The privacy, comfort and cost savings of vacation rentals have made them a more attractive lodging option to travelers everywhere.
At BookingTeam.com, we work with vacation rental owners, as well as the most popular rental sites. These are some of the top trends we’ve noticed in the industry in 2017.
1. Overall vacation rental booking rates are increasing.
A growing number of travelers are choosing to book vacation rentals over hotels. Their popularity has been on the rise for several years now. A 2016 TripAdvisor survey reported that 67% of travelers intended to stay in a rental home, an increase from 59% in the year prior. The growing trend of booking vacation rentals over hotels will continue throughout 2017.
2. Guest experience expectations are higher.
Vacation rentals may have first grown in popularity because of their low cost, in comparison to hotels. However, as competition in the space grows, so does the pressure to create positive guest experiences for every stay.
More people are booking for the entire experience, not just the cost savings. They want the unique and personalized feeling that vacation rentals can offer, and property managers and owners will feel the pressure to meet those expectations.
3. Reviews are even more influential in booking decisions.
We live in a world where word-of-mouth is key. In the rental industry, word-of-mouth is in the form of online reviews. Every popular rental site, from TripAdvisor to Airbnb prioritizes listings that have a lot of high rating reviews.
Designing consistently positive guest experiences can do wonders for your property, but if you aren’t harnessing all of that feedback, you could be missing out on revenue-generating opportunities.
4. More guests will book longer stays.
Now that the digital economy has made it easier than ever to work from anywhere in the world, more people are traveling more often. They are also extending their stays in one place. Travelers aren’t just going on short vacations to view the tourist sites, but to be immersed in the local culture. To do that, more will look to rental homes that accommodate longer stays.
5. Unique experiences, amenities, and kitchens are growing in importance.
According to recent research, one of the top deciding factors for guests when booking a vacation rental is access to a full kitchen. Along with other amenities such as a pool, washer and dryer, hot tub, and more, the kitchen makes a rental feel more like home. Dining in can also offer significant cost savings and convenience to guests, making the kitchen a major selling point for properties.
6. Vacation rental managers are becoming a necessity.
A few years ago, it may have been considered a luxury to have a designated manager for your vacation rental properties. However, as the market grows and guest expectations rise, more property owners are hiring managers to help with their vacation properties.
Managers and owners alike are also looking to technology and platforms like BookingTeam.com to help ease the workload. BookingTeam.com provides property managers and owners with an on-demand team of booking professionals as well as the tools they need to manage their properties more efficiently and effectively.