Tesch said he was further surprised when he consulted an Airbnb / VRBO survey that showed that almost 24% of the days in the first quarter of this year were 28-day rentals.
“What we like is the stability in the market. As a lender it’s very simple, we want to know that our customers can call in tenants on a recurring basis so they can pay their mortgage – and that’s exactly what happens according to our data, ”he added.
He also found that around 60% of people drove to these rental properties by car instead of flying, suggesting whole families were away for long periods of time, often to places that weren’t necessarily considered tourist destinations.
Much of this could be attributed to the pandemic, he suggested.
“People who did Airbnb in the suburbs found that these short-term rentals were booked by people who just wanted to get out of their homes and go elsewhere,” he said.