Are you an Airbnb host or vacation rental property manager looking to stay ahead of the short-term rental (STR) game in 2023? You'll need up-to-date knowledge and STR insights to succeed. Here we've rounded up the top five STR insights for the upcoming year. Whether you're a beginner looking to dip your toes into short-term rentals or a seasoned expert that needs a refresher course on latest STR trends, best practices, and industry news – these key takeaways will give you everything you need and more!
Expect Lower Demand: With a huge increase in short-term rental supply in most markets coupled with ever-changing demand trends, most hosts and property managers have seen lower demand this year compared to last. Our data shows that revenues are down year-over year in some markets but still higher than pre-pandemic levels. This indicates more of a normalization from pandemic & post-pandemic highs.
Vacation rental property managers and Airbnb hosts need an effective revenue management strategy in order to capture existing demand.
Personalized Experiences: Unlike hotels, which can provide a generic experience, short-term rental properties offer more intimate and personalized experiences. With the rise of the digital world, customers expect a more personalized rental experience, which provides a sense of ‘home away from home’ feeling. Therefore, it is crucial to provide information, such as local places of interest, best cafes or restaurants to explore in the neighborhood.
Technology Adoption: With the changing needs of customers, there is a growing trend for property managers to embrace technology. Surveys have shown that customers prefer to book online and pay through their preferred gateway, such as PayPal, Stripe, or Cash App. Property managers should leverage vacation rental management tools like Guesty or HomeAway, which will help to automate the rental process, saving them time and reducing operational costs.
Focus on Sustainability: Sustainable practices are crucial for future-proofing your short-term rental properties. Things, such as an energy-efficient HVAC system, organic linens, or providing recycling bins, could go a long way in attracting eco-conscious travelers. As more millennials travel, the emphasis on environmental sustainability has become a key factor in decision-making.
Hygiene and Cleanliness: With the ongoing pandemic, cleanliness and hygiene have become a top priority for customers. This trend is expected to continue in 2023, with the expectation that hotels, short-term rentals, and vacation rental properties will take a more proactive approach to keep guests safe and healthy. Property managers should look into investing in regular sanitation procedures, such as enhanced cleaning techniques for high-touch surfaces.
With the short-term rental industry set to grow in 2023 and beyond, property managers need to be aware of the top 5 insights mentioned above to stand out in a crowded market. By paying attention to these trends, property managers and Airbnb hosts can adapt and thrive in the ever-changing market. And make sure to try out the best dynamic pricing for vacation rental hosts & property managers and sign up for Beyond today!
So, start planning and strategizing ahead of time to reap the rewards in 2023.