Many landlords of short-term rental properties rely on travelers, whether seasonally or annually, for their revenue. A change in overall travel patterns can bring significant change to income and potential income, even if temporary.
Fresh research, as linked to below, shows major changes in travel trends, ranging from which age groups are traveling more and less often, and adjustments in their spending habits. As the holiday travel season begins, we are seeing data about how consumers are adjusting travel plans.
If your real estate property, investing, or brokering depends in part or in full on related travel, a big part of the long-term success plan is being able to correctly anticipate what is coming. If you foresee problems with your typical customers coming to your location(s) of interest, you are more likely to have time to make adjustments. You might be able to adjust the length of time for your tenants to stay, or be able to offer something more easily affordable to keep the property occupied or active.
Anticipation does not have to be a guessing game. It should not be. This is why and where continuously doing research comes in. Some people have the "If it works, don't fix it" theory when it comes to their properties, investments, and opportunities. However, there is still a need for maintenance no matter what. I am always telling my clients, students, and valued connections about monitoring your current situation for possible changes. Meanwhile, I'm helping others to monitor numerous situations. Being able to properly anticipate could make you "first in" on the best possible timing to make an offer or create a profitable new opportunity!
https://www.deloitte.com/us/en/insights/industry/retail-distribution/holiday-travel-survey.html
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