Homeowners and landlords, listen up! Insurance isn’t just another checkbox—it’s a hot topic right now. With policy cancellations on the rise and rates skyrocketing, having the right coverage is more critical than ever.

In our latest video, Greg Flaherty of Penny Realty sits down with insurance expert Dane Scharetg of Goosehead Insurance to break down:

✅ Why so many policies are being canceled
✅ The key differences between homeowner and landlord insurance
✅ What happens if you don’t disclose short-term rentals like Airbnb
✅ How rising insurance costs are impacting real estate transactions

If you own property, you won’t want to miss these essential insights. Watch the full conversation now and make sure you’re covered!

For questions or a personal insurance consultation, contact us, and we’ll connect you with an expert.

Stay protected,
The Penny Realty Team

San Diego’s rental market has long been known for its strength, offering property owners steady income and high demand. However, even in this robust market, some landlords find themselves asking a tough question: “Why isn’t my property renting?”

At Penny Realty, we’ve been hearing from puzzled landlords facing this very challenge. Despite San Diego’s reputation for a healthy real estate market, recent shifts in rental demand have changed the game. Rents across the county have declined between 3% and 7% year-over-year, according to industry reports, with many landlords resorting to incentives like “two months free rent” to attract tenants.

This new reality means property owners must adapt to stand out and secure quality tenants. Here’s what’s happening and how you can turn things around. While San Diego remains one of the best real estate markets in the country, landlords need to navigate this temporary slowdown with strategic adjustments. Watch this quick video on these latest updates!

If you’re finding it difficult to rent your property, the team at Penny Realty is here to help. Contact us today for a free consultation to maximize your investment and get your property back on track.

1. Higher Traveler Expectations
   Guests are seeking more value for their bookings, which includes upgraded amenities, seamless booking experiences, and competitive rates. To meet these expectations, it’s critical to align pricing with the features and services that differentiate your property.
2. Seasonal and Event-Driven Demand
   Demand patterns for 2025 suggest that seasonal peaks, such as summer and holiday periods, will remain strong, while shoulder seasons are increasingly influenced by local events or flexible work trends. Adjusting rates to match these shifts ensures that your property stays competitive throughout the year​
3. Market Conditions and Local Trends
   Economic factors, including inflation and shifts in disposable income, are influencing traveler budgets. Additionally, localized competition and new vacation rental regulations may impact pricing. Leveraging real-time market data helps us respond dynamically to these changes and maintain your property’s appeal​

• Flexible Pricing Models: Rates will adjust dynamically based on demand, ensuring competitive pricing while maximizing occupancy.
• Focus on Value: Highlighting your property’s unique features, such as premium amenities or location advantages, will justify optimal pricing.
• Ongoing Analysis: We’ll continuously monitor market trends and competitor data to refine pricing strategies, keeping your property ahead of the curve.

• Monthly Reports: Expect regular updates with key insights into booking trends, occupancy rates, and revenue performance.
• Data-Driven Decisions: We use advanced pricing tools that analyze real-time market data, ensuring our recommendations are backed by facts, not guesswork.
• Proactive Planning: You’ll receive a detailed pricing plan for seasonal peaks and slower periods, so there are no surprises.

Looking for reliable, stress-free property management? At Penny Realty, we are so confident in the value we provide that we’re offering a new, industry-leading guarantee designed to make hiring us a no-brainer.

When you sign up with Penny Realty to manage your property, we guarantee your satisfaction in the first 90 days—or we’ll refund 100% of your management fees AND pay you $500 on top. You’ll be paired with an experienced and licensed property manager who will take care of everything, delivering exceptional service you can count on.

If for any reason you aren’t satisfied within the first 90 days, you get all your fee refunded—plus $500. No hassle. No risk. We’re committed to setting the bar higher for property management in San Diego. With this offer, all the risk is on us—giving you peace of mind while we handle your property with care and expertise.

We break down all the details in this quick video from Greg Flaherty, who explains why this is the best offer you’ll find in San Diego’s property management market.

As we move through 2024, the vacation rental market has presented a unique set of opportunities and challenges for property owners. The market remains vibrant, but several key trends have emerged that are important to monitor in order to maximize the success of your rental property.

Rising Demand Paired with Rate Adjustments

This summer, there has been an uptick in overall occupancy rates, which saw a 6% increase compared to last year. However, this increase in demand has been met with an interesting counterbalance: average daily rates (ADR) and revenue per available night (RevPAN) have both seen slight declines, dropping 3% and 4%, respectively​.

Beyond Revenue Management

What does this mean for property owners? It’s essential to continue capturing bookings, but understanding that consumers are more price-sensitive this year. Dynamic pricing strategies have become crucial for staying competitive without undercutting the market. Owners who leverage real-time pricing adjustments based on local supply and demand will likely see better overall performance, especially during high-traffic periods.

Shorter Booking Windows

One of the biggest shifts in guest behavior is the shorter booking window. More travelers are booking at the last minute, sometimes within days of their desired stay​. This means being agile with pricing for last-minute availability can be a game-changer. Offering promotional rates or flexible cancellation policies can help capture these spontaneous bookings.

Rural and Unique Destination Growth

A notable trend that continues from last year is the growing popularity of rural and off-the-beaten-path destinations. With travelers seeking more secluded experiences, properties in these regions are seeing more bookings. If your rental is in a less touristy area, highlight its unique, quiet appeal to attract those seeking a break from busier spots. Investing in special amenities or curated local experiences can further capitalize on this trend.

Technology as a Growth Driver

Another key discussion is the role of technology in driving efficiency and revenue. Modern vacation rental management tools now provide everything from real-time rate adjustments to competitor monitoring and customized pricing strategies. By leveraging data-driven insights, owners can better anticipate market conditions, respond to local trends, and optimize their income potential.

Protecting Your Investment

Finally, it’s essential to remember that higher occupancy and shorter booking windows may lead to more frequent turnovers, so keeping your property well-maintained is key. Damage insurance coverage up to $25,000 is available for each reservation, which provides peace of mind while allowing for a seamless guest experience​.

In conclusion, 2024 is proving to be a dynamic year for the vacation rental industry. Owners who stay agile, utilize data-driven pricing, and invest in unique guest experiences will stand out in this competitive landscape. Make sure to continuously adapt to these trends to ensure the best possible return on your property investment.

For more detailed insights, stay tuned to our upcoming blog posts and market updates!

For a deeper dive, you can access full interviews and market data via the following links:

• Bluetent Market Update
• Video Interview

Author

Greg Flaherty

CEO/Broker

Greg Flaherty is the CEO/Broker of Penny Realty, Inc. Greg has been a licensed California Real Estate Broker since 1990 and licensed Corporate Real estate Officer since 1995. Greg has received an MBA from the Univ. of Southern California and a BBA from the Univ. of San Diego. The Institute for Luxury Home Marketing has awarded Greg the designation of “Certified Luxury Home Marketing Specialist.” He has also earned the Certified Commercial Investment Member (C.C.I.M) designation granted by the National Association of Realtors. Greg and the Penny Realty team can expertly manage, rent or sell your Home, Condo, Apartment Complex or Vacation Rental. Penny Realty manages over 500 properties in San Diego County.

The Fourth of July is a special time of year, celebrating freedom and independence with loved ones. If you’re looking for the perfect spot to enjoy the festivities, look no further than Mission Beach. With its stunning coastline, vibrant community and exciting events, Mission Beach offers a quintessential American holiday experience that promises fun for beach lovers, families, and visitors alike.

3rd of July Fireworks on Mission Bay

Kicking off the celebrations, the Mission Bay’s 3rd of July fireworks will light up the sky starting at 9 p.m. The fireworks are launched from near the Mission Bay Yacht Club, creating a breathtaking display between the club’s shore and the Crown Point Bridge. It’s a fantastic way to begin the holiday festivities and get everyone in the patriotic spirit.

FantaSEA of Dreams Fireworks Spectacular

For those who can’t get enough of fireworks, SeaWorld San Diego’s FantaSEA of Dreams Fireworks Spectacular is a must-see. This nightly show features a dazzling array of colors and beloved music from “Believe,” with lyrics created just for SeaWorld. Starting as the sun sets, the night sky comes alive with a spectacular presentation that ends 10 minutes before the park closes. It’s an unforgettable experience for all ages.

Port of San Diego Big Bay Boom

Southern California’s largest fireworks show, the Port of San Diego Big Bay Boom, returns with a bang. This July 4th Fireworks Show promises another spectacular display over San Diego Bay, with fireworks discharged simultaneously from barges strategically placed around the Bay off Shelter Island, Harbor Island, Embarcadero North, Marina District, and Coronado Ferry Landing. The impeccably choreographed display lasts approximately 18 minutes, leaving spectators in awe.

Celebrate the Fourth of July on the Beach

Nothing says summer like a day at the beach, and Mission Beach is the perfect place to celebrate the Fourth of July. Pack a blanket, chairs, your favorite snacks and drinks, and a speaker for a fun day on the sand. Just remember, the beaches fill up fast on this exciting day, so arrive early to get a good spot. Enjoy the sun, surf and sand with family and friends for a memorable holiday celebration.

4th of July Fireworks Cruise 2024

For a unique and memorable Independence Day experience, hop aboard the 4th of July Fireworks Cruise on Mission Bay. View SeaWorld’s spectacular fireworks display from the comfort of a majestic cruise ship. The cruise features two live DJs, a cash bar with cocktail specials, burgers and American dogs, a photo booth, and a breathtaking setting to watch the impressive fireworks show. Departing from the Bahia Resort Hotel, the three-level vintage-inspired sternwheeler boat makes the night even more magical.

Host a Festive Lunch

Looking for a fun and convenient way to celebrate the Fourth of July? Why not host a lunch at your vacation rental in Mission Beach! Our spacious and fully-equipped rentals are perfect for hosting a group gathering, with plenty of room for games, cooking, and making long lasting memories. Enjoy the beautiful beach views while dining on your own private outdoor patio or balcony.  And don’t forget to bring along some water toys or lawn games for some extra entertainment. With our Mission Beach rentals, you can celebrate this special day with your loved ones while enjoying all the comforts of home.

Stay in Our Mission Beach Rentals

Make your holiday getaway even more special by staying in one of our Mission Beach rentals. Nestled in the heart of San Diego’s coastal paradise, our vacation rentals offer a perfect blend of comfort and style. Indulge in breathtaking ocean views, modern amenities, and personalized touches that make your trip easy and enjoyable. Immerse yourself in the vibrant culture and laid-back atmosphere that San Diego is renowned for, all while enjoying the convenience of a home away from home. We even have pet-friendly rentals, so you can bring your furry best friend along.

Book Your Mission Beach Getaway Today

Don’t miss out on the chance to experience the Fourth of July in one of the most beautiful and lively locations on the West Coast. From stunning fireworks displays to fun-filled beach days and unique cruise experiences, Mission Beach has something for everyone. Book your stay in one of our weekly Mission Beach rentals or weekend rentals today and make this Independence Day an unforgettable celebration.