B4 • Friday, Janaury 5, 2024
thegardenisland.com
THE GARDEN ISLAND
‘Bleisure’ travel gives short-term rentals a boost trips expected to extend their trips by nine days due to increased schedule flexibility. That is, bleisure travelers are taking much longer trips than they would have if they had to rush back to the office. This has profound implications for the lodging industry. “Half of nights booked are now over a week,” Lane says, referring to shortterm rental booking data. “And when people are looking to stay longer, there’s a higher propensity for them to book a short-term rental.” Many short-term rentals offer discounts for extended stays, which is attractive for bleisure travelers. And they provide home-like conditions that make them more comfortable for longer stays. “They want those amenities — a kitchen, workspace, etc.,” explains Lane.
ply is in the mountains and beaches.” Indeed, small city and ruRemote and hybrid work ral destinations saw the has affected many induslargest supply uptick in the first part of 2023, followed tries, from commercial real by suburban areas, accordestate to downtown restaurants. And it has impacted ing to the AirDNA and STR/ how many workers, unfetCoStar report. This has led to another tered by office attendance change in lodging preferrequirements, plan their travels. ences. Some call it “ bleisure “We’re not seeing a recovtravel,” “laptop lugging,” ery on shared rooms or stu“workations” or simply dios, they’re still below “blended travel.” The gist is 2019 demand,” says Lane. the same: Remote and hy“We’re seeing all that debrid employees extend mand growth in larger work trips to include leisure homes.” activities or work during Travelers combining their leisure trips. work and play are looking Whatever it’s called, it for larger accommodations could upend the traditional out of major cities that they divide between leisure and can rent for longer. All of business travel. these changes favor shortThe travel lodging industerm rentals over tradiMATT ROURKE / ASSOCIATED PRESS FILE try is already seeing the tional hotels. trend’s impact. Because According to Lane, these A sign indicating the availability of a home to rent stands outside a building in bleisure travelers’ needs dynamics are unlikely to Philadelphia on Wednesday, June 22, 2022. differ from those of tradishift in the near future as economic headwinds stunt tional vacationers or work new hotel development, This shift reflects changing ceeded 15 percent in every riods of work. That’s no lontrippers, existing lodging We can always (not) go leaving room for the numtraveler preferences and options — particularly hoquarter from the first quar- ger the paradigm for many downtown the ability of short-term tels — can fall short. This ter of 2022 through the sec- office workers with more ber of homeowners who list Combining work and play their properties on Airbnb flexible schedules. has created an opportunity rental hosts to react swiftly ond quarter of 2023, Far from being a pandem- has shifted what amenities to meet demand and fill the and appears to be fueling a to these changes. compared with below 5 per“We saw more and more boom among short-term vasupply gaps. cent growth for hotels, acic-only trend, the popularity travelers seek, and where people looking to convert The bleisure travel trend, of bleisure travel is increas- they’re traveling. While cation rentals such as cording to the report. their homes to short-term and its industry-shaking imAirbnb. More short-term rentals ing. For instance, more than business travel and busirentals,” says Jamie Lane, Quarterly demand are available and more trav- a third of workers plan to ness hotels are traditionally plications, could just be getgrowth for short-term rent- chief economist at AirDNA. elers are choosing them. do some work on holiday centered in dense urban ting started. “So supply could be added How does “bleisure” travel season trips this year (up cores, bleisure travelers ap- ••• als has outpaced that for in an instant. It takes 10 from 26 percent during the pear to be looking elsefactor in? This article was provided to hotels since the first quar2022 holiday season), acThe Associated Press by the ter of 2022, when travel be- minutes to create a listing, where. A new kind of travel — cording to a fall 2023 survey while building a hotel can “The vast majority of ho- personal finance website gan to fully rebound from and traveler NerdWallet. Sam Kemmis is the pandemic, according to take years.” by consulting firm Deloitte. tel supply is in large cities Indeed, the year-overVacations used to be a writer at NerdWallet. a 2023 report from AirDNA Importantly, remote emand along the interstate,” something that employees and STR/CoStar, hospitality year growth in supply of says Lane. “The vast major- Email: skemmis@nerdwallet. ployees who planned to short-term rentals has exsqueezed between long pe- work during their holiday industry analytic services. ity of short-term rental sup- com. Sam Kemmis NERDWALLET
Average long-term U.S. mortgage rate edges higher ASSOCIATED PRESS LOS ANGELES — The average long-term U.S. mortgage rate edged higher this week, ending a nine-week slide that gave prospective homebuyers some breathing room after home loan borrowing soared to the highest level in more than two decades. The average rate on a 30-year mortgage inched up to 6.62 percent from 6.61 percent last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.48 percent. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, kept easing this week, bringing the average rate to 5.89 percent from 5.93 percent last week. A year ago, it averaged 5.73 percent, Freddie Mac said. This week’s slight increase in the average rate on a 30-year home loan follows a sharp pullback in mortgage rates since late October, when its climbed to 7.79 percent, the highest level since late 2000. The move mirrored a decline in the 10-year Treasury yield, which lenders use as a guide to pricing loans. The yield, which in mid October surged to its highest level since 2007, has moved lower on expectations that inflation has cooled enough for the Federal Reserve to shift to cutting interest rates after yanking them dramatically higher since early 2022. The Fed has opted to not move rates at its last three meetings, which has also given financial markets a boost. “Given the expectation of rate cuts this year from the Federal Reserve, as well as receding inflationary pressures, we expect mortgage rates will continue to drift downward as the year unfolds,” said Sam Khater, Freddie Mac’s chief economist. Housing economists expect that the average rate on a 30year mortgage will decline further this year, though forecasts generally see it moving no lower than 6 percent.
Hawaiiana Management Company, Ltd. Serving Kauai’s Condo & Community Associations with award-winning service
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awaiiana currently serves over 60 residential and commercial associations on the Island of Kauai. Kauai native Sunshine Ruiz Hatto serves as Hawaiiana’s Vice President of Kauai Operations from its office at the Kukui Grove Executive Center in Lihue.
• • • •
Sunshine Ruiz Hatto Vice President Kauai Operations
WHIT VAN BLARGEN SR. MANAGEMENT EXECUTIVE
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Hawaiiana’s Kauai Properties: Alihi Lani Alii Kai at Hanalei Alii Kai II Aliomanu Estates Apopo Hale Emmalani Court Halaulani Condominium Hale Honu Halelani Village at Puhi Halemalu at Puhi Hanalei Bay Villas Hooluana Condo at Kohea Loa Hookena at Puhi Kahala at Poipu Kai Ka‘iulani of Princeville Kakela Makai Oceanview Kalaheo Pali Kai Kalihiwai Ridge Kamahana Kauai Beach Resort Kauai Beach Resort Association
Kawaihau Sports Villa K.G. Enterprises Condominium Kiahuna Plantation AOBO Kohea Loa Master Association Koloa Garden Apartments Kuhio Shores at Poipu Kukui‘ula Kulana Lae Nani Lihue Townhouse Makanui Manualoha Marriott’s Kauai Resort and Beach Club AOAO Nawiliwili Estates Paradise Court Pali Ke Kua Paliuli Pikake Pili Mai at Poipu Plantation at Princeville
Poipu Crater Poipu Kai Association Poipu Kai Racquet Club Poipu Kai Water Reclamation Poipu Kapili Poipu Sands Princeville II Community Association Princeville II Community Association - Queen Emma Bluff Princeville Makai Ranch at Halele‘a Princeville Paniolo Princeville Sealodge I Puamana
Puhi Industrial Park Pu‘u Po‘a Regency at Poipu Kai Regency Hule‘ia Regency Villas at Poipu Kai Sandpiper Village I Sealodge II The Villas at Poipu Kai Villas at Puali Villas of Kamali’i Villas on the Prince Waikomo Stream Villas Wailua Bay View Waipouli Beach Resort
For more information about Hawaiiana’s services, contact Sunshine Ruiz Hatto at 808-792-0515 or email sunshine@hmcmgt.com.