Vacation rentals are booming in popularity and offer travelers a more authentic local experience than hotels. From a cabin right on a national park to an apartment in an emerging hip neighborhood, the options are endless.
But not all vacation rentals are created equal. Understanding the needs of business travel and implementing some simple upgrades (with a high ROI) can help your vacation rental property stand out in the crowd.
1. Convenience
The luxuries of vacation rentals — also known as self-catering rental homes, holiday lets, cottage holidays, or gites (in rural locations in France) — are the perfect solution for travelers who want to experience a destination on their terms. They save money by cooking at least one meal in their own kitchen, they can enjoy the local flavor without the crowds of a tourist town or city center, and they can easily park their car on-site to avoid paying for premium parking.
As a result, they provide an affordable alternative to hotel stays and are popular among families, couples, and groups traveling together. For example, a four-bedroom vacation home may cost about the same as renting two hotel rooms but offers more space for everyone to relax and enjoy each other’s company.
Hosts can offer added value to vacationers by enhancing their properties with amenities like hot tubs, game rooms, and chef’s kitchens that set them apart from hotels. Unique features like these are often more memorable than a simple hotel room and can create an experience that drives repeat bookings.
Another way hosts can add value to vacation rentals Mammoth is by connecting guests to local attractions and activities. Research shows that nearly 86% of Millennials and 78% of international travelers engage in activities such as tours, excursions, and culinary experiences while on vacation. This trend can be capitalized on by promoting activities in your vacation rental listings and encouraging guests to book them with your property directly.
Steady employment rates and declining inflation are forecast to fuel growth in the short-term rental industry. This is especially true in destinations with an abundance of natural beauty or unique attractions.
2. Space
Many travelers turn to vacation rentals to gain the space and privacy of a home away from home. While hotels still cater to many types of travelers, rental properties provide unique spaces designed for families with children, friends traveling together, or business travelers.
Steady employment rates, a decrease in inflation, and a renewed interest in travel are creating a powerful boost for vacation rental bookings across the United States. Travel industry experts are predicting that 2023 will see an increase in demand for short-term rental, or STR, accommodations across all categories.
With this surge, it’s important for vacation rental property managers to design their homes for a wide range of guests. Creating homes that appeal to targeted demographics allows hosts to attract repeat guests and build long-term customer loyalty. This approach can also be a way for owners to differentiate their rentals by highlighting unique architectural features or other differentiators baked into the homes’ design.
The top vacation rental sites offer apps that make it easy for travelers to search, book, and manage their reservations. These apps are also helpful for communication between the property owner and the guest, especially if there’s an issue with the booking. These apps can also be a great tool for educating guests about what is and isn’t included with the reservation, such as a cleaning fee.
Creating the right mood in your vacation rental can help set the tone for an enjoyable stay. Avoid harsh, bright lights that can wash out the room and kill the mood. Instead, use varying sources of dimmable lighting, including floor lamps, table lamps, overhead lighting with dimmer switches, sconces, fireplaces, outdoor twinkle lights, and candles.
3. Privacy
Vacation rentals are private accommodations that offer guests a more intimate, authentic experience. They can range from homes and condos to tents and yurts. They are a great alternative to hotels, which can be expensive and often feel impersonal and sterile.
Airbnb and Vrbo are two of the most popular vacation rental websites, which connect homeowners who want to rent out their home or apartment with travelers looking for a short-term stay. The services also offer a variety of filters for price points, privacy and choice amenities. These services have helped redefine travel experiences and created a competitive industry for the lodging market.
Unlike hotels, vacation rentals offer more privacy and security. Guests don’t have neighbors as close and don’t have to share facilities or amenities. They can also save money by cooking their own meals at the rental. Some rentals even have private pools and hot tubs for more privacy and relaxation.
As a result, many travelers prefer staying at vacation rentals over hotels and are increasingly shifting their spending to these unique accommodations. This trend has led to increased regulation of vacation rentals by cities and municipalities, with many now requiring hosts to acquire permits and comply with zoning requirements. Some cities are even implementing bans on vacation rentals.
The emergence of the vacation rental industry has also given rise to new tech-enabled hospitality businesses such as Sonder, a home rental service that blends the best of hotel and vacation rentals. The company offers keyless entry, digital concierge services and other modern amenities to give guests the best of both worlds. The service has a global footprint and recently reached a $1.3 billion valuation.
4. Value
Vacation rentals offer a value that can’t be matched by hotels. They offer comfort, space and privacy at a fraction of the cost of hotel rooms. Additionally, many vacation rentals are equipped with kitchens, which allows travelers to save on dining expenses during their stay. Many guests also appreciate that vacation rental homes are more likely to be located close to the sites they’re interested in seeing, allowing them to immerse themselves in local culture.
Traveling has been more expensive than usual this year, as a result of the COVID-19 pandemic and other factors including the labor shortage, aircraft delivery issues, rising fuel costs and supply scarcity. As a result, hotel occupancy rates have been lower than usual. Vacation rentals are a great alternative for families seeking more affordable accommodations. In addition, vacation rentals have seen a steady rise in demand, as Millennials continue to seek out new travel experiences that are different from the traditional hotel model.
To ensure that your vacation rental property is as attractive as possible to potential guests, it’s important to invest in a professional interior design firm that has experience designing for the vacation rental industry. They can help you select furniture and amenities that will appeal to a wide variety of audiences and will be easy to replace or update in the future as your guests’ tastes change.
5. Flexibility
Vacation rentals are a great option for guests who are looking to save money. Unlike hotels, vacation rentals usually come with kitchens and grilling space that allows travelers to prepare their own meals at a fraction of the cost. Also, vacation rental properties often have laundry facilities which can help guests save even more on their travel expenses.
With the Covid pandemic causing work restrictions and schools to close, many travellers are opting to take a staycation. This new type of guest, known as flexcationers, are looking for an authentic experience that goes beyond just visiting a famous landmark or museum. Investing in a well-designed vacation rental with an emphasis on local culture can be the perfect way for your property to appeal to this new type of traveler.
Creating a bookable website is an excellent strategy for vacation rental owners to boost visibility, branding and drive more direct bookings. By doing so, you can cut out the channel commission and keep more of your reservation revenue. In addition, you can use your own website to build relationships with your guests and create a more personalized and customized experience.
Additionally, a smart business strategy for vacation rental managers is to make their properties more appealing to remote workers and business travelers. By offering flexible cancellation policies and a more relaxed check-in process, your business traveler guests will be more likely to choose your rental over competing options. You can also upsell your property by offering local activities and tours to boost your bottom line. This can be a win-win situation for both parties as it promotes local businesses that may have suffered due to the pandemic and provides your guests with a fun and memorable experience.
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