The number of guest reservations being made per day for United States vacation rentals is declining from its peak in May. Should you be alarmed? That depends on where you are. Some markets continue to see increasing reservation activity, and for those seeing a slowdown, there are a variety of potential reasons:
- Pent-up demand has been released and booking activity is returning to normal. These markets may have occupancy rates at or above last year for the rest of the summer. So as long as booking activity matches last year, there’s no reason to worry.
- There are no houses or nights left to book. A few markets, like the Outer Banks of N.C. and South Walton, Florida, are at close to 100% total occupancy for July. They may still be receiving inquiries, but rentals are already full.
- COVID cases are spiking in states that have reopened. Arizona, Texas, and Florida are popular travel destinations but are also experiencing increases in confirmed COVID cases, which means travelers may be more hesitant to book rentals. While that may justified alarm, some of the destinations in this category still have strong occupancy rates for the rest of the summer.
- Short term rental regulations or travel restrictions. Either actual restrictions, or fear of future restrictions, may be causing decreased booking activity.
What is happening in your market? If you don’t already know, contact us to find out.