for this unit. Our applicant pool has higher income level(50% higher) and credit scores(75-100pts) than what we saw a year ago. This is only one anecdote, but it is a very significant change. 

Where in MD? We use Kirsch in North East. They’re still open as they’re also a law firm. 

Glad I didn’t read Russel’s post while I had coffee, may have come out my nose...

On a serious note, our location is somewhat unique as we’re not a pure vacation nor a big city.  We’ve had cancellations for weddings, baseball games, conferences etc. most of those were 2-3 day bookings. They’ve been replaced by some 2-3 week bookings at a lower daily rate. They’ve been for “essential” workers needing to travel, but wanting to avoid a hotel. Or for those that want to stay in but not at home.  Overall, revenue is unchanged but income will be up with less turnover. So we’re staying with plan A. If needed, we’ll do LTR. There’s big demand for that in the area. Have a 1BR/1BA nearby coming vacant at the end of the month and have had over 100 inquiries for it. 

Thanks for doing so, lots of knee jerk reactions happening. 

Those are the headlines, but you need to read the actual release from the Gov. We’ve lost vacationing guests, but have picked up essential employees need a place to stay. So the stays have gone from a weekend or 3-5 days stays to 2,3,4 week stays.  

The wording I’ve read on the bans being implemented so far do not state “short term rental” but rather vacation rental. 

It’s easier to deal with short term, you can legally just lock them out. Since we use electronic locks, that’s really easy for us to do. Long term tenants can’t be locked out of their unit in all jurisdictions that I am knowledgeable about. 

So, do they have exceptions for medical personnel coming to help with the outbreak who don’t want to stay in a hotel? Thinking of those that are staying less than 30 days as that’s typically the cutoff. Or what about other temporary employees that are in essential businesses.