COVID-19 continues to reshape thereal estate market—this time, it's altering the short termrental market. According toa report by realtor.com,owners are transitioning properties from daily or weekly Airbnb andVrbo rentals to seasonal rentals, securing leases of one tothree-months in duration.

This spike in seasonal rentals isshowing up in certain tourist destinations: Nashville (185%),Austin (160 %), Orlando (82%), Las Vegas (56%), Chicago (49%), SanAntonio (49%), New Orleans (48 %), Honolulu (47%), Jacksonville(42%) and Bridgeport/Stamford, Connecticut (35%). Since the end ofFebruary, these locations saw an average increase of 74% inseasonal rentals, while seasonal rentals in the top 100 U.S. citiesrose only by 21%.

Renting out a home for one to three months represents a "massivechange" for owners who were accustomed to much-shorter termrenters, reports realtor.com. But the uncertainties posed byCOVID-19 makes longer term rentals an economic necessity.