COVID-19 was a major hindrance to travel, with 50-60% of road and air travel being halted. With a potential resurgence about to hit, we may miss out on even more travel soon.
The result of all the missed travel and vacations untaken has been the rise of
"revenge travel." What is revenge travel, though, and why has it become so popular? We'll talk more about revenge travel and how to make the most of it in this article.
What Is Revenge Travel?
As intimidating as the name sounds, revenge travel has very little to do with revenge. It's about making up for lost time. The "revenge" in question is against COVID, rather than any person.
It's about taking trips now that people couldn't take because of COVID. Is there any place you want to go that you couldn't back in 2020? Now's the time to go there.
Where people are going on their revenge trip is interesting. Some of the suggested destinations for 2024 are Greece, Canada, and Colombia. Eastern Europe and Africa also appear on many travel lists.
People choose destinations for many different reasons, though. If you want to get into vacation rentals, consider many factors when choosing locations.
If you're an American citizen, the United States is probably where you should start. Overseas property might command higher prices, but it's more complicated to rent out an overseas property. You must pay property taxes in both countries, depending on how much you rent out the property.
Making Vacation Rental Work
How do you make it as a vacation property landlord? You could try any number of things. Lower rent is the simplest way to attract renters.
Keeping your property eco-friendly will also attract customers, and they're likely to pay more for the ability to vacation while doing little harm to the environment.
You could stay open in the off-season to benefit from those trying to avoid the rush. This should pay off in the long run because people are taking longer vacations.
Your vacation rental property may increase in value over time. Some of this is beyond our control. Property values might increase because more people are visiting the area each year.
You can do a few things to increase the value of the property yourself. One way to do this is to allow pets. Many rental and vacation properties don't allow pets, which is fine, but it closes them off to certain customers.
The other involves renovating the house. These don't have to be major renovations. Sometimes, a splash of paint or a new piece of furniture can make a difference.
Revenge Travel and What It Means for You
The advent of revenge travel has created a major opportunity for landlords in the travel industry. We've talked a bit about revenge travel, what it is, and how to make it work here, but there's much more to learn.
You can find some great information and advice by reading our blog. We can also help you manage your properties. We at PMI have been in this industry for twenty years and know the ins and outs of it.
We encourage you to contact us if you need help with any part of your landlord duties.