How's business, and what do you plan to do?

Question

I'm curious about housing inventory, and where it will come from. Short Term Rental investors, with gas prices being so high, are you seeing a slow down in renting properties? Are you holding your STR properties, turning into LTR or selling them?

Michael Baum · Answer

Hey @Karen Margrave, like @John Underwood, I am booked out for the season. Just waiting on the bumper season to fill up along with Thanksgiving and Christmas. Zero cancellations and almost all our bookings were booked a year ago. We are booking out for 2023 right now.

Not going to sell even though I get a call, email or text once or twice a week on it.

Might get another if I can find a good deal in the right place.

Not going to sell even though I get a call, email or text once or twice a week on it.

Might get another if I can find a good deal in the right place.

John Underwood · Answer

My STR'S are booked at top dollar with no slowdown.

I'm not selling anything.

I'm buying more LTR'S.

Nathan Gesner · Answer

My short-term rental has seen a significant slow-down this year. We've been booked solid for two years running. As of yesterday, I'm still open for 2/3 of August and only have one short reservation in September. The flooding in our area has closed Yellowstone and large portions of it may not open up this year. Add to that the cost of gas and our remote location, and odds are pretty good that our numbers will stay low.

STR is a great business, but the numbers have been higher than usual the past two years. I believe most markets will start to see things slow down and return to normal. It may even get ugly if inflation continues to rise.

Ken Boone · Answer

Mine are booked up at top dollar as well. In fact I just turned a new property online this past Saturday night, and since then just about have the summer fully booked.

Jessie Leonard · Answer

Mine have been max'd all summer. August has two weekends open, but Sept is totally booked.

Im also looking for another in the right spot!

Carolyn Fuller · Answer

Ditto. Fully booked with no intention of selling.

Tony Kim · Answer

Not the same thing, but my hotel syndication has resumed making distributions. This tells me that business is back to normal and folks are traveling and going on business trips. Gas prices are high, but like most things, the media likes to blow things way out of proportion.

Nick Rutkowski · Answer

@Karen Margrave

My STRs are booked solid, refied right before rate hikes soared. Looking to buy more properties once the dust settles a little bit more.

Carolyn Fuller · Answer

I had my first mention of gas prices from a guest today. She thought about cancelling her trip when she discovered how much the plane tickets were going to cost. I suspect I might see more cancellations in the days ahead.

How's business, and what do you plan to do?

How's business, and what do you plan to do?

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