The Impact of COVID-19 on Short-Term Rentals
The team at Over Sea is dedicated to providing timely updates regarding COVID-19 and how it impacts our portfolio of real estate in Nova Scotia. Please continue reading to learn about how we are protecting our staff and guests, to understand the potential impact on the short-term rental market and for clarity on how we are handling cancellations. Although there are currently no cases of the virus in Nova Scotia, we are investing our resources and working overtime to stay ahead of this pandemic.
Protecting our staff and guests
The safety of our staff and guests will always be our first priority. The nature of our industry presents a high-risk, and at Over Sea we will handle this complex matter with the utmost care. We are in the process of employing the following additional measures to reduce the spread of COVID-19:
All throw blankets and decorative pillows will be stored in the closets of your property for the time being.
Staff will be required to wear gloves at all times during unit turnovers.
Commercial-grade cleaning products and instructions will be left for guests to use as needed.
Guests will be asked to strip their beds and place towels in the washing machine before departure (if applicable).
All surfaces will be disinfected between every stay, and all linens will be washed with a commercial grade bleach.
Impact on the short-term rental market
Although this pandemic is still in its early stages, it is certain that it will affect tourism and economies throughout the world. However, we are uncertain as to exactly how the short-term rental market in Nova Scotia will be impacted in the long-term.
Depending on the long-term impacts of COVID-19 on Atlantic Canada, travellers may or may not feel comfortable continuing with their planned road trips. It is likely that those who were expecting to travel out of the country this year will look to plan a different travel experience, one that is closer to home. This will most likely ensure that leisure properties in rural regions will see minimal impact, however, urban regions may notice a decrease in new bookings.
As essential business travel and leisure travel resumes, travellers will look to avoid public spaces such as hotels. Short-term rentals are well positioned to provide travellers with the privacy and safety they will certainly want during their travel in 2020. Travellers will recognize that as a professional property manager, we can deliver the highest level of cleaning standards. Further, the number of “Private Room” (a room in someone's home) listings will dwindle as individuals become more hygiene conscious. This should provide a boost to studio and 1-bedroom listings.
Provincial regulation regarding the registration of short-term rentals should continue as planned for April 1st, 2020. However, we expect municipal regulation from the City of Halifax to be delayed.
Cancellation policies
Over Sea fully endorses, and has adopted, the cancellation guidelines provided by Airbnb. In summary, reservations between March 14th and April 14th, 2020 may be cancelled by either the guest or the host, and a full refund must be provided.
At this time, Over Sea will not be cancelling any reservations. However, we will do so upon an owner's request.