Due to the Coronavirus pandemic impacting vacation rental trends, the global vacation rental market has found itself in an unprecedented situation. Despite the long-term uncertainty, many hosts have seen these changes as a chance to review and refine their business model and improve the guest experience. Discover how short-term rental industry trends are evolving and how you can incorporate them into your property management strategy.
High Service Expectations
One rental trend that hasn’t changed is the high standard that guests have for the services they receive. The vacation rental industry has always been competitive, and now, guests are more discerning than they’ve ever been before.
While they still value amenities and good deals, they now also favor rentals that follow stringent cleaning and sanitization processes. It’s a good idea to clearly describe your cleaning procedure in your rental description, so guests can see what steps you’re taking to prioritize their safety.
Reduced Personal Interaction and Contact
Another vacation rental trend that is likely to stick around is reduced in-person contact between property owners and guests. Guests want to feel safe when they travel and check-in to a property, and so will be looking for rentals that offer remote or contactless check-in options, such as Airbnb lockboxes and smart locks. Vacation rental hosts should look into investing in smart technology and automation gadgets that make it possible to facilitate a smooth check-in and checkout process.
Travelers Preferring Rentals over Hotels
Although the vacation rental industry has seen losses due to the ongoing pandemic, data trends show that people traveling prefer booking vacation rentals as opposed to traditional hotels and resorts. This is because guests perceive vacation rentals to be more low-risk than hotels and rental properties also offer greater overall privacy than hotels.
The pandemic has also had an impact on the types of holidays that people want to take. “Staycations”, “nearcations” and “workcations” have become extremely popular, and vacation rentals are ideal for these kinds of extended breaks and working holidays.
Rise in Millennial and Pet-owner Travelers
In addition to the types of vacations changing, more and more guests are also opting to travel with their pets on their vacations. Guests taking longer breaks will be looking for Airbnb long-term rentals, and many also opt for pet-friendly properties.
Another emerging vacation rental trend is the rise of Millennial and Gen Z travelers. Data shows that Millennials are the fastest-growing percentage of guests booking vacation rentals, and the slightly younger “Gen Z” is quickly catching up. Marketing on social media as well as offering digital welcome books, welcome videos, and property tour videos are popular with these younger, tech-savvy travelers.
Greater Third-party Assistance
Hosts planning to weather the COVID-19 storm, and come out with their businesses intact, need to make sure they’re keeping up with the latest vacation rental industry changes. Third-party assistance can be a great help in this regard.
Enlisting professional help with your marketing, photography, and content creation can make all the difference in helping your rental to stand out. Another surefire strategy to optimize your business so it can be more resistant to ever-changing trends is to use vacation rental management software such as iGMS. By automating routine tasks, you will free up your time to grow your business and make necessary adjustments to be ahead of the curve.
Conclusion
Although the vacation rental industry continues to be impacted by implications resulting from the pandemic, new positive trends are giving hope to all vacation rental owners and managers. By incorporating these trends into their management strategies, hosts can better sustain their businesses for the long-term.