Vacation or home rentals have been gaining attention over the past few years. Be it for leisure or business, people have been choosing short-term rentals over traditional accommodations. The pandemic hasn’t changed that trend.
As the popularity of short-term renting businesses grows, more people are looking into investing in vacation rental properties and lucrative property management franchising opportunities.
Why is the short-term rental business on the rise? Is this trend unaffected by the pandemic, or has the pandemic contributed to the rise of these rentals?
A Twist in Working From “Home”
Working from home has become a common setup in the past year because of travel restrictions and COVID-19-related protocols. Employees are expected to go about business-as-usual activities as they do in the office but at home. As working remotely has become the normal practice, white-collared workers are allowed to leave town without sacrificing their ability to do their jobs.
Going to work no longer means going to the office (at least for now). Instead of going to a physical space, everybody’s going online. All you need is a laptop and Wi-Fi in your accommodation. You can enjoy a slight variation of “working from home.”
Everybody Wants a Safe Vacation (Especially Now)
There is a pent-up demand for vacations and outdoor-related activities. No one can blame anybody because this pandemic surely did its best to give everyone cabin fever. People are having a hard time separating work and personal life, as both are sharing the same space at home. The lack of work-life balance is a draining thing and warrants a quick break from it all. After all, it is a normal human need to have excursions once in a while. The pandemic didn’t fully curb that need. People are going on vacations (safe, socially-distanced vacations but vacations nonetheless) through short-term or home rentals.
The best part is that these rental spaces don’t have to be far from home, and they cost less than staying at a hotel. If you think about it, it’s similar to sleeping over at a close friend’s house. Though it might be someone else’s house, it still counts as a change of scenery (which everybody needs from time to time). Staycations are the new vacations—accessible, convenient, and homey. These locations can even be just a few minutes away.
Budget-friendly Spaces Win the Day
Though people want to be anywhere but home, nobody’s looking to give up responsible spending, especially at this time. But renting a place for your staycation at a reasonable price can’t hurt your wallet. Rental spaces are a great compromise, and people see the value in them. No wonder there is a growing preference for short-term rentals.
A study finds that people choose Airbnb over hotel rooms for its economic advantage and home-like experience (among other things).
Another study supports this with results showing that both affordability and authentic experience as the most significant factors people consider when choosing an Airbnb. This was true before COVID-19, and it is still true to this day. Who doesn’t want a change of scenery once in a while? Being able to travel, enjoy some scenery, meet new people, and experience different cultures—it’s an attractive thought, all the more when you can afford it.
A Better View for Less
The location of a rental space is a great selling point. Aside from the facilities the space provides, its location is a big factor. Having easy access to stores and other establishments is a dealmaker. It also helps if the space is in the heart of bustling foot traffic. Meanwhile, others prefer a nice and peaceful neighborhood.
Rentals are a great middle ground for people who love to travel and want something worth the buck. Unlike traditional accommodations, you can rent a place with a scenic view at a cheaper cost. It’s important to note that people are prioritizing and looking into the health protocols in place. Renting is an attractive option because it provides the space (literally and figuratively) to enjoy a long-awaited vacation without sacrificing healthy practices.
Sometimes, being in a new space is a great way to take a breather—enjoying the sights and meeting locals. It’s also a great way to spend time with friends and family. That’s why vacation or home rentals are continuing to gain attention, even during the pandemic. Though its use is mostly for leisure, it’s safe, comfortable, and accessible. With changes in health policies, work arrangements, and social interactions, having the option to rent out a place out of town is an oasis to the humdrum of everyday life.