What’s Next? The Future of Vacation Rental

Before the Internet of Things and the sharing economy, who would have thought that vacation rentals could have taken over such a large chunk of the travel and hospitality market? Today, vacation rentals have done more than just occupy a significant share of the market. They’re beginning to outpace traditional lodging. They have changed the way that people travel, and they have made it easier than ever for people to monetize unused property assets.

Still, the vacation rental industry continues to evolve. For property managers and owners, it is vital to stay ahead of competitors and plan for the future. At BookingTeam.com, we work with vacation rentals and technology every day. These are the trends and predictions to expect next.

1. Continued momentum (and competition).
Vacation rentals are no longer a cost-saving niche. Every year, there are more people that have stayed or are interested in staying in a rental in the near future. A report from Travel Weekly claimed that Airbnb units account for 9% of all lodgings in major U.S. cities, and it’s increasing at a pace that is even faster than the hotel industry.

2. Learning more about guests.
As more properties enter the vacation rental market, that means there will be even more competition. Managers and owners will need to differentiate themselves from other lodgings with factors other than cost-savings. To do that, they are going to need to invest in data and technology to learn more about their guests.

Every successful business knows that you need to know your customers. Who are they? What are their likes and dislikes? Why did they choose your lodgings over others? Learning more about your guests can help you craft memorable and positive guest experiences consistently.

3. Reliance on technology to gain a competitive edge.
Automation and the digital economy has impacted every industry, especially vacation rentals.

Team expertise and the right tools will not only set high performing vacation rentals apart from the rest, they will be critical to survival. As the market grows and guest expectations rise, it is more important than ever to have a dedicated manager or team of booking professionals on hand.

4. Integration of platforms.
Although it is important to have the right tools on hand, having too many can weigh you down. There is a wide-range of rental sites and software online, but it can feel disjointed and overwhelming. To save time and manage more effectively, the focus is shifting towards integrating into one or a few easy-to-use solutions.

BookingTeam.com’s platform is built to be an all-in-one property management solution. Combined with our software, we offer property managers and owners a team of on-demand professionals that can help manage every part of running a vacation rental business. From crafting high-converting listings on popular sites to scheduling on-site maintenance for properties, our platform can handle it.