2 of 6
BACKNEXT
Lost rental property income
Lost rental property income
One of Paradise Beach Homes' 140 rental properties in Pensacola, Fla.

With tourists canceling their beach holidays and vacationing fishermen forced to scrap their charter tours, rental property owners are facing a wipeout. In Florida alone, 478 claims were filed by the end of last week for lost rental income, and BP had already paid out $86,439.89.

Kevin Hayes, business manager of Paradise Beach Homes, a property management company that manages about 140 homes, says that "reservations fell off a cliff" a couple weeks after spill. Families looking to rent summer homes have been scared off by images of tar balls and oil-soaked animals in other Gulf areas, but cancellations at Paradise Beach began coming in when the crisis hit close to home.

"On Friday, the first tar balls hit Pensacola. That's when it became real," Hayes said.

Although Hayes has only just begun the claims process, he expects it to be onerous and ongoing. His homes go for $1,000 to $8,000 a week. Multiple that by 140 homes, and the potential loss totals as much as $4 million a month.

The oil spill could prove dismal for property managers, like Hayes, who expected a strong year. "It really is scary. The first four months and advance reservations were great," he said. "We were really on an upswing this year, but now, with this, we just don't."

NEXT: Dispersants

Last updated June 11 2010: 7:35 AM ET
More Galleries
World's Top Employers for New Grads For an exclusive CNNMoney list, research firm Universum Global surveyed college students around the world to see where they most want to work. More
A cheapskate's guide to tech From ebooks to phone service, here are some tips for living your digital life on the cheap. More
2015 Mustang's asphalt-peeling power goes modern The new Ford Mustang has been upgraded and updated to compete globally - but never fear, it's still a monster. More

Special Offer
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.