Today in Vacay: New Trends in Short-Term Rentals

We created the Today in Vacay series to keep readers up-to-date on the rapidly changing trends and updates impacting short-term rentals.

It’s hard to believe it’s already 2018, but here we are. And while many travelers were able to take their vacations and relax this past holiday season, the people who make vacations happen—you—were busy ensuring everything was perfect for them. You’re always on the move, so here are new trends to consider as you make 2018 a big mover for your business.

Learn lessons from the hotel industry

There’s much to learn from the hotel industry, and no group has learned more than OTAs. What can you glean from their intel for your 2018 business? A whole lot, according to a recent article from VRMintel.

One key point: consumers will go where they can find the largest selection at the best price. Meaning: you should diversify your portfolio of vacation rental properties and offer competitive prices for each. More properties in more unique places for different seasons. And, of course, you need to make your offerings more visible in the market through a vacation rental channel management solution.

Cater to baby boomer travelers

The latest AARP Travel Trends survey shows that 47% of boomers want to travel to “relax and rejuvenate,” while  49% take vacations to “get away from everyday life”. Those numbers are up by double digits versus last year. The overall message is that boomers are serious about fun, and determined to go get it.

How are you catering to the huge boomer market? Your vacation rental website is an ideal place to showcase all your properties have to offer. We’re ready to help you build the site of boomers’ dreams.

Advocate for short-term rentals

The VR backlash in the USA continues. Some local resident groups see the short-term rental industry as a threat and are petitioning city governments to put a stop to it, sometimes successfully. Check out this recent example from Asheville NC. The city has restricted 30-day or shorter rental activity downtown to those VR managers who are already registered with the city. The complaint was that vacation rental growth was crowding out the affordable housing market. The argument that vacation rentals bring economic activity to the city fell on deaf ears.

What can you do to get your point of view across? Get involved with VRMA Advocacy efforts to keep our businesses healthy and growing. Talk to your local legislators, too.

Stay tuned for more vacation rental management news updates from Today in Vacay!