Research Recovery Re-scaling: Webinar 2: Vacation Home Rentals
It. Wasn't your muted. Good. Morning, welcome. To the second webinar, of research. Recovery, in rescaling, my name is Susan Vernon Devlin and I, am the, manager of communications, and marketing for Rosen College of hospitality, management I would like to introduce you all now to Dean, you Chang Wang who. Will start our webinar series dr.. Wong, thank. You very much Susan for the introduction, good, morning everybody, it, is the 11:00 a.m. Eastern. Standard Time May 27th. 2020. And thank. You all for joining us, today for, the second industry webinar, in, a series of webinars we designed to help the hostel and tourism industry retool. For the changes we are anticipating, as, our, industry, emerges from the effects, of the copied 19, virus, again. My name is dr. Eugene Wong and I'm, Dean of the you see of roles in College of Hospitality, Management one. Of the core talents, of university, is the development, of new knowledge, to research. And the, faculty, at UCI, rules and College of Hospitality Management are. Focusing, on producing. Research that inform, the decisions, our industry, faces on a daily, basis. Of. Course research starts with a question and if. You. Have. A question, we. Can help you find an answer later. In the presentation we. Will share information about how to start. These collaborative, process and. Now I'd like to invite my colleagues, dr., Tico Krause and dr.. Manuel, Rivera, to begin their. Presentation. Should. He have any questions, for the presentations. Today please. Submit them through the zoom question, platform, and our. Moderator will, deliver the questions, to the presenters, or your, behalf so with, that thank, you again and please enjoy. Good. Morning, my. Name is Robert eco Krause I'm the associate, dean for research and. Administration. At the Rossum College of. Hospitality, management this. Morning, together with, my colleague, dr. Manuel, Rivera we. Will deliver a webinar. Which. Will consist, of two components. The. First one which, I will take care of that will. Focus on the, economic, impact of, the, vacation home industry, in, the state of Florida. This. Is a research. That we completed, early, this year right. Before of. A week a, few weeks before the corona virus, hit, the state and the country and the world and the. Second part of this. Webinar, dr.. Rivera will deliver the, impact, of the the corona. Virus, on. The, vacation. Home industry, in the, state of Florida, our. Research. Has. Been conducted by, a team of researchers at. Rosen, College and this. Research, the first part, has. Been funded, by the. Florida Realtors so, we are very thankful for them and to, Tom. Butler who. Was very instrumental in assisting. Us with regard, to this particular. Research. Then. The, of course our team, was also assisted, by, partners. That we have in the industry which, is very important. And I. Want to share some, of the names with you so you understand. That, this was a very in-depth, research, that we conducted, about. The, the. Impact, of the vacation of industry, in the state of Florida we, would like to thank the Florida Realtors. The. Florida. Hospitality. Oh I'm, sorry, the Florida. Vacation. Home, Management. Association. Airbnb. And also. Key. Data for, their, support. This. Research was conducted during. The. Month of April, all the way to. Authors. And during. Four months of data collection, we, collected. Data from owners, guests. And management, companies, you, can see on this slide that we had, 1700. Responders, owners, responders, over. 6,000, guests, and. 157. And management, companies, throughout, the. State. The. Survey. Basically. Focused, on. In. Demographics. Also. Focused, on the frequency of the use. The. Units, their.
Spending, Behavior, their, satisfaction, level with, the their, experience, at the vacation home there, and also the state of Florida and also. With, regards, to their. Intention. To return to, the. State so. That's, also very very important, you can see in the next slide, that. The. Research that was conducted focused. On 25. Counties. Of the. Total of 68. Counties, in the state which. We presented. Almost. 90, percent of the total registered, inventory, in the state this. Is about one, hundred and twenty four thousand, units of a. Total of 134. Thousand, units, registered. In in, the state of Florida, this. Is very important, because it shows how. Vast. The, research was and how, comprehensive, in, terms of. The, territories. That were involved, in this, particular. Research. What. Is also important, is what we found out in terms of the motivation, of the. The. Tourists, and the next slides will cover. Mainly. The. Results. Of the. Response. As tourists we, can see the, overwhelming majority of. Reasons. Why. Respondents. Or why the, tourists. Decided. To. Visit. Florida, is basically, to, take a vacation on, the one hand and on the second half, so to, engage or to enjoy beach and water activities. That's, very important, in, order to indicate, what. Were their motivation, and as a third. Motivation. Which show, importance. On this particular slides is visiting. Family. And France. In. Terms of the drivers. What. Really drove them to, buy. Or or, buy, a. Vacation. At a. Vacation. Home basically. It is price and value we. Can see that a lot in some of the research that we have done in the past that. Usually one of the most important, drivers why, people. Stay. Amplification. Home compared, to other accommodation. And sectors, is basically. Price and value there. Are some other drivers. Which are important, such as freedom, and privacy have, more space and also, spending some time together with the family, where, everybody, can be together so, those, are important drivers, but, the most important, driver in this respect is basically. Price. And value. In. Terms. Of their, satisfaction. The. Perception, of satisfaction. There are highly satisfied. With their experience at, the, vacation rental home, they're, satisfied, with. Our experience in Florida, and also. The they have very strong. Revisit. Intentions. To Florida and also, to repurchase. A, vacation. Home if when. They come back to, the state so, we can see here that those, tourists. Who engage, in this type of experience, are highly. Satisfied, with their experience both. In terms of their accommodation as a vocational, but also in, terms of the state and they, plan, to come back to. The state but to Florida but also to. Stay, in a vacation home in in the future. We. Are getting solely in terms of their length of State and and see how long, they stay.
In A vacation home we. Can see two important trends here, about. 27%. Of, those stay in a vacation home, they, spend. About seven days and we see about 1/4, stay, more than 12 nights so. These are the two trends, that we can. Identify. From. The question. That we posed to the, respondents. In terms of how long they, stay in the vacation home in the state of Florida, whenever, they're here on vacation. So. What, is actually, the impact. That, these. Tourists. Have with, regard to the state in general but, before we go to that it's very important also to. Identify. Where they, are coming from or the source market this. Ranking, is the, result, of a question, that we posed to the, management companies, and, we can see here four, very, distinct, segments, one, is with, regard to the, first one is of course those. Coming, from out of state of Florida, the second, one is Florida. Residents, who state. Who. Live more than 50 miles away from the property where they stay then, we have countries. Outside of the United States and also, as a very distinct, group. Or segment, that we have discovered in our research is, those. Who are. Not technically, tourists, because, they they live within 50 miles, but still they will present an important, segment of, which stayed in vacation, homes during. A certain period of time so. Let's look at how these four segments, how they really. Have, an impact on the total, economy. Of the, state. Our. Study, as I mentioned at the beginning, which. Was completed. At the, beginning of this year, indicates. That, this. Group. Of people, spent. Or spent. Roughly, sixteen. Billion, dollars in direct spending in, the state and. For. A total, impact, of twenty seven billion dollars in sales, so. Which, means that in indirect, effect. An induced, effect they, produce about, eleven, billion dollars, for. The state for the tour, 27, billion as I mentioned, before the. Direct spending is very important, because it represent, almost 19%. Of. The, total direct, spending of the, of the, tourism industry in Florida which. Translate, about nearly 2%. Of the, GDP of, the state of Florida in, 2018. So. What, we can see. Next is very very important, in terms of what's. Going on with, that amount in terms, of how many people. The. Vacation, home industry, has, generated. In terms of people. Staying at their, units we, can see here that, over 14. Million people. State. Application. Homes during 2018. Which. Represent. Over. 11%, of, the total of 127. Million tourists, who, came to Florida in, 2018. And. They, when. They spent, in terms of when. They stayed at the hall and they, say in a vacation, they, spent about 1.9. Million, dollars, every hour which. Is about, $32,000. Per minute which, gives you in a perspective, an idea about how much money this. Group brings into, the state during their. Stay in the state of Florida and in the, accommodation, of a vacation home in, the, next slide also. We. Can. Talk. About the, impact. Of the, cove at 19 because that's very important because as I mentioned this. Study was completed right. Before. The cove at 19, a hit the state of Florida and so, I will defer right now to, my colleague dr. Rivera. In order to provides. The. Estimation, of the, study, that we did with regard to the, impact, of copa90 on the vacation home industry, in Florida. Not. To repair. Thank. You dr. Cruz good morning everyone I hope. You're. Well today I thank you for joining my, name is Manuel Rivera I'm the assistant, dean at, the Rosen College. And now. That we, have a better view of how much the vacation, rental home, industry, represents, to our state in this second part of the presentation, I'm going to provide you with an overview of, the. Impact, of the coffee shop down on, the, vacation rental home, industry, and the state of Florida, when. When. The coronavirus, started, here. In Florida, the first case, came. Up around March 1st. Everything. Started, to change in terms of show two weeks later. Officials. From Universal, and Disney and around March 15. Indicated. That they were closing down by, March 24th, almost, three weeks later, The, effect of the pandemic. Was.
Visible. Even, more and more noticeable, that's, going to stay at home orders were, issued for, many. Parts of the state specially. For highly, populated. Areas, such as Miami Dade County, Orange County, and other counties, as. Well so. In the weeks that follow, the, the state, started, to feel the impact, and since, then the. Vacation rental home industry has been on hold so, when, we look at the data that I'm presenting to, you right. Now on the screen, we. Can see here a comparison. Of the. Occupancy, percentage the, white dotted line was. York you can see for for 2019, the, the red dotted line is, the occupancy. That. We experience, right now, in. 2020. So, if if we look at the gap between. Those. Two. Those. Two lines we. Will see that. That's the opportunity because that's how much we have we. Have lost and we. Can see that part here on. The screen so when, we look, closer. You. Can see a significant, drop in, the. Month of March that stay current. Basically. Until until, today this last week of May. And. Of course it has the this drop, in occupancy, has been felt. More in different. Parts of the of, the state so, when we look at, yes impede occupancy, for vacation rental homes across the state for. Example the federal for in the area and the Panhandle, where the areas, that experienced the largest drop impaired. In pain, occupancy, percentage points. The. Available data points, that we have are in the double digits so. This. Is data that we secured. Through our partners at key data and we, see a double-digit decrease, of 32%. During. This period. And. We took a period from March all the way to the, end of May because we that, allows us to see what. Was missed. The. Other areas, suffering, was the North Florida, area tempo and, software, EDA as, well so. The question is how does this, occupancy. Percentage drop. Affect. The industry but let's start with the number of - whispers due. To the pandemic and its, effect on the vacation rental home, the state experienced. A significant, reduction in the, number of students obtain that, stay in this type of accommodation. The. Prospect, for tourists have been downgraded, because, of the shutdown period and we, estimated, that the impact, in number. Of two is not straining vacation, homes during, this period reach. Around 1.9. Million tourists. Again. We. Also have, estimates. In terms of was the ratio for our statement, in state and we. You, see those in, the screen the, ridge was mostly expected, in terms of tourists were Central Florida, Panhandle a software, so. We're, looking at the potential, origin, of the story and we estimated, that, there's decrease. Over eighty one percent or, 1.5, million - is that could have visited. Florida. From. Other state and the remaining 19% or, plus or minus four hundred thousand. Tourists. Do, being instinct, or so but by now we, have seen the drop in occupancy, we have seen the. Potential impact, in interest, a billing column so, let's. Let's, start looking at the figures, in terms of the the. Economic impact, monetary, loss from, this. In the screen, I'll. Show you right, now the total. Direct impact. For. The state of, Florida. Due, to the cause of nineteen. Pandemics. So. As. You, saw before the, prospect, of 1.9, million tourists in a vacation home would. Represent an. Impact of 2.4, billion dollars, a. Large. Portion. Of this again is attributed, to the, out-of-state. Tourists, that didn't come over on 2.18. Billion. Dollars so in, terms of how this impact, will be distributed. Against. Midgets, again, we see that South Florida, Central. Florida depend how are the areas, that are experienced. The. Largest economic, contraction. Based. On. These stories that did not come, to Florida, now. We, know that this, is the direct impact, this is what the tourists will spend here in Florida, but we are also cognizant, that the other, impact. Which is the the indirect, and induced impact, so during the shutdown period. The. Trickle-down effect, for the tourist and a vacation, home will. Indicate that there. Will be a reduction the, total output generated. That. Includes also the indirect, and induced so. When we look at the figures, here the total impact. That. Will not come from point, four. Point three five billion.
Dollars. For. That two, point three is in the direct one, point two. Billion. Is in indirect. And. 761. Million it, will be in induced, effects. The. Multiplier. In, this case is 1.83. And this, captures the propensity of businesses. And, House was to buy goods and services, from. Within the region so. That means that for every dollar not. Spent, by, these turrets an, additional, eighty three cents are not going to go to, to, to the local businesses, and the local economy the, money is money assurance. Recirculated. Through Florida's. Economy. Because. Of these two areas are right now that, is not there, so the impact, goes beyond, the. The, owners, and management, companies, who operate these dis. Rental homes also. To other businesses, in, the, surrounding, now, the impact, from a covet goes, also beyond, the direct indirect, and induced and. There's a significant, impact, to. The, state and, that is in terms of the taxes, collected the. Bed tax not collected. Due. To this, I'm. Here for the next that we're just looking at the the taxes. That will be not collected, because of the spending in, the najin aspect, the rental of the unit that. Means that from our analysis. The. State will not receive, taxes, related to the bed tax of, fifty. One point two million dollars so this is a significant. Amount of. Contribution. That will not be, there so, when, we look to. These numbers into perspective, the. Period of the analysis. Which. We. Conducted, this. This. Impact, figure is seventy, seven days and we. See if, we compare contrast dismissal. From. The presentation, from the early part of the presentation, from dr. cross we. See that the, the. Total impact of this industry that it has in 2018, on finish the report has been compromised. You, know seventy seven days is a large part of the year and. You. Know interruption a. Significant. Reduction in tourists I could have come to. Florida. So to follow. The, same line of what, we're missing and we'll be missing the. The, we. Know, that the, total impact. In, direct indirect and induced that goes through the economy, because of the tour, is a calm of, should, come during, this period. Represents. A loss of, fifty. Six point, six million dollars, per day that's. A significant. Number during. That period that. Translates. Into a two, point three almost two point four million dollars per day almost, twenty thousand dollars per minute. 650. $9.00 per, second. So and this is the total contribution. To. The state the direct indirect, and. Induced so. As you can see the. Sector, has, has been hit hard and and. The. Inability for those tours to come during this period will also affect others. Because of the multiplier, effect the. Question that remains is when. When, and how we will come back to, to. Normality, so. When. When we look at the data. We. Were cognizant, that considerable. Challenges. Remain. Ahead of us and, you. Know starting. We. Need to start with your non duration, of the pandemic and the future of travel restrictions and this. Affects both, in. The context of domestic, and an, international. Travel, so, but when we look at this chart provided. By our friends at key data I want. To show you some information, real quick here. If. We look at the timeline we have the date here in the horizontal. Axis. And then we have, the. Adjusted. Paid occupancy, and and. We see that. We capture here from the mouth of March. Here. From the most of March until now. We. See the drop. In. This area however. When we look at the at the future, and. We look the. Booking, pace and, and, when, we talk about the booking pace this is the speed at which bookings. Actually materialized, for a specific, arrival. Date in, other words is. The rate at which reservations. Are made for, a particular future. Date so, we start looking at the green and blue lines as of, August. These. Are very, similar. Between. This. Year, and. 2020. And 2019. So. Of course we. Have to be cognizant, that there's another when we compare those two lines with the black line here which. Is, the. Final occupancy, for for 2019, there's. Still a gap but at least the booking pace at the same time seems. To be contract. Again, those, are encouraging. News but the. Uncertainty is still there what. We. Can say in, according, to to these figure things that we should consider. That. It seems that the domestic, democracy. Is in the recovery faster, than, the international, demand because of other travel, restrictions, that are in place and the propensity of people -, most likely travel, like by car rather than by by. Air, so. This, booking pace provides. Some indication, of a, future intentions when we see how they are aligned between. What. We have right now on the books and and last year's so, we understand, that there are many, destinations, around the world that are implementing, a wide range of measures, - to, mitigate, the impact of of, the app, of. The outbreak, and and at the same time to stimulate, the recovery, for for, the tourism sector so.
Right, Now this, shows that people. Are booking but. At the same time we. Have to be cognizant, that all. Of this will, move, forward, on. The successful. Implementation. Of the, adaptation. To capacity. This, will be in terms of safety hygiene protocols. If. People will be more willing to take trips that are closer to home. Dr.. Cross mentioned that we can provide value, for the, money and more importantly that. There's a responsible. Consumer. Behavior, we are aware that the. State is currently putting certain, contingency. Plans, in. Place and. When. We look further. At, the, data from the Florida Department of Business and Professional regulations. If. We put it into the perspective, of the road to recovery we, see that you, can see this on the map 42. Out, of the 68, Florida, counties, are now open, and, terms, of vacation, rental homes some. Key counties, and again this data. Comes. From the Florida, Department of Business and Professional Regulation. Website, and it, was acquired May 26, as of what 10:00 p.m. I'm. Not sure if it has changed since. Then but. Some of the key counties, that are not open is the Palm Beach and Broward County, in South Florida and the other, county is not open on the Seminole Alachua and the young County and the reason I mentioned these counties is because, these counties are also part. Of the counties, that we use in, in our study, to. Present the, information about the the possible, the. Potential impact, from from the shutdown so, that, gives you a quick overview and we by now we have seen what the, industry. Contributes. To the state from the results presented by dr. cross now this, shutdown period over 77, days and we know that it might be a little bit longer, we are quantifying, what the impact, is to to, the state not only in the number of tourists, the direct impact, and the. Indirect, and induced impact. That has, been. Evaporated. Due. To the due, to the condemning, so, so with this we. Were able to provide you some, information, on the current state of the of the, industry, and, we're. Gonna start opening now the the, forum to to do some questions. And. Provide some answers so thank you for for. Thank. You dr. Rivera we, do have a question on the floor from. Brad Wellington, he. Says that there have been a lot of complaints about delays. And customer, refunds, and host payments, from verbo, what. Are your thoughts on whether this is more. A product, of the volume of cancellations. And new, bookings versus an indication, that there, are financial challenges. At the company. What. I can say is that. Customer, service is the, key to any. Future. Prospects. For a business, and, it, is very important, that, businesses. Take. That into consideration, in. Order to make sure that, their customers are satisfied and. Would. Like to repurchase. That particular. Service so, whenever, a customer. Perceived. Unfairness. Or. Inconvenience. That could, negatively, affect. Their. Perception. About, whether, they should continue. To patronize, that. Particular. Supplier. Or vendor in. The future, so therefore, it behooves, either. The distribution, channel in this particular case and the vacation home industry, to. Respond. Quickly. Effectively. And, fear. And. Towards, the questions. Or requests that, a customer, may have particularly. In. The, situation, where. We are right, now with. The cover 19, which, are very hard everybody. I. Would. Like to add to that we have to look at the that's. A great question but we have to look at the refunding, in two phases, right. Now. When. We look at the shutdown people. Just couldn't consume, so, those. Tourists. And people would prevent it from from. Taking their vacation, so those, have to be handled properly, because. Those are future, tourists. That might come again when, the opportunity, cost as I, must, be scented in the first part of the, of the seminar, the, value, value, for the money is a key driver for, these tours to come to. Florida and and, if we have a service. Failure, in. Handling, these tourists because. Of the pandemic that they were affected, that, will create more problems for the future now. With that said when we look at the future the, data I presented about. The booking pace is. Aligned, in terms of the performance of last year so, what we want to prevent, is, to, do that booking pays to be affected, and then start seeing cancellations. Ahead. Of time that. Are already being made with the expectations, that the, economy, will be open so, not, having properly, the the refund, for. The tools can have a detrimental, effect on future bookings, as well. Okay. We have a question from Susan she wants to know if, any. Part of your study would compare, data from Florida, to other states. Focus. Comparing. Florida, with other states so. The. Report does not include that information but. From our desk research. We. Know we gather that.
Florida. Is one of the largest vacation, home. Sites. Of the, whole country and the, performance, of the vacation of industry in Florida is, very. Very strong so. That's, that's one, point with, what we compared, was the facts, between, the vacation, home industry, in Florida with, other type of accommodation. Sectors. For, example the ADR, of the vacation home industry, last. Year was. $172, and which. Was almost not. 20%. Higher than what. The state's ADR, is with. Regard to the hotel sector so, that's very important. To. Know because, it shows how strong, the. The, vacation of industry, is the. Other thing that we know and which is the third and final aspect. Is that in several, counties, and, we did 25, counties, out of the 68, the. Vacation, home industry, in terms. Of that tax performance, is stronger. Than the hotel ion, sector in those counties so. That, is very important, because it creates a new, dynamic in the conversation. Among the stakeholders and, for, the demos, in order to know where. To allocate their, marketing, resources, in the future in, order to create more benefits, to that particular, County. Thank. You dr. Krause we, have a question from Sandra in Portugal. She, says the, research uses, some secondary, data she wants to know if you, are planning to get primary, data from tourist perceptions, and employees. Of hotels, and other facilities. Did, you a comparison this. Particular research was based on primary, data so we did about more, than 6,000. Responses. Were tourists. Nearly. 2000. Were owners, of the of. The, vacation homes and about 200. Were, management. Companies, in the state of Florida so it it, was focused, or based, on. Primary. Data what. We did is a was, that we used a triangulation. With. Some, other sources, in order to make sure that. The. The data that we collected, more or less correspondent. With, for, example other sources like Airbnb, and. P. Data company. For. For this study I want to emphasize that. Dr.. Cross is, primary data we not only collected. Demand. Related data from tourists we. Also have a, clear, picture and, all the results that we show here today. With. The support of different, indicators for example key data captures. Those trends, helps, us understand, the. Head in terms of the, inventory, not used so. That when. We combine, that with with, the number of tools that calm the. Average length of stay the, different party size were, able to quantify. By. County. What. They impact, is so. In that side yeah. The source is primary, data. Okay. We have a question from German. Acura when. Do you see a recovery in terms of tourists, and incomes. Well. What, we know from our research, and, we, will. Share that some, at, some time in December, we. Know that at this moment, about. One, third of over, one-third, of, US. Residents. Are. Basically, ready, to travel. However. Their. Travel, behavior at the beginning is very cautious, because the. Overwhelming, majority of, those, who, wants to travel and right. Now or wants. To travel closer to home so, that's one. Aspect and they, want, to travel an only closer to home and use, for example vacation homes among. Others but, they, want to. Use. The. Transportation. Mode the. Car transportation mode not the.
Traveling. By ear so, those are some, of the information that, we know and we know from other sources, that. Going. To Asia, and, Europe people, are less. Excited. About that idea while they're more excited, for. Example, visiting, the Caribbean in a very short, time span so, those are the the kind of trends, and patterns that. We have identified, through the research and, and, that's research, and also, through our own surveys. At this moment. We. Have a question, from Andres, Colorado. With. The actual, situation I, presume they mean the kovat situation, and, if. People were booking what, would be the most recommended, minimum nights. For. Restrictions, that we have currently in place. I'm. Not sure if you can answer that question, no. I don't. Know I mean what, I know in the state of Florida is there's there is basically, no restrictions, in terms of the. Nights that you could stay here I mean if if. You're traveling within the. Country I know that, internationally. There's still some. Distractions in terms of traveling, to, the United States for. Example recently. I understood, that. The federal government has allowed some restrictions, with travel restrictions with regard to Brazil so, that's an issue but. Internally. In the country you can move and and there is no restriction in terms of how long you want to stay in to say before, I. Would. Like to add to that that. That's. A great question from a revenue management. Perspective. We. Have to be. Mindful that. Operating. Right. Now is, going to be very different than the way we operated, before, so, yes the the minimum stay might, be something that should be considered and the reason for that is that. In order to be safe they might there might be additional, operational. Cost, to. To. The owners, and property management, companies, for these for, these units so if you're able to secure, a client, for a longer period of time then. They turn over in terms of cleaning and sanitation, might, be reduced so. That's something that again. We cannot provide specifics. On that but.
Understanding. How the people will react, to the lengths of stay meaning, if they will stay longer or shorter and, then, they will try, to help, operators. And owners to. Map how they're gonna put. A minimum. Stay there at the beginning there might be a short trial and error but. It's something that definitely has to have to be considered, because. Well. You turnover then you will reduce. Your cost with the opportunity, to maintain some profitable margins, to sustain. The. Operators, and again something that it becomes of value to, the tourists as well so that that's something there, has to be definitely considered. What. We know just to. Finalize. On this this point is that. We. Have seen an uptick in the bookings, of the vacation homes we. Know that July is a very important, month for this, particular, sector. And we, know as well that when. People travel closer to home they, tend to travel on for. Not. A longer period, of time so, for. Example three or four days usually that's that's the the, traditional, or the typical behavior of course. Right. Now we don't know for sure because, we. Have been isolated, for a number. Of weeks so. People have a not. Only a pent up demand, towards vacationing. Or leisure. Enjoying. Leisure. Activities. But, also this, emotional. Pent-up that, they want to. Spend. Some time vacationing. So that's that's very important, but we don't know exactly how that will turn out in, the, near future okay. I just want to remind our participants to type their questions into the question and answer field, I have, a question from Patricia Moore, she. Would like to know if you think tourists, will be willingly, pay higher, fees for, cleaning, or, PPE. Needed. During. Their stays if it comes with their vacation, rental. Well. We haven't asked that question so, we. Don't. Know for sure the, only thing is I can say if I can speculate, right now is, that. Of. Course people if they go on vacation they will take into account, their.
Health The safety, that's that's very important whether, that will translate, into they. Want to pay more that, I don't know because it's it's it's it's if. We compared, with traditional. Behavior. With regard to how people would say in terms of sustainability, or. Or a, clean. Air. Usually. People. Tend to say the perception, is they would say yes but when it comes to, payment, the willingness to pay is not. Really. Aligned, with, the perception, with. Regards, to to. Pay so, in. This respect at. This moment we don't know how how, it will open, out the, only thing we know is it, is a short period of time because the certainty, level will come back to. The. Normal level as soon as we have that vaccine, that, can really assist, with. Providing, that trust level and certainty, with, regard to safety. From. From, a pricing perspective. Operators, need to start considering and. You had great questions before, in terms of the minimum. Length of staying so if you put all these things into perspective. Operation. Is to start thinking and how to bundle. The prices, and, definitely. Safety, and hygiene are going to be very important, in the consumers, mind so. Is the way how all this is presented. So, yes, they, want to ensure not only the safety for the chlorine gas but the ones who follow after, so. Whoever. Come up with a with the proper, offering. That ensures the safety and allow those people to come to have their leisure time I'm. Pretty sure that people will will. See that while they make the reservations, and be upfront and what they get and make sure that you deliver. Okay. We'll, take one more question from German, Acura, dr.. Crowe so dr. Rivera given your, research has also been. In. The, Caribbean for different sources but not particularly for this one what, destinations. Would be considered, an alternative to, Florida, for a vacation home rental at the time. Considering. The impact of Cove at 19. Well. I mean that's a very very very. Important, and interesting question. And and we we will cover that in the month of June because we just completed, a very. Large survey, close, to 2,000. Of. Us responders. Across, the country which. Tackle. That particular question so. What, we know is there. Is, a. Very, strong desire or travel desire to the Caribbean, and. But, that the distribution of that desire is not. The same across, all the islands in the Caribbean so we will expect, some islands. To do better than others but of that information we will share during. Our June webinar. You're. Doing the on, the short-term, I. Think, that Florida. Has an advantage due, to the access, to a market that can come through driving. You. Know as people feel more confident, and people definitely want to have fun and and have, some, leisure time it, seems that the enviable option that, is for them is to be driving, so that in, the short-term creates, an opportunity for Florida, one, thing start to open up and people have more clarity in terms of their health value, and how, they see the race taking or going on a vacation in the other will. Follow and the Caribbean will become more attractive. Dr.. Priscilla will talk more about that in future seminars, but. If we take carousel in. The immediacy, and long-term I think there's a there's some opportunity, in, the short term for vacation. Rentals from Florida, over, all over, other destinations. Thank. You dr. Rivera dr. Cruz dr. Cruz, I will toss it back to you for one final word on our upcoming webinars. Thank, you Thank. You Susan I, would, like to thank on behalf of the. Rosen College, doctor. The, D lon and dr., Rivera for. Your time and your participation, in, this, particular. Webinar I would, like to invite you for our next webinar which. Will take place on June 10 at, 10 a.m. Eastern Time and, the. Topic is traveling tensions, during covert, 19, and this. Topic pertains. To a study. That we did just we just completed that last. Week, or. At least it's a survey and. It is a, survey. That we did across, with. Responders, across the country in order to see what our travel intentions, is again. Thank, you so much for your time and we, will see you the next time, goodbye.