During the Covid-19 pandemic, international travel declined by 72%.
Most countries put stringent travel restrictions in place over the course of the pandemic that prevented anyone from coming in and going out. If you're a short-term rental owner, you definitely felt the impact of these restrictions.
Now that the pandemic is (mostly) in the rearview, travel is back in a big way. This travel boom has given birth to a new term: "revenge travel". In this post, we're going to discuss revenge travel and the impact it's had on short-term rental owners in San Francisco.
It's great for property owners to be making money again, but the rush of bookings can be overwhelming too. Keep reading and we'll tell you how to navigate revenge travel.
What Is Revenge Travel?
Basically, the concept of revenge travel centers around making up for the lost time during Covid. There's been an influx of travelers of all kinds who are booking longer vacations, both domestically and abroad.
Between March 2022 and March 2023, there was a 17% increase in airfare bookings. People are also willing to spend more on airfare, as well as vacation rentals. All of this bodes well for the short-term rental industry, but it'll also overwhelm unsuspecting rental owners.
More Short-Term Rental Bookings
San Francisco has and will continue to experience the brunt of revenge travel. Coming out of the pandemic, both American and European travelers are looking to book spontaneous, extended vacations, which means they're more likely to book comfortable short-term rental accommodations.
When it comes to property rental for vacations, people are looking for certain amenities. Those working remotely, for instance, will need WiFi and comfortable work areas. Families will need pet-friendly accommodations with outdoor comforts - pools, BBQs, hot tubs, etc.
Your ability to meet the needs of travelers will determine how lucrative your short-term rental is during this revenge travel period.
Maximizing Rental Income
So, how do you keep up with the demand?
The first thing to do is optimize your listings so that travelers can find them. Make sure to highlight the amenities and anything that makes your rental stand out from the rest. It can be beneficial to offer flexible cancellation, which entices guests who are traveling on a whim.
If you really want to maximize your rental income, hiring vacation rental management is the move. A short-term rental management company can take care of everything from dealing with travelers to marketing the property.
Having short-term property management is especially beneficial when you have multiple rentals. With the influx of travelers, having a professional stay on top of your bookings will ensure you're maximizing rental income.
Let PMI Help You Deal With Revenge Travel
Having an experienced property manager is everything. Revenge travel is a real thing and how you deal with it will determine how successful your short-term rental is. For San Fransisco property owners, PMI is the answer to all your needs.
We offer a full range of property management services. To learn more about them, click this link and contact us today to discuss your property management needs.
