Housing inventory help could come from short term rentals

ORLANDO, Fla. — It is no secret, there is a housing supply shortage in Central Florida.

Orlando currently ranks 15th in the country to see the largest revenue collapse in just one year for the short-term rental industry, a 35% drop.

With short-term rentals going unoccupied, one realtor believes it could open a doorway of opportunities for home buyers.  

Carlos Rocha is a realtor with the Bell Home Group in Orlando. He says between Osceola and Polk Counties there’s currently 325 short-term rental properties listed for sale. He believes that if many of those were purchased in the last year with high interest rates and a likely bidding war, then tough decisions are on the horizon.

“They are working with very thin margins,” Rocha says when referencing owners of short-term rentals. “When it comes to being in the red for more than two to three months, that will make them have to make a decision on their property pretty quick.”

In Orlando, Barbara Zoetewey has run an AirBnB out of the second floor of her home. For five years, she says it was a great way to make money. However, business this year is down 50%.

Barbara and her husband have listed their four bedroom two and a half bath townhome for sale. They believe with the way the housing market is currently, then can make double then what they paid for it when they bought it seven years ago.

“We were booked steadily when we first started five years ago,” Zoetewey explains. “It really started dropping off after the pandemic.”

News 13 asked Orange County if they have considered purchasing any short-term rental properties or short-term rental communities to help with affordable housing inventory. County officials reported that is not something they have considered at this point.