I read an article, somewhat recently, where I think Doug Brindley said that about 20% of his rentals were pulled out of the program after they were sold. Last year was the fullest I've seen in OBX. Do you guys think their will be a noticeable decline in crowds vs last year based on less homes being rentable? Or even if the above is true are more people sharing rental homes this year that would offset that?
Pulled out of Brindley's program, or pulled out all rental programs? A lot of folks shop around for PMs after a buying a new place, or go the Vrbo route. I suspect even the houses that are no longer renting will go back to the rental market after the world opens up and the owners spend more time in their offices or vacationing overseas.
Moving from one PM to another after a sale is quite common IF the timing is right. Most investors don't move if the rentals are soon to happen and the law requires you honor those rentals already booked BUT it does not say you must honor them with the same PM. Most don't move like that, they wait until it is easy to move in the off season. Buyers often think they will do better with a different PM. If Brindley lost 20% I am sure they got some joining in that were at a different PM last year to offset the 20% that left. Our office turns down more than we lose.
I don't see the over crowding like last year - yet. The summer usually has 100% of the rentals rented in July-Aug so it can't get but so crowded here - 100% full is still 100% full. This year is different, so far, in that the rentals are starting a month or more sooner than normal.