Also in my building several owners stopped renting short-term and moved to rent long term. I am also looking to place my apartment for long term rental as I am going to be forced out of BA. There is a noticeable difference with tourists. I don't see many now compared to before this time.Yes I think that must be the case. I mentioned yesterday that 2 Airbnb units in my building have switched from short term to long-term 1 and 2 year leases. The owners got tired of paying monthly condo bills and utility bills which kept going up. Now the new tenants pay those things and it is guaranteed income for the owners. One owner told me that it has been very slow so far this year in a normally busy time. I believe tourism is down quite a lot. Some estimates say 40%.
That is good but what caused it to go down? In my building they stopped going up as high as 2024 but prices are not coming down. I wonder how prices can go down if inflation is still 3% a month.In a bit of good news, I noticed this is the 2nd month in a row where my HOA bills have actually gone down. There will probably be constant challenges with expenses as inflation is still a factor. Also, utilities will most likely keep getting raised and salaries will go up but this is the second month in a row where they not only went up but they came down. We will see what the long term trends are in HOA fees.