Short term rental properties have been on the rise for several years now. In fact, the vacation rental industry is expected to be worth over $100 billion by 2027. With more people looking for unique and affordable travel accommodations, short term rentals have become increasingly popular. But with the pandemic affecting the travel industry, what are the short term rental property trends that you need to know about in 2023? In this blog post, we’ll explore the top trends that are shaping the future of short term rental properties.
Increased Demand for Remote Work-Friendly Properties
Since the pandemic, remote work has become the new normal for most white-collar jobs. This trend is expected to continue in 2023 and beyond. As such, there’s an increased demand for short term rentals that are remote-work friendly. This includes properties with high-speed internet, a designated workspace, and proximity to amenities like cafes and co-working spaces. Property owners who can cater to remote workers will have a competitive edge in the short term rental market.
Eco-Friendly Properties Will Attract More Guests
Sustainability has become a top priority for many travelers, and this trend is expected to continue in 2023. Short term rental properties that incorporate eco-friendly features like solar panels, energy-efficient appliances, and green roofs are likely to attract more guests. Property owners who invest in sustainable features will not only appeal to environmentally conscious travelers but may also benefit from lower energy bills and a reduced carbon footprint.
Technology Will Play a More Significant Role in Property Management
The short term rental industry is becoming more technology-driven. In 2023, property owners who want to stay competitive will need to embrace technology. Smart locks, security systems, and automated check-in/check-out processes are just a few of the tech-based features that guests will expect. Additionally, property management software like Airbnb’s Host Tools and Guesty are crucial for owners who manage multiple properties and need to streamline their operations.
Increased Demand for Unique and Authentic Experiences
In 2023, travelers will seek unique and authentic experiences instead of generic hotel stays. Short term rentals that are quirky, artsy, or in unconventional locations like treehouses or yurts are more likely to attract guests. Moreover, properties that embody the local culture or have a historically significant past are also in high demand. Property owners should strive to create a unique and memorable experience for their guests by incorporating local culture and providing a personalized touch.
Enhanced Cleaning Protocols and Sanitization Practices
The pandemic has changed the way people travel. As such, travelers will expect enhanced cleaning protocols and sanitization practices in short term rental properties. Property owners who invest in deep cleaning, antibacterial spray, and sanitization stations will instill confidence in their guests and increase bookings.
Conclusion
In conclusion, the short term rental industry is constantly evolving, and property owners who keep up with the trends will stay competitive. In 2023, remote-work-friendly properties, eco-friendly features, technology-driven operations, unique experiences, and enhanced cleaning protocols will be critical for success in the industry. By incorporating these trends into your property management, you’ll be able to offer an exceptional experience to your guests, increase bookings, and stay ahead of the competition.
Finding the perfect tenant who treats your property like their own might be challenging. However, you do not need to worry about this matter because Lamar G Property on Us has your back. We will find the best tenants who will care for your property. We care for your property like our own. Let us manage your property and we assure you that you will never hear any complaints from your tenants. It will help you build your trust in the market among the potential tenants. Additionally, you can trust us with your financial matters because we keep record of every operation so that you can check them whenever you want. So, contact us today and leave all the property matters to us. We will take care of everything.
