Travel Trends: Supply Growth in 2024

As we navigate the landscape of the vacation rental industry, it's crucial to stay informed about the trends shaping our future. For 2024, experts predict a year that closely mirrors the challenges and dynamics we encountered in 2023.

The market is witnessing a significant influx of newly constructed condominiums, cottages, and houses. The introduction of this new inventory is coinciding with a notable surge in insurance premiums, leading to special assessments and increased HOA dues. In response to these financial pressures, owners who have never explored rental options are now considering vacation rentals as a means to offset expenses. This surge in supply, coupled with the impact of rising insurance costs, has created a scenario where demand doesn't quite mirror the levels observed in 2021 and 2022.

Despite these challenges, there is a silver lining. We have proactively embarked on the summer season, and early indicators are promising. Advance summer bookings are currently surpassing 2023 figures, and spring reservations are pacing in line with the previous year. We are diligently monitoring rates and occupancy daily. Our commitment is to adjust strategies accordingly, ensuring we maximize your revenue potential while delivering an exceptional guest experience.

Thank you for entrusting us with the management of your properties. We remain dedicated to navigating these challenges together and optimizing the outcomes for your investments.

Currently, itrip is outpacing our local market in bookings through July 2024.

January: up 22% over our local market

February: up 26%

March: up 7%

April: - 4%

May: - 4%

June: up 25%

July: up 18%

August: up 1%

September: even

October: up 3%

November: up 3%

December: up 1%

*data provided by KeyData