Spring 2024 Travel Update: A Challenging Start with Strategic Wins
The Spring 2024 travel season has proven to be more difficult than anticipated. While not ideal, several early indicators suggested this outcome was possible. Historically, election years tend to bring softer demand, and this year has been no exception. Broader economic conditions — including elevated consumer debt, high interest rates, and rising inflation — have added pressure. Notably, gas prices have increased 13% since January 1st.
Typically, March and April offer strong occupancy. However, Easter’s early arrival this year disrupted the Spring Break calendar across much of the market and region, leading to weaker-than-usual early spring performance.
March Still Delivers
Despite these headwinds, March ended up as the third-best March in company history on a per-unit basis. A major factor was the continued trend of last-minute bookings. For example, during one four-day stretch in late March, we secured approximately 5% of the month’s total revenue — a testament to our dynamic strategy and quick adjustments.
Compared to competitors in our region, our ability to spot softness early and proactively adjust pricing allowed us to minimize negative impacts and maintain strong performance for our owners.
Summer Outlook: Holding Firm on Rates
In the competitive landscape, we’ve noticed significant rate cuts for June and July by some operators. However, our current pacing does not indicate the need to follow suit. Summer occupancy is filling steadily, and demand for June and July remains far stronger than spring — even in a normal year.
Our current pricing strategy is designed to maximize your rental revenue during these peak months. That said, we continue to monitor booking activity and market data in real time and will adjust accordingly to ensure strong performance.