The vacation rental sector has been rapidly growing in the last couple of years, making it a very profitable industry, thanks to integrated apps and software – and people taking advantage of its convenience. In fact, the sector is so popular that it has a revenue of over $7 billion and more than 440 million vacation rental users worldwide.
Vacation time, whether going to a different country or visiting the conservatory or music connection centers to explore your musical hobbies more, can improve your mental and physical well-being. In short, the vacation sector will never crumble. So, if you’re thinking of starting a vacation rental business, it’s a worthy market to explore.
Here are the latest trends in the market to help you get off a good start and ensure long-term success and growth.
Sustainable Traveling
As global warming and other environmental issues become widespread, more travelers are starting to prefer eco-friendly accommodations. Plus, those renting out their properties are now enjoying the benefits of reduced energy bills and a greener space. Making small changes towards sustainability can go a long way in making your listing stand out while helping the environment at the same time.
Vacationing with Pets
Since vacation rentals provide more space than stuffy hotel rooms, it makes them more desirable for pet owners. This simple factor can significantly make some clients happier, improving satisfaction ratings and feedback. It makes your property appealing to pet owners, generating more bookings in the future.
Millennials Taking Over the Market
More young adults are now embracing the idea of using vacation rental properties rather than expensive hotels as their home for trips with their families or friends. That’s because rentals offer more privacy and intimacy than typical hotels and at a much better price, allowing travelers to live like a local, making trips more authentic. Focusing your marketing towards this trend of millennial group travels can go a long way in boosting bookings.
Wellness Travel
Recently, more people are getting into fitness and wellness more, giving a massive opportunity for vacation rental owners to dip into this trend and increase their bookings. Marketing your property to these individuals, especially if your area has easy access to nature, hiking spots, and other outdoor activities, can profoundly boost your bookings.
Using Third-Party Services
A growing sector translates to facing more competition within the market. To stay on top, most hosts are now investing in professional services, including marketing and property management companies, to expand their reach while overseeing every area of their listing, maximizing revenue. If you don’t have a team of your own, consider outsourcing.
Connecting to More Online Platforms
In today’s digitalized world, being connected to online channels has never been more critical. These help you get more booking for your vacation rental as it streamlines the whole process for your potential guests. The most popular to consider are AirBNB, Booking, Agoda, and TripAdvisor. Adding your properties to these prominent online channels can expand your reach further and get more bookings.
As more vacation rental platforms push listings worldwide, the market for vacation rentals is bigger than ever. But with millions of competitors, it can be challenging to establish a startup or keep your business running. Fortunately, keeping up with trends like those mentioned can help you adjust operations and maintain success long-term.
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