When people think of the pandemic lockdowns, they remember canceling all their vacation plans. It's easy to forget that it also crippled the global tourism industry.
Now, everyone's travel plans are back in full swing. Airports this past summer had a so-called "flightmare." Though tickets were more expensive than ever, the airlines couldn't even keep up with the nightmarishly big capacity.
There's a name for the sudden influx of vacationing after a long dearth: revenge travel.
What is revenge travel, and how can it fill your "coffers" as a property owner? In this brief guide, we discuss how the post-pandemic travel season is a goldmine for property investors.
What Is Revenge Travel?
Revenge travel can be a confusing term. It's not some bizarre form of vengeance against someone who wronged you. Rather, it's getting revenge against the pandemic for the travel plans it robbed you of.
We're not just talking about taking that vacation you put off for a few years. It's taking double, or perhaps even triple the vacations now. Experts have seen quite literal off-the-charts demand in the tourism sphere.
Think of it as "catching up" on the vacation you missed out on in previous years. Do you find yourself going beyond your standard two weeks or taking more costly, frequent vacations than usual? That's revenge travel, and everyone is doing it.
The Problem With Revenge Travel
You may have noticed a problem already. People might be traveling more, sure, but traveling has become a nightmare. Canceled flights, exorbitant prices, and thick crowds are common everywhere.
What gives? Well, when tourism sank to an all-time low, tourism-focused industries scaled back. Markets like air travel had to cut staff in droves.
Across the world, tourist hubs had to find ways to avoid complete financial ruin. Demand ramped up to never-before-seen levels only once businesses had made said cuts. As a result, they had a fraction of the normal capacity in their moment of greatest need.
It will even out with time as businesses hire more. For now, though, there is an opportunity.
How to Profit from Revenge Travel
The hospitality industry also took a hit. Hotels and Airbnb owners couldn't fill their properties. With property taxes and upkeep looming, many sold properties or closed Airbnbs.
Now, we have the same situation as with the airports. Massive demand, contrasted with insufficient supply. There is no better time than the present for short-term rentals.
Short-term rentals are typically more profitable than long-term rentals. Aside from the risk of rowdy tenants, keeping the rental occupied tends to be the biggest challenge, until now.
So, capitalize off of the demand. Put your rental up on Airbnb or a comparable service. You can set your prices higher than ever and still fill the calendar with people.
Manage with PMI
Revenge travel is the phenomenon where people travel like crazy to make up for the pandemic's cruel isolation. Because of how the tourism industry suffered, capacity is insufficient for the unprecedented demand. Take advantage of revenge travel to get maximum profits from your short-term rental.
PMI handles the tedious parts of property management so you don't have to. Get a free rental analysis for your property today.