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Revenge travel is a new tourism trend coined by the media in 2021. The term refers to enthusiasts revenging COVID-19 restrictions that prevented them from traveling. As a result, hotels and airlines saw a dramatic rise in bookings even before the laws were lifted.
On May 5th, 2023, the World Health Organization officially ended the pandemic. Therefore, 2024 is the first year with no restrictions, meaning the latest craze is in full swing.
If you own a short-term rental, revenge travel will affect you. To uncover why, read our insider guide until the end!
Increased Demand for Short Term Rentals
In 2022, experts valued the short-term rentals market at around $100 billion. They predict that that figure will grow to almost $229 billion by 2030. This staggering statistic only highlights the ever-growing demand for vacation properties.
Due to lost time, people are searching for bucket-list activities. Unlike hotels, rentals allow visitors to indulge in unique local experiences. In addition, this accommodation style offers flexibility in terms of duration to help fit in with travel plans.
Higher Occupancy Rates
Higher occupancy rates ultimately lead to more revenue for landlords. Airbnb is the world's most renowned online rental platform, and the vacancy rate stands at 45%. Fortunately, travel revenge is in place to help fill your space.
There are some things to consider due to the increased number of guests visiting the home. A higher turnover rate means you should expand your budget for maintenance. Also, factoring in cleaning services is vital for creating an appealing flat.
Potential Pricing Opportunities
Revenge travel is rising, meaning more people are now exploring new places. However, it has led to a shift in how people travel.
Before the pandemic, short city breaks and budget-friendly travel options were popular. But since people missed out on traveling for two years, they now want to ensure they don't miss out on any of the experiences on their bucket list.
Festivals and events are high on people's lists and are a quick way to market a rental. If there's one in your area, people will be willing to pay more for accommodations to see the spectacle. This boosts the economy for you and local businesses.
A Busy Off-Season
Studies show that 85% of U.S. adults travel in the busy summer months. Whether you own a studio in Boston or a villa along Miami Beach, renting out the space is effortless.
However, the low season is a problem. As a landlord, you must create new ideas to attract clients and increase rental bookings at this time. Of course, it won't be as easy as peak season, but an upsurge in tourist numbers means you appeal to a wider audience.
People are traveling more during the off-season as it saves money on travel expenses. More visitors are also traveling now as it's a better time to request time off work.
Prepare for Revenge Travel in Wilmington
Revenge travel isn't a trend that explodes overnight and slowly trickles away. The craze is here to stay, and this is just the beginning.
Airlines have already started adapting to revenge travel. Now it's time for short-term rental owners.
Do you want a strategy to ensure you utilize this golden opportunity?
If so, work with a firm with decades of experience and a manager with extensive local knowledge, and hire PMI Wilmington Manager Services!
