Short-term vacation rentals have flooded the market as the perfect solution for property owners looking to start a business and for vacationers seeking the comforts of home while on vacation. Platforms like Airbnb and Vrbo offer travelers a wealth of alternatives to typical hotels and allow property owners to start a thriving business. The vacation rental industry has its drawbacks, too, with concerns about effects on neighborhoods and unsafe situations for guests. These facts will give us a well-rounded view of the state of the vacation rental industry.
8 Vacation Rental Facts
1. Access control is the number one safety concern for vacation rentals. (Source)
Property access must be secure for the sake of both guest and property safety. This can be done with smart locks, keypad entry systems, and even cloud-based software. Physical keys are an option, but need to be well-hidden and secure. Outdoor cameras, smart doorbells, and motion-activated lighting secure the property perimeters.
2. Guests are booking vacation rentals for longer stays. (Source)
Before 2020, 80% of guests booked vacation rentals for a week or less, but after 2020, that statistic flipped. Only 30% of Airbnb reservations were under seven days. This might be due to an increase in remote work, allowing people time to work and travel simultaneously.
3. There are 1.3 million vacation rentals in the U.S. (Source)
American vacation rentals account for 20% of the global market, and analysts expect the market to grow at a rate of 3.9% per year.
4. Many people choose vacation rentals because they can host multiple families. (Source)
One of the most popular reasons for travelers to choose a vacation rental home over a hotel is its large size, which can accommodate multiple families for a reunion or get-together. Kitchens and multiple bathrooms make family trips more convenient, too.
5. Hidden cameras are a top concern in vacation rentals. (Source)
58% of Americans fear finding a hidden camera in their rental. These fears aren’t unfounded either. 1 in 4 people have found a camera in their rental! While these cameras could be nefarious, many are installed for security purposes, so they aren’t necessarily a problem.
6. 89% of renters intend to rent again in the future. (Source)
Many people seem happy with their experience of renting a home, according to surveys. Most of them plan to rent again in the future and 87% of them said they would recommend a vacation rental to family and friends.
7. There are many local regulations regarding vacation rentals. (Source)
There is a ban on short-term rentals in many neighborhoods. Residents don’t necessarily want a property that attracts strangers to their area. If rentals are allowed, owners need to be aware of restrictions on noise and parking.
8. Vacation rental owners need to invest in maintenance assistance. (Source)
Vacation rentals need to be carefully cleaned after each guest leaves. This can be a significant investment of time and energy, or owners can hire a cleaning service. Property owners might also invest in tax help, building inspection, or repairs.
Featured image photo credit: Matheus Bertelli
