In Wilmington, NC, there's been a noticeable shift away from the once-popular Airbnb trend. The charm of short-term vacation rentals is losing its sparkle, with more folks opting for the stability of long-term stays. What's causing this change? Let's take a closer look at how the rental scene in Wilmington is evolving.
Shifting Away from Airbnb
Airbnb is a popular rental investment option in the Wilmington-area with the beaches, historical downtown, and university. However, the Airbnb market, once a very profitable venture, faces saturation issues. The profitability outside of the months of May-August has declined for many properties. Unless your property is within walking distance of attractions like downtown or a beach, bookings tend to dwindle after September. The unpredictability of Airbnb income has left many property owners seeking a more stable income of long-term rentals.
Cons of Furnished Rentals
If you're shifting from short-term rentals to long-term, you may be tempted to keep your property furnished. However, we strongly advise against furnished rentals. Why?
Well, for starters, most people, especially those planning to stay for a year or more, prefer bringing their own stuff. Plus, leaving your furniture behind adds wear and tear on items that can become a headache. Leaving furniture behind not only contributes to potential confusion but also raises liability concerns. In our experience, managing furnished rentals doesn't work out too well.
The reality is, some furnished rentals have lingered on the market for 60-90 days because the demand for long-term furnished options is simply not as high as one might think.
As the Airbnb market saturates Wilmington, property owners are seeking more dependable income streams. If you are considering the shift from Airbnb, take our Free Rental Analysis. We will create a comprehensive analysis of how your property will perform as a long-term rental.