The Future of Short-Term Rentals
Over the past decade, short-term rentals have spiked in popularity among investors and travelers alike. It's believed that the industry will continue to grow in the coming years. Here are the latest trends and what the future is expected to bring.
New Regulations
To combat some of the challenges presented by unregulated short-term rentals, some cities have been introducing new regulations. New York, for example, recently passed a law that requires hosts to register with the city. Honolulu has outlawed rental stays under 90 days in residential areas. Other cities are curbing the number of rentals by capping the number of licenses they issue and/or imposing new taxes on vacation rental properties.
The goal of most of these regulations is to strike a balance between supporting tourism and supporting the local community of permanent residents. The industry will continue to shift and adjust as more cities set their own regulations in the coming years and we begin to see the effects of these changes.
Increased Demand for Upscale Rentals
While short-term rentals are popular across the board, luxury short-term rentals are experiencing the highest demand right now. Travelers are looking for a more personalized living situation with premium amenities to make their short stay extra comfortable. Premium location is another in-demand feature, as short-term renters value having convenient access to nearby attractions and entertainment.
Alternative Accommodations on the Rise
Travelers are on the lookout for unique accommodations that extend beyond the traditional hotels, motels, and single-family rentals. Short-term renters are showing increased interest in glamping tents, tiny homes, yurts, and other out-of-the-ordinary shelter options. We’re likely to see more of these unique rental options hit the market in the future.
Greater Focus on Sustainability
Travelers are becoming increasingly conscious of their impact on the environment, which is why more of them will look for sustainability in short-term rentals. Around 76% of travelers want sustainable accommodations. Some examples of sustainable home features include low-flow toilets or showerheads, energy-efficient appliances, and smart lighting.
Importance of Guest Experience
Online reviews are more important than ever for rental hosts who want to maintain steady bookings. A higher percentage of guests are relying on customer reviews when making their booking decisions, and sites like Airbnb use reviews in their search algorithms.
For hosts, this means that personalization and providing an exemplary experience are crucial to maintaining a successful short-term rental. Providing local recommendations, helpful tips, and personalized notes can go a long way in winning over guests and boosting ratings.
Additional Growth
Short-term rentals have a bright future. People are still very interested in traveling, and most signs out of the short-term rental industry indicate that growth should continue for the foreseeable future. If you're currently involved in the industry or want to start renting out your home, you can earn high returns if you have a unique property or are in a desirable location.
Market conditions are known to change quickly, however, which is why property owners should remain adaptable to keep their rental units successful in an ever-changing market.
A Guide to November Spending Days
November marks the time of the year when the retail industry is at its busiest. In the days following U.S. Thanksgiving, consumers spend billions of dollars on items often discounted by over 50%. In 2022 alone, online shoppers spent more than $9 billion on Black Friday. However, there are several additional shopping days at the end of November that you might want to factor into your holiday shopping budget.
Black Friday
Black Friday falls the day after U.S. Thanksgiving and is the unofficial start of the holiday shopping season. It's also the day when you'll find the best deals for everything from cars to television sets. Because of how quickly items can go, you should have a plan for finding and locking-in the lowest prices. Here are a few suggestions on how to navigate this shopping day:
- Check pricing before Black Friday
- Make your list and set your budget as early as possible
- Focus on online shopping to avoid crowds and disappointment
- Consider using curbside pickup
- Avoid impulse buys
Small Business Saturday
Small Business Saturday falls on the first Saturday following Thanksgiving. The purpose of this day is to support small businesses. You can find small business shopping opportunities online or in your local community. If you plan to go shopping in person, pick your destinations ahead of time. On the day itself, these businesses can get pretty crowded, which is why you should have a decent idea of what you want beforehand. If you'd like to support local businesses, make sure you don't overspend on Black Friday.
Cyber Monday
Cyber Monday is the first Monday after Thanksgiving. Unlike Black Friday, this day is focused entirely on online shopping. You'll find great deals at large online retailers like Amazon and Walmart, and even some smaller businesses participate nowadays. To make the most out of this day, gather information about upcoming sales. Most websites provide this information ahead of time to attract more shoppers. You can also use browser extensions and shopping apps to streamline the process. For example, some apps make it easy to compare prices across multiple online storefronts.
Giving Tuesday
The first Tuesday after Thanksgiving is widely known as Giving Tuesday. The purpose of this day is to give back to your community through charitable donations or activities. Even small gestures can make a big impact. For example, you can donate to a nonprofit organization or volunteer at a local food pantry. Some other ideas for giving back include:
- Giving blood
- Handing out essential items at homeless shelters
- Organizing a food or clothing drive
- Starting a fundraiser on social media
- Donating to animal shelters or fostering a pet
The end of November brings plenty of opportunities to spend money. Setting goals and planning ahead will help you navigate the November shopping days with minimal stress and maximum savings. Happy shopping, and don't forget to give back to your community!
Nov 24, 2023 - Black Friday
Nov 25, 2023 - Small Business Saturday
Nov 27, 2023 - Cyber Monday
Nov 28, 2023 - Giving Tuesday