With COVID-19 restrictions winding down, the travel industry is looking forward to what the rest of 2022 will bring. According to research from Evolve, 80% of travelers are moving forward with vacation plans for 2022. Almost 90% say they plan to book a vacation rental at some point this year. Furthermore, worldwide revenue for the vacation rental industry is expected to reach $81 billion this year. Most of that revenue will come from the U.S. All in all, this is great news. While nothing is set in stone, vacation rental industry growth is highly likely in 2022.
This year, we also predict that a few specific trends will take off. Ultimately, the pandemic has completely transformed the vacation rental landscape. Exciting changes are on the way, and property owners will need to adjust their strategy accordingly.
In 2020 and 2021, the average stay lasted around 4 nights. This year, that number is expected to climb to 5-7 nights. In these stressful times, people want plenty of time to enjoy their vacation when they travel. This is great news for those who work in the vacation rental industry. Essentially, longer stays equate to a steadier occupancy rate. If your bookings occur mostly on weekends, it’s likely that there are more gaps in your calendar. A longer stay boosts your ROI and increases demand. Travelers perceive your property as more valuable when it has limited booking availability.
People enjoy the flexibility of working remotely because they can do so from any location. Therefore, more travelers will be booking stays to work and enjoy local activities in their downtime. This is why vacation rental owners must ensure they have a comfortable property. This year, some visitors will be spending more time in their rental units as compared to traditional vacationers. By providing a wide range of amenities, you will be able to keep these guests coming back.
It’s no secret that vacation rentals are a great way to supplement your income. Today, people from all walks of life are looking for new ways to earn money. When the vacation rental industry booms, everybody wants a slice of the pie. Of course, with more people owning vacation rentals, there will be more competition. Rental owners will have to work harder to make their property stand out from the crowd. Additionally, reviews will be more important than ever. With so many options to choose from, travelers will select the best of the best. Gain a leg up over the competition by maintaining your reviews and responding to problems quickly.
At Kingfisher Vacations, we provide high-quality property management services for vacation rental home owners in Sanibel and Captiva, FL. What’s better than owning a rental property by the beach in sunny Florida?
Join the Vacation Rental Industry and Partner with Kingfisher Vacations Today
Our experts at Kingfisher Vacations are here to assist you in finding the ideal property in Sanibel and Captiva Islands. We have over 56 years of experience in the vacation rental industry and can offer you the absolute best service given our vast knowledge of the area. Our gorgeous private properties have heated pools, hot tubs, stunning ocean views, delightfully bright décor, and boat docks. We provide you with everything you could ever want for your property. Visit our website, email us at info@gokingfisher.com or give us a call today at 239-472-2100.