A Real-estate agent from Phoenix flipped her four Airbnbs into long-term rentals.
Peggy Gascon said she enjoyed the "peace of mind" and stability as the short-term market shifts.
Gascon keeps her rentals furnished and is open to changing back to shorter rentals in the future.
The real-estate agent Peggy Gascon says she purchased a four-bedroom property in Scottsdale, Arizona, in 2018 to set as a "primo Airbnb" with a pool table, a bocce court, a putting green, and an outdoor pool.
Today, however, it's rented to four recent college graduates who each pay $1,125 a month to live in it year-round.
"I've been at this long enough to know markets go up, markets go down," she told Insider of her decision to switch.
Gascon, 70, has been in the real-estate business for 30 years and sensed more than two years ago that the tides were turning on short-term rentals. She said the shift was caused by a glut of supply and investors who paid triple the price compared to what she paid five years ago.
"They're basically overcooking the supply," she said of the Phoenix area. "It's the most overheated market I've ever seen in my career."
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