Survey:83% Feel Short-Term Rental Have Won Over Traditional Hotel-Goer

Checkout this informative article from author Michal Christine Escobar, in her article it states that based on the findings released by Guesty, a short-term property management platform, from its upcoming industry report on the “State of Confidence in the Short-Term Rental Ecosystem.” The company, relied upon by professional hosts, property management companies and independent hotels worldwide to automate and streamline daily operational tasks, sits at the epicenter of the home sharing space, directly integrated with major booking channels Airbnb, Booking.com, Vrbo, TripAdvisor Rentals and more.

Guesty’s report showcases where this community stands on the timing of travel recovery and the predicted, lasting impact of COVID-19. All by surveying 523 property management companies and hosts, investors, tech providers, and members of the hospitality ecosystem overall.

Here are all the core findings:

• Vaccine impact on bookings: Over a third (35%) of the professional hosts & property management companies surveyed have already seen an uplift in 2021 reservation volume following the announcements of vaccine efficacy.
• Recovery timing: The majority of respondents (51.2%) predict 2022 to be the year of complete travel recovery. The top 3 factors all survey respondents believe will delay the recovery of travel are:
  • Longer vaccine distribution times in certain countries and populations (27%)
  • The population's reduced ability to spend on travel due to economic hits taken during the pandemic (24.3%)
  • Lingering consumer hesitance to travel despite the vaccine (21.8%)
• Short-Term Rentals vs. Hotels: An overwhelming majority of respondents (83.2%) feel the short-term rental industry (comprised of vacation rentals, Airbnbs) has won over hotel-goers and that this new user base doesn’t plan on booking traditional hotel stays once COVID-19 is behind us. The majority of those surveyed also suggested that hotel business models will shift:
  • 60.4% of those surveyed believe hotels will increasingly incorporate alternative accommodation options (such as short-term rentals) into their business models
  • 22.6% of those surveyed believe hotel chains will purchase property management companies to expand their offerings
  • 17% of those surveyed believe that booking patterns will return to normal and the majority of hotels' business models will remain the same
• Legislation: Well over half of respondents (65.2%) believe the demonstration of short-term rentals’ benefits during the pandemic will result in the adjusting of regulations on the short-term rental industry.
• Trend prediction: Widespread remote working drew the most votes (33.5%) as the trend most likely to endure post-COVID.
• Poised for growth: 75.6% of property management companies and professional hosts state they will grow their rental portfolios in 2021, with 37.5% putting that growth at 25% or more compared to their size in 2020.
• Pricing: There’s much uncertainty of how pricing will net out during the year. In light of vaccines, 56.1% have not made any price adjustments for dates in 2021. That said, 24.4% have raised prices in anticipation of greater demand and 19.5% have lowered prices in anticipation of greater demand to stay competitive.

Survey Makeup:

• 523 respondents:
  • 62.7% property management companies and professional hosts
    • Portfolio sizes of property management companies/hosts surveyed
      • 0-3 listings: 25.9%
      • 4-20 listings: 31.4%
      • 21-50 listings: 18%
      • 51-200 listings: 17.4%
      • 201-500 listings: 7.3%
    • Destination types of property management companies/hosts surveyed
      • Urban/metropolitan cities: 43.6%
      • Oceanside/tropical locations: 23.2%
      • Countryside/rural areas: 18.6%
      • Attraction-adjacent destinations: 7.6%
      • Mountainous areas: 7%
  • Members of the overarching travel industry: 10.7%
  • Investors: 6.7%
  • Travel tech suppliers: 5.5%
  • Former members of the overarching travel industry: 4.2%
  • Members of the press: 1.1%
  • Thought leaders: 1.1%
  • Other: 8%
• Location: The majority of responses came from North America and the European Union
  • North America: 53%
  • Europe: 30.5%
  • Asia-Pacific: 8.4%
  • South America: 3.1%
  • Africa: 3.1%
  • Middle East: 1.9%

Full article link: https://u75191.h.reiblackbook.com/renters15/?p=5246