Ready for the Rebound? Five New Travel Norms for Short-Term Rentals
Summary
This article from Properly highlights key trends for STRs in Summer 2021, including flexible booking policies, enhanced cleaning protocols, and catering to extended stays. Hosts should adapt their offerings, focusing on cleanliness, flexible booking options, and amenities for remote workers to attract guests.
Key Insights
- •In April 2021, demand for STRs grew by 5.4% over 2019 levels, and as of May 1st, June has 25% more demand booked than as of the same time in 2019.
- •HomeToGo found that 45% of those surveyed ranked ‘Free Cancellation’ higher than price when asked about their booking considerations.
- •AirDNA found that “longer-term stays now account for twice as many trips as they did in 2019,”
- •VRBO shared that this summer, not only are travelers “ 75% more likely to book a stay of at least seven nights,” but they’re also “33% less likely to book a three-night stay.”
Action Items
- ✓Instate “flexible booking and cancellation policies” to put guests at ease during these unpredictable times.Effort: lowImpact: medium
- ✓Adopt (and advertise) rigorous cleaning standards and train and support your service providers to uphold them.Effort: mediumImpact: high
- ✓Review your local short-term rental laws, regulations, and ordinances before accepting extended bookings.Effort: lowImpact: high
- ✓Revamp your home office setup by investing in more comfortable office furniture, better WiFi, and various office-related amenities.Effort: mediumImpact: medium
Tools & Resources
- →Properly: Properly is designed to do just that by helping our users uphold essential industry protocols for cleaning, disinfection, and maintenance.
- →HomeToGo: HomeToGo found that 45% of those surveyed ranked ‘Free Cancellation’ higher than price when asked about their booking considerations.
- →Properly: Per Properly’s CEO Alex Nigg , “when hosts are provided with long and complex protocols, the result is often low compliance.”
Watch Out For
- ⚠To avoid hefty fines and fees, review your local short-term rental laws, regulations, and ordinances before accepting extended bookings.
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