In a blog written back in April “Vacation Rentals During Covid-19” I talked about Real Estate, The Economy, Travel and finally lead to Vacation Rentals. At the time, Vacation Rentals had tanked while we all quarantined in our homes. One piece of that blog that stands out:
The head of the American Hotel & Lodging Association said the industry impact is “more severe than anything we’ve seen before, including Sept. 11 and the Great Recession of 2008 combined,” lodging analysts have also said that “leisure travel snaps back quickly after a downturn…pent up demand can lead to a sudden spike…” and “once the virus is under control and business normalizes, travel could rebound fast.” The yearn to travel is one with health benefits, stress reliever, growth; we will travel again when we are able to. \
How right the head of the American Hotel and Lodging was to predict that leisure travel would snap back quickly after a downturn. Year over year, our rental homes are booking quicker than ever. Just last month (August) our properties averaged an occupancy rate of 87%!
Why Vacation Rentals are Booming
COVID PENT UP: People have been itching to travel and continue to do so after being shut down. People are looking for ways to enjoy safe travel (Vacation Rentals)
LOCAL TRAVEL: Covid has shut down much of the world and the jet setters continue with the itch to travel. Below the graph shows Hotels searches in 2020 vs 2021 (International vs Domestic) Domestic trips increase 15 percent from last year. And booking site Travelocity noted that most hotel bookings are within 100 miles of where travelers live.
RELOCATION: During the pandemic many companies are realizing that productivity outside of the office is possible. We may being to see a new trend of people taking longer trips (combining work & pleasure) A trend Airbnb chief executive Brian Chesky believes was already in motion prior to Covid.
PRIVATE TRAVEL: Covid is having people stay arway from crowds and until we find a vaccine, many people may continue to feel safer staying in a private accommodation (Vacation Rental) vs a Hotel.
If your looking to hire a Vacation Property Manager, we are genuinely happy to partner. We don’t believe in long term contracts and we only earn money when you do.