October 8, 2024
The trend of travelers opting for short term rentals instead of hotels continues to grow exponentially - and this is great news for property owners looking to turn a “side hustle” into a full pledge business. According to GlobeNewswire, the US short term rental market was projected to hit around US$16.86 billion in 2023, with an expected growth rate of 8.49% over the forecast period (2023-2026).
These numbers aren't shocking, particularly in regions like Valley County, Idaho, or Maine, where a majority of travelers favor short term rentals over hotels. In this post, we'll explore the advantages travelers can enjoy with a short term rental compared to a hotel, and how we can attract those travelers to book your short term rental property over others.
Source: ValuePenguin
Choosing between a hotel and a short term rental depends on many factors, but here are three of the biggest reasons why travelers might opt for a short term rental:
1. Space, Privacy, and Home Comforts
Short term rentals generally offer more square footage than hotel rooms, often featuring multiple bedrooms, bathrooms, and living areas.
This equates to greater privacy and comfort, especially for families or groups traveling together. You can spread out, relax without feeling cramped, and enjoy amenities like private decks, pools, or even fireplaces, not typically found in hotels.
2. Cost-Effectiveness and Value
Depending on the size of your group, length of stay, and desired amenities, short term rentals can be more cost-effective than hotels. Splitting the rental cost among multiple travelers can be advantageous, and having a kitchen allows for preparing some meals yourself, saving on dining expenses. Additionally, rentals often include extras like laundry facilities and parking, potentially negating additional hotel fees.
3. Unique Experiences and Local Immersion
Unlike the standardized experience of most hotels, short term rentals offer a wider variety of unique properties and locations. You can find charming cottages, beachside apartments, or even treehouses, immersing yourself in the local atmosphere and architecture. This can enhance your connection to the destination and provide a more memorable experience.
It's important to note that hotels offer their own advantages, such as on-site staff, consistent service, and amenities like spas and fitness centers. The best choice ultimately depends on your individual needs and preferences.
Enhance your short term rental bookings by providing potential guests with a clear visual representation of your property. Avoid distant shots and capture the house or flat from various angles using high-resolution equipment.
Quality photos, especially those taken professionally, stand out and appeal to travelers. Regularly update the profile with recent photos, showcasing any renovations or improvements made to the property. Keep the description accurate, concise, and updated, highlighting both the short term home and nearby attractions.
Prioritize a guest-centric approach by responding promptly to inquiries, accommodating requests when feasible, and providing personalized recommendations. Keep in mind that content guests often leave positive reviews, contributing to increased bookings!
Additionally, go the extra mile by offering considerate amenities such as local coffee, beach essentials, or welcome baskets. Enhance the experience further with special touches like handwritten notes or local treats, creating a memorable and delightful stay for your guests.
Showcase your local knowledge and passion for the area. Highlight nearby attractions, hidden gems, and insider tips in your listing and communication with guests. This not only adds value to their stay but also positions you as a trusted local expert.
To truly uphold the high standards promised in your listing, consider the importance of consistent maintenance for your short term rental. Regularly tending to amenities such as hot tubs and swimming pools not only ensures they are in optimal condition but also contributes significantly to a positive first impression for arriving guests. Taking the extra step to keep outdoor spaces meticulously tidy, including lawns, hedges, and patios, naturally enhances the overall appeal of your property.
If you want tips for keeping your short term rental in great shape, especially with a refreshing spring cleaning focus, check out this blog: Vacation Rental Spring Deep Cleaning | Redfin
Maximize your short term rental bookings by expanding your online presence. Don't limit yourself to one platform. List your rental on multiple booking sites to reach a wider audience. Utilize social media to showcase your property and connect with potential guests. Partner with local tourism boards or influencers to spread the word.
By implementing these strategies, you'll unlock the secret to a fully booked calendar and a thriving short term rental business. Remember, consistency is key - regularly update your listing, respond promptly to inquiries, and keep providing exceptional service for a truly winning formula.
Focus on interior updates to attract guests seeking comfort, efficient amenities, and appealing decor. Invest in quality appliances, update the kitchen layout, and add inviting elements. Enhance the interior with cutting-edge appliances, fresh paint, and sophisticated furniture. Seek original and innovative decor to make your short term home stand out.
Encourage positive reviews by providing excellent guest experiences. Treat guests with respect and address their needs to generate favorable feedback. Reviews can significantly impact bookings, so ask satisfied guests to share their experiences on listing websites. Respond promptly to reviews, addressing both positive and negative feedback professionally.
Bonus Tip: Personalize your communication! Address guests by name, answer their specific questions, and show genuine enthusiasm for their stay. It's the little things that make a big difference.
Implementing these strategies may require time and effort, but with persistence, you can increase your short term rental bookings. Start implementing these tips diligently to achieve desirable results in attracting more guests to your property.
