Many of us are excited to bring in the new year of 2023. One of the biggest questions we get from our second home owners and our investment cabin community is what does it look like for rental proceeds this next year?
This is a great question! Of course, predicting is always an art and not a science, but I’ve always loved art (and always enjoyed studying science). So really with a good combination of analytics and a sense that is more an art form, here’s our best shot at it.
What to Expect for 2023...
Our location is just superb! We are within one day’s drive for 70% of the US population. We have the most visited national park in the US. We outrank the Eiffel tower and the Roman Colosseum in visitors each year. When America is stressed, they tend to want to run away to the mountains. They also favor locations they could drive to, something close enough for that last-minute decision to spend the weekend relaxing. They also favor locations that have a slower, more relaxed pace, somewhere more family oriented, with a variety of events, shopping, hikes, rafting, sports, entertainment, arts and crafts, and let’s not to leave out the infamous car shows. It also doesn’t hurt that our most famous citizen Dolly Parton continues to promote us. Her Dollywood theme park was voted the number 1 theme park in the us by Trip Advisor and ranks number 8 in the world! Therefore, our expectation for 2023 is that overnight cabin stays will continue to be extremely strong.
Many of you may have noticed an uptick in rentals during Covid. As Americans sought to escape their “locked-down” home for destinations that offered a much more relaxed place to often “quarantine” themselves. Many of our visitors during this time frame also were working from home and homeschooling their children. Top notch properties will continue to rent at this pace. The report from these new guests to our area included statements like, “we’ll be back!” and “we had no idea what a find this place is!”
However, even with the expectation for continued strong interest in our area, this is not a time to sit back and allow your cabins to become worn from the heavy rental season. Refresh them! Keep them updated! Cabins are still being built, and the newer cabins will be naturally favored so don’t become complacent in what yours has to offer. Items to pay attention to include:
- new bedspreads
- new rugs
- updating the décor and game rooms – especially the electronic games.
- check your kitchen to make sure there are enough spatulas, knives, and mugs
- Throw away anything chipped, dinged, or scratched
Then sit back and enjoy your investment! And be sure to come and stay in your second home that is paying for itself at least once this year! The best way to critique the condition of your investment is to use it yourself, so you can see what it needs to compete for guests.
