Traveling doesn't just relax the mind and broaden your worldview. Many experts believe that it also offers physical health benefits like a better immune system and lower risk of heart disease.
It makes sense, then, that revenge travel is spiking right now.
But what does this mean, exactly? Why is it important for vacation rentals? Read on to learn more.
What Is Revenge Travel?
The COVID-19 pandemic was extremely traumatic for people across the globe, and it's no surprise that people want to reclaim their lives as its horrors subside.
Revenge travel is one way of doing this. The term refers to the worldwide phenomenon in which people book trips to make up for those that they were unable to take during COVID-19.
This goes beyond a fun conceptual idea. 2023 figures confirm that people booked a record number of trips last summer. Almost a third of Americans went on vacation during this period, and they show no signs of wanting to stop in the future.
What Does It Mean for Vacation Rental Owners?
More vacationers mean that people will travel throughout the US more. If you own a rental property in Galveston, Texas, you'll have a bigger pool of potential vacation renters to choose from.
This is great because you can be choosy about tenants. Meticulous background checks can help you ensure that you're giving the keys over to someone who will treat the property respectfully.
You also will be able to rent the property for more money. This is because more vacationers create a more competitive market. People will be willing to pay more to stay at nice vacation rentals since booking will be more difficult and competitive.
Basically, revenge travel is great news for those with rental properties as well as people visiting new places!
How Can You Rent Out Your House the Right Way?
Partnering with a Texas property manager is the best way to rent your vacation home out the right way.
As a landlord, it can take you days to find quality tenants. Sending in cleaning crews and maintenance teams between short-term guests is also important so every vacationer has a satisfying and memorable stay. This can be a lot to handle for one person, and spending so much time on busy work negates the purpose of passive income.
Plus, since you don't have expert screening tools or pre-existing professional connections, it will be challenging to do these tasks effectively.
Professional Galveston property managers can help your rental properties thrive. You'll rent out your house with minimal downtime and low vacancy rates. We'll also help you market to those visiting popular tourist attractions so that you can get more renters.
Manage Your Rental Properties in Galveston, Texas
Now that you know how your vacation rental can profit from revenge travel, it's time to begin managing your property easily and efficiently. Our team is committed to providing tenant screening, maintenance, and other property management services for landlords across Galveston.
Contact PMI to schedule a consult and discuss how we can help you turn passive income ASAP.
