How Are Folks Handling Coronavirus???
Greetings Fellow MyVR Peeps;
Hope everyone is healthy and well and staying safe!
I thought I'd reach out to see how people are handling their vacation rental(s) during these troubling times.
Are people seeing a lot of cancellations?
Are people seeing a slow-down in reservations (year-over-year) out more than 30-45 days?
Are people offering discounts/promos/etc to attract reservations for rest of year?
I have read that on a national level vacation rentals are down overall by slightly more than 55% and Google searches for vacation rentals are down more than 50%.
Interested to know how the MyVR community is trying to handle their businesses through this situations.
Thanks & be well,
I thought I'd share a few things we've seen.
The folks at KeyDataDashboard.com are publishing some graphs on what they're seeing industry wide. Look for the "Virus Impact" at the top of their website. E.g. here's their latest graph on bookings in North America vs 2019:
(source is KeyDataDashboard)
Lastly, I'll share that platform-wide we've seen bookings are down almost 70%.
There is also a massive spike in cancellations (10x the normal amount), with the peak cancellation volume coming around 3/16 - 3/17 after Airbnb allowed, and Vrbo encouraged, full refunds.
To put that in perspective, across all properties, we've seen some weeks in March and April hit cancellation rates as high as 80%. Cancellations appear to be focused mostly on travel within the following 30-45 days. Cancellation rates for June-July-August are still under 20% - not significantly higher than cancellation rates from prior years. Hopefully summer travel can be salvaged and we don't see a wave of cancellations for that in the coming weeks and months.
Amy Hinote at VRMIntel held a webinar yesterday that was mostly property managers talking about what they're seeing and how they're responding. Here's a link to the recording, if anyone wants to watch.
I would be interested in hearing what others are seeing and hearing.