Staycation for Urban Market Renewal
How the staycation could be a lifeline for the vacation rental industry.
Now is a fantastic time to be in the vacation rental/short-term rental space. Indeed, I know that sounds crazy. We’ve never had cancellations like this or even close. Prior to COVID-19 we only processed about 15 cancellations in a 3-year period. That all changed starting March 11, 2020. However, there is always a silver lining and always opportunity.
Part of our growth plan was to move outside of Indiana to include destination accommodations for our guests. We are currently 100% urban. All the short-term rental homes we host are in the city of Indianapolis. As more and more conventions and business travel became restricted or cancelled, it was looking bleak for our team.
Last Saturday night was the first time ever we did not have a guest. Our policy requires a two night minimum, and we’re always booked for the weekend. There’s a new tide coming in though, finally! As the financial impacts of layoffs, furloughs, and closings are starting to hit, we are seeing an uptake in reservations. This weekend we have 5 properties booked.
Locals that Staycation Support Local Business
Four of our sets of guests are locals, just needing a quick getaway during the quarantine. I think we’re going to see more and more of this. Locals will be our guests for a while. Whether you’re in a destination market, beach, ski area, or urban. Which is great for all of us who host and manage. There is plenty to go around because people will need “a getaway” no matter where they live. Even if it’s just a few blocks from home.
And this is where your local, professional property managers are going to make their mark. My team is all local, we love Indy, we love hosting. It shows in how we treat our clients (property owners), guests, staff, and all of Team EM (supply, cleaning, maintenance, lawn care, the list goes on and on). Our guests knew that before. Moving forward, they will know and feel that passion more than ever!
If your family or someone you know needs an Indianapolis staycation, please don’t hesitate to contact us. We’re also here for any college students, quarenteams, health professionals, or first responders in need of a change of space.