We teamed up with Guesty on a webinar exploring confidence in the vacation rental industry and the travel trends emerging in this season of recovery. Guest Author Alexandra Mandel, Business Development Manager at Guesty, takes us through the 3 travel trends you should prepare for and shares the full webinar below.
New travel trends are emerging through recovery
Travel season is upon us, and through this unprecedented year of challenges, new travel trends have emerged. To best prepare for the busy vacation rental season ahead, it’s crucial for property management companies to understand how travel has changed, what the new trends are, and what to expect as the industry begins to pick up. The Transparent chart below illustrates this stabilisation and uptick in bookings seen over recent weeks.
Travellers want flexibility
This year has made travellers weary of fluctuating lockdowns and local city restrictions that impact their travel plans. They need the comfort and reassurance that should circumstances beyond their control arise, they will be taken care of with no impact financially.
In fact, according to our recent industry survey, over 50% of property management companies believe that flexible cancellation policies are the new normal, and what guests have come to expect. Implementing flexible cancellation policies makes consumers more confident to book knowing if something last minute comes up, they are able to make adjustments.
Protection all around
One of the most appealing aspects of short-term rentals has been the extra precautions taken around cleanliness and the remote, private nature of these accommodations. Travelers are seeking out stays that are light-touch and limit human interaction between staff and guests. As such, the adoption of tech to cater to this expectation has accelerated, with property management companies implementing keyless entry systems, tools to monitor cleaning staff remotely, and automated messaging tools to communicate information like check-in/out instructions. In fact, the use of Guesty’s automated messaging tool jumped 25% from 2019 to 2020, a year in which hosts needed to rely on tech to support lean teams.
Work from anywhere
Companies are seeing the benefits of remote work, especially in terms of reduced office leasing costs and employees happy to say goodbye to their daily commutes. The widespread trend of remote working – which isn’t going away any time soon – has resulted in employees not just working from home, but working from any home. They are booking extended stays of one month or longer in private short-term rentals in mountain, desert or ocean towns to enjoy a new experience that boasts a comfortable workspace, with a view. These boundaries of how society works and lives will continue to blend, so making sure properties are equipped with longer-stay amenities – such as a workspace, larger closets and full kitchens – is ideal.
Confidence & travel trends in the short-term rental industry
For more on what lies ahead in the short-term rental ecosystem, watch a recap of our latest industry event with Guesty Co-Founder & CEO, Amiad Soto, Transparent CEO Pierre Becerril Travis Riner from Homes & Villas by Marriott, and Robin Clifford, Head of Expansion at Nestor.
To learn more about emerging trends in the short-term rental space, check out our short-term rental industry report.
To keep on top of vacation rental industry trends through the recovery and optimize your strategy with data, you can access Transparent‘s free COVID-19 recovery data tracker or learn more about the PRO dashboard: