And as secondary home activity dwindles, some smaller housing-related businesses in leisure hot spots say they are feeling the pinch as well.
“Services for existing rentals has grown, but services for larger ticket remodeling work on new vacation rentals has stopped," said Tim Allen, owner of Kopa Home Services, based in Flagstaff, Arizona.
Allen has had to decrease unit prices in his separate vacation rental business, Local Vacation Team, to keep occupancy figures above market.
For Flagstaff, that figure is 14%, according to data from AirDNA, a short-term rental data provider.
"With the acceleration of the creation of vacation rentals during the pandemic, now if visitors are at 1,000, there are 3,000 rentals available,” he said.
Persons:
Kevin Lamarque, ”, Chuck Tuttle, they’re, ” Tuttle, Tuttle, Tim Allen, Jessica Lautz, Allen, “, Amina Niasse, Daniel Burns, Bill Berkrot
Organizations:
REUTERS, National Association of Realtors, William, Hilton, Lake Havasu, Federal Reserve, Mortgage Bankers Association, realtors, “ Services, Kopa Home Services, NAR, Thomson
Locations:
Island , South Carolina, U.S, Lake Havasu City , Arizona, William Raveis, Cape Cod, Massachusetts, Lake, Lake Havasu City, Flagstaff , Arizona, Flagstaff, AirDNA