Landlords - Renting or leave vacant or AIRBNB?
Berkeley landlords what are you doing now with your vacant units? Are you leaving them vacant for the summer? Renting at below market value? Or converting to AIRBNB? We have a sudden vacancy and are finding Berkeley Rent Control laws have made it extremely unfavorable to rent right now. With rents in Berkeley about 20-25% below pre-COVID prices if we were to rent now once prices rebound, we will not be able to get fair market rent until the person moves. (We have one tenant who’s been paying $500 per month below market value of 8 years.) We don’t want to do that again. We are hearing many landlords are leaving units vacant so as not to be trapped in low rents. Or they are AIRBNBing.
Just wondering what other landlords in this situation are doing? Thanks