How should we adjust our short term rentals in 2021?
Hey BP community!
How are you adjusting your short term rentals for 2021?
It’s safe to say that traveling patterns are a little different this year. I’ve noticed a good amount of my guests are traveling medical professionals, people working remotely, and even locals just looking for a quick local getaway. With this being said, I’ve also noticed that not very many people (in my area at least) aren’t altering their short term rentals to be more accommodating to their new market of guests. What are some ways that you are making your home more suitable for these different type of guests?
Generally speaking, I have raised the rates on all my STRs over the past few months because of the increase in demand for people wanting to get away from large cities and populated areas. I would recommend trying to have as many amenities as possible on your listings. All you need in your guest suite is a desk to add the amenity of 'Dedicated Workspace' and you can make you listing more appealing to people looking for an extended stay but still need to work.
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Real Estate Agent NC (#312479)
- http://www.quietwatersrealtygroup.com
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#4 Short-Term & Vacation Rental Discussions Contributor
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I've been leaving a new bottle of hand sanitizer on the kitchen table along with the other supplies (soap, tp, keys, towels).
No changes. I'm actually increasing my rates because I still anticipate a higher-than-normal number of travelers like we saw in 2020. Beyond that, nothing new.
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#2 Short-Term & Vacation Rental Discussions Contributor
- Olympia, WA
No changes here either. Our 2021 is up from 2020. We are different than most as we don't do flexible pricing. I just charge a flat rate no matter what the date is. I do plan on raising rates in 2022, but we are 70% booked for 2021 (our season anyway).
Plus I am seeing lots of early year bookings. I just got one for Valentine's Day. Remember we are on an icy lake in North Idaho. They can watch the ice floe move back and forth. It's actually pretty fun to see what river is flowing more...
I have increased rates, and increased minimum night stay requirements. In our urban markets, we are having lots of success with mid-term stays (a few weeks or longer). We are actually hosting 30 guests right now out of 65 units, that are staying for a month or longer. That would not have happened if we didn’t raise minimum length of stay requirements in December after the holidays.
We advertise our high dedicated internet speed, desk and quiet environment as selling points for people who are traveling and working. We adjusted our cancellation policy because people are more flaky. We are advertising to travel nurses on other platforms. Another winner for us is including Disney+. Netflix and Prime Video streaming. Most of our competitors advertise "bring your own logins". I know that saves money, but our guests rave about the streaming options, because few people have all three of these services. We have had guests literally not leave our property for days at a time. In the time of COVID, people are spending more time in the property, so focus on your amenities.