Real Estate Investor Short Term Rentals

[Joe Whitley]

What we are now experiencing in the short term rental market in post COVID hangover. This is not a bad thing for the ST market particularly if you have patience. We are experiencing a surge in last minute bookings. Unlike the past the guest audience in no longer planning their summer vacations months in advance. Instead they are looking for the last minute discounts. Therefore, if you are afraid you will miss the wave and drop your prices too early you will lose revenue potential. However, if you slowly adjust pricing in anticipation of a surge in demand you will experience greater returns. Just be patient. The Destin market was down 30 percent last year in short term rental income from the previous year. By following this practice I was up 3 percent from the previous year. You don’t need to fill your summer vacation calendar in April since the guest audience is no longer planning well in advance that is more characteristic of the pre Covid era.  Patience, patience, patience. 

[Erica Calella]

Quote from @Joe Whitley:

What we are now experiencing in the short term rental market in post COVID hangover. This is not a bad thing for the ST market particularly if you have patience. We are experiencing a surge in last minute bookings. Unlike the past the guest audience in no longer planning their summer vacations months in advance. Instead they are looking for the last minute discounts. Therefore, if you are afraid you will miss the wave and drop your prices too early you will lose revenue potential. However, if you slowly adjust pricing in anticipation of a surge in demand you will experience greater returns. Just be patient. The Destin market was down 30 percent last year in short term rental income from the previous year. By following this practice I was up 3 percent from the previous year. You don’t need to fill your summer vacation calendar in April since the guest audience is no longer planning well in advance that is more characteristic of the pre Covid era.  Patience, patience, patience. 

 Patience, patience, patience. I wholeheartedly agree. I was starting to worry because I don't have a high occupancy for summer months yet, but am noticing that the majority of guests are typically booking 3-4 weeks in advance.