We're well past the worst of the Covid-19 pandemic, but the effects are still being felt.
It has changed how people live in various ways, and our approach to travel is one of them. The travel industry has had to adapt to this, and revenge travel is a booming trend as a result. Property owners can benefit from this as long as they understand what it is and how people are approaching it.
Let's take a look at travel after lockdown and what you need to know about it.
What Is Revenge Travel?
Revenge travel is a phenomenon that has arisen after the pandemic. It relates to people who have been very limited in terms of their travel opportunities and now want to travel a lot more than they did before. The term suggests these people want "revenge" for not being able to travel.
A lot of people plan to travel well in advance. This means many had to postpone or cancel their plans when the pandemic hit.
As the restrictions began to lift, these people gained an increased urge for post-pandemic travel. Through revenge travel, they can make up for the opportunities they missed.
Benefits of Revenge Travel
For rental property owners, there are several potential benefits of revenge travel.
The main advantage is the surge in demand for short-term rentals and other accommodation options. The higher demand is, the easier it is for property owners to make a profit.
This, in turn, can make expanding your real estate portfolio more lucrative and viable. If you have more money coming in, you can afford new investments. With the increase in demand, it's easier to recoup your investments faster.
Additionally, you're likely to experience lower vacancy rates. Whenever a property is vacant, it isn't making money. Having more consistent guests is crucial for maintaining a solid cash flow and maximizing your profits.
Taking Advantage of Revenge Travel
If you own a short-term rental, you can capitalize on this wave using certain strategic approaches. While those who own properties in the top destinations in 2024 will have an advantage, anyone with vacation rentals can benefit from revenge travel.
For properties you own in Kansas City, you want to target any tourists visiting the area. Make sure you do market research to get a better understanding of your competition. Look at what other property owners are charging so you can stay competitive.
Optimize your online marketing to attract more guests. You can also use social media to promote your properties and engage with potential guests. It can also be a good idea to offer promotions such as discounts for longer bookings as these will make your properties stand out.
Getting the Most Out of Your Short-Term Rental Properties
By capitalizing on revenge travel, you can boost your short-term rental income. Implementing the best practices for vacation rentals is the best way to maximize your profits.
PMI Destination Properties is a full-service real estate asset management company serving Kansas City and the surrounding communities. We pride ourselves on delivering exceptional service and use state-of-the-art technology to help us achieve this. Take a look at our short-term rental page for more information on our services.
