23 Jun Vacation Home Owners Renting;Not Selling
Since the pandemic happened before Memorial Day, owners are cashing in and renting out their vacation homes.
There is an explosion of people looking to rent a luxury property this summer. Summer homes that feel like a resort in places like Malibu and Laguna Beach are extremely popular.
Rental prices have surged due to high demand. Some vacation homes rent for as much as $100,000 per month.
Before, in times like these, vacation home owners would look to sell. Right now, they are capitalizing on the opportunity to lease them out.
Lease purchases are occurring more often too. A lease purchase is where you lease a home for a few months to test it out and then commit to the purchase of the home.
If the pandemic happened in September or October, more vacation owners would be listing their second homes but since this happened before Memorial Day owners prefer to be
This report is brought to you by Michael Bloom, Hidden Hills Resident since 1977.
For a free market evaluation of your home or for any other real estate related questions or concerns feel free to reach out to me.