5 Vacation Rental Industry Trends for 2020
November 6, 2019
The Vacation Rental Industry is Evolving
As a vacation rental property manager, you’re continuously working on upping your customer service, improving your properties, and creating a guest experience that leads to five-star ratings, increased bookings, and more profit. Like any industry, ours is constantly changing. To stay competitive, it’s important to stay ahead of the trends that are shaping our industry. By looking into the future and adapting to changes gradually, you can keep growing your business as the vacation rental industry continues to evolve.
5 Vacation Rental Industry Trends for 2020
Here are a few major trends we’re watching that will continue to influence and shape the future of the vacation rental industry.
1. The Industry is Growing… so is the Competition
According to a growth forecast by Technavio, the vacation rental industry is expected to grow by over 7% every year until 2021. That’s good news since more growth means more opportunity, especially for multiple property managers. However, in every growing market, there are always bigger player who want to get into the space.
So how can you compete? Focus on adding value. Creating a personalized boutique feel where visitors can explore a genuinely local experience is a great way to differentiate your properties from your competitors.
2. The New Generation of Travelers Want Eco-friendly Options
Younger travelers are passionate about the environment and, creating an eco-friendly experience will draw them to your properties, without turning off older visitors. This isn’t as hard as it sounds. Transforming your property into a more eco-friendly one doesn’t need to cost a small fortune.
Taking small steps like improving energy-efficiency, using eco-friendly products, changing to low-flush toilets, offering easy to use recycling options, and switching to LED lighting can not only improve your properties sustainability, they’ll lower your operating costs! Make sure you emphasize your eco-friendly changes in all of your marketing.
3. Today’s Travelers Expect Connectivity and Technology
Back in the day, you’d meet your guests at the property, hand over the keys and give them a walk through. But those days are long over. Today, guests are comfortable with no personal interaction if the check-in process is easy. Property managers can make this happen by taking advantage of the technology available.
Airbnb offers a self-check-in process with easy straightforward instructions for guests. Property Management Systems can streamline communications by centralizing them across all platforms. Hosts can even set-up automated messages to send critical information to guests at check-in. Digital guidebooks can offer guests local recommendations when they check-in. All they need to do is click a link!
4. Everything Digital Needs to be Mobile Friendly
Travelers never leave home without their cellphone in hand. Mobile devices add convenience to our daily life and you need to take advantage of this trend. Several elements of the guest experience can be enhanced by using mobile technology. From check-in and check-out to digitizing your guidebook and making it mobile friendly can all work together the enhance your guest’s experience.
5. Branding is More Necessary than Ever
Today, branding isn’t just for the big guys anymore. Having a clear brand is a way to truly stand out from your competitors. Being on top of the trends in the industry and using tools like mobile friendly digital guidebooks, updating your website and telling your company’s story can help you to stand out and develop your brand.
When creating a brand think consistency. Use consistent and unique color schemes, create a killer logo, and be the property manager that goes the extra mile for your guests to create a truly memorable experience before, during and after they book. Give your guests the personalized, unique experience they’re looking for and watch those five-star reviews roll in.
