How Would a Recession Impact Your Short-Term Rental?
As the government debates how to cut spending at a time of unprecedented debt, the trickle-down effects of a potential recession are hitting everyday people in different ways. If you own a short-term rental property in Scottsdale or Phoenix, AZ, here’s what you should know about the future.
Despite all the doom and gloom of layoffs, we are in a different position than recent recessions of the past. The unemployment numbers, while certainly falling in some sectors, aren’t uniform by a long shot. Tech may be seeing an exodus, but there are still plenty of companies that are hiring.
In terms of economic sentiment, basically, how consumers feel about whether they’ll spend, pessimism is running fairly high. The inflation and the news have made a distinct mark on whether people are ready to part with some of their hard-earned dollars. However, there does seem to be one key area of spending that isn’t falling into that trap.
Why People Are Still Vacationing
It’s not that travel is immune from a recession, but the demand for short-term rentals isn’t falling the same way that spending in other categories is falling. The good news is that experts don’t expect it to fall either. This doesn’t mean that people aren’t changing the way they travel. They’re more likely to stay close to home, so they can at least cut back on transportation costs.
This is something of a byproduct of the pandemic, but it’s also a nod to people’s desire to get out of their regular routine and try something new. Property managers in Phoenix, AZ have seen just how powerful it can be for guests to experience a city in an entirely new way. It gives them a fresher perspective on the world around them, a truly priceless benefit.
Property Managers in Scottsdale or Phoenix
Sojourn Properties LLC is a rental management company serving the areas of Scottsdale and Phoenix. Part of our job is monitoring the trends of the economy, so that our clients can navigate the changes and make adjustments. From online visibility to price, we help you thrive no matter the climate. If you want to make your property as recession-proof as possible, contact us today to see how we can help.