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In any dynamic industry, change is to be expected, and the short-term rental industry is no exception. Influencing factors that are prompting these changes, to name a few, are regulation battles at city and local levels, the push toward instantly bookable properties, and the boom of supportive start-ups that fuel industry acquisitions and partnerships. In reaction, vacation rental guests and hosts are also adapting. Here’s a quick and simple overview of the basic trends every host and guest should be aware of.
48 percent of homeowners with vacation and investment properties plan to rent these homes to others. And, from 2004 to 2015 the average age of the vacation home owner dropped from 55 to 43 – an average drop of about one year for every passing year. In addition, recent reports of Millennials choosing to rent their primary residences in urban locales and purchasing, instead, vacation homes as an investment is changing the real estate market. As evidence of these trends, HomeAway, a leading vacation rental booking platform, reported 89 percent of newly purchased vacation homes will be rented out within their first year.
As mentioned, companies fueled by technological solutions, like Pillow are rising up within the short-term rental industry to assist both hosts and guests. More and more homeowners are turning to full-service short-term rental property managers and other a la carte services to assist their short-term rental businesses. As managing rentals remotely becomes even easier, homeowners are purchasing vacation homes and investment properties even further from their primary residences. HomeAway also reports the average vacation home investor will now purchase a home at least 322 miles away.
Airbnb has reported substantial growth within the last five years. Summer travel through their site has grown 353 times over and in the last summer alone, nearly 17 million guests stayed in an Airbnb rental. Future growth estimates expect Airbnb’s room nights to increase from 79 million this year to around 500 million within the next five years, according to a survey from Cowen Group Inc.
This optimistic growth prediction is in part bolstered by the fact that only 11 percent of American adults have stayed in a short-term rental. With only 35 percent of adults having heard of such services like Airbnb, HomeAway, and VRBO, there’s still a lot of room for growth.
Most importantly, for guests, vacation rentals offer options unavailable to hotel guests, like an abundance of space, fully-equipped kitchens, and lower pricing matched with greater location options. In addition, a Nasdaq article emphasizes that 30 to 40 percent of Airbnb travelers would not have taken their trip if it weren’t for vacation rentals. While it’s suggested that Airbnb is a threat to budget hotels, awareness and usage of short-term rental services are higher among people who make $75,000 or more per year.
The changes in real estate trends, like millennials’ vacation home purchasing habits, along with the increased ease of managing short-term rentals are resulting in a growing supply. This increased supply in the short-term rental market is being met with a rising traveler awareness which strongly signals an increasing demand.
Pillow is solving short-term rentals for multifamily properties, allowing building owners and property managers to have control and transparency over short-term rentals while enabling their residents to rent their units short-term on Airbnb. Pillow is the official and exclusive multifamily housing partner for popular short-term rental listing platform Airbnb. Pillow takes a complicated, time-consuming process for multifamily building owners and created a solution that greatly benefits Multifamily operators and residents alike.
If you own a multifamily complex or management company and are interested in providing short-term rentals, email firstname.lastname@example.org or visit www.pillow.com.
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Written By: Michelle Giuliano