2017’s Trends for Vacation Rentals
Want to get more money from your vacation rentals this year? Make renters happy by meeting the trends. Check out these 6 vacation rental trends for 2017!
The vacation rental industry is poised to surpass $169 billion in revenue by 2019.
If you’re considering investing in the vacation rental market, now is the best time to put some skin in the game with the latest rental trends for 2017.
2016 saw a surge of startups targeting the needs of vacation rental owners, technological advancements, and improved booking processes.
To find out what’s in store for 2017, we looked at the latest industry news and data to give you 6 important trends to watch.
Single Family Homes Still Reign Supreme
With the rise of services like Airbnb, it may seem like one-bedroom rentals are all the rage.
Truth is, single-family vacation homes still remain the #1 choice for renters and buyers.
A recent study from the National Association of Retailers (NAR) found that 58% of buyers still prefer single-family homes to anything else. This figure is up four points from the previous year, while vacation condo purchases actually decreased by a whopping 13%.
Rental Trends Are Getting Smart
Among last year’s technological advancements for the vacation rental industry was smart home technology.
This trend is on track to become even bigger in 2017, as one recent study found that 89% of vacation home owners are willing to use smart home technology to save money and another found that 60% of consumers would pay more for a rental home with smart home technology.
Increase In Millenial-Targeted Marketing
Millenials are quickly embracing vacation rental life. Therefore, you should be ready with marketing campaigns that really appeal to that 18-34 crowd.
Take note of these millennial-friendly rental trends to optimize your marketing strategies in 2017:
- Fast and easy mobile booking.
- Millenials always look to reviews first.
- Free wi-fi
- Millenials often rent with friends, so hot tubs and pools are a big plus.
Incorporation of 3D Technology
Like smart homes, 3D technology is also poised to revolutionize the vacation rental experience.
Interactive videos already have a strong record with buyers, as 86% depend on them to learn about a given community and 70% use them to tour homes.
With the latest advancements in 3D technology and virtual reality (VR), expect to see more 3D tech used in vacation rental marketing campaigns, business conferences, and tradeshows.
Growing Demand For Property Management Services
It’s clear we live in an interconnected world, and this is giving more vacation homeowners the freedom to own properties across state lines and abroad.
As a result, there is a growing demand for more property managers and tools to administer effective property management from any location.
Expect to see more innovation in mobile services as 90% of property managers consider mobile applications an asset for their business.
The Return of Phone Bookings
Despite the rise of online booking tools, bookings by phone still return more reservations than their online counterparts.
As a result, experts forecast that more vacation rental companies will adopt a 24/7 customer service strategy via phone.
Customer service is one trend that never gets old, and it should be a cornerstone of your 2017 strategy.
Along with your commitment to customer service, don’t forget to consider the importance of single-family homes, smart home technology, millennial marketing, 3D tech, and the growing demand for property management as you grow your business.