Home vacation rental business is booming. More and more travelers are opting for vacation rentals because of its many benefits. Home rentals are way cheaper than hotels, if you are looking for an extended stay then vacation rentals are your best bet.
By booking home rentals you get access to various basic amenities like kitchen, microwave, fridge, washer, and dryer, etc. Home rentals are value for money and you get plenty of space and privacy.
According to stats, the short term rental market is worth $100 billion and it is expected to hit $170 billion by the end of the year 2019. According to another report, people who have stayed in vacation rentals are less likely to choose hotels for their future stays.
As the competition is growing, vacation rental homes need to up their game to stay in the business.
Rentals are a great source of income for the owners
Renting out vacation rental or just 18 weeks per year is able to cover 75 percent of your mortgage.
Usually, owners make their rentals available to guests for 32 weeks every year.
Average weekly rate of $1520 lets owners earn $84 per hour.
A report pinpointed main reasons why travelers book vacation rentals instead of hotels
Less expensive than hotels
Better amenities than hotels
More living space than hotels
Gives at home experience
An owner should work on the amenities that motivate travelers to book vacation rentals rather than hotels. These amenities are:
A good kitchen with utensils, microwave and basic day to day things is essential for a traveler who prefers vacation rentals over hotels.
These basic facilities are a top choice of travelers who want to save money on expensive laundry services.
As a number of people prefer to take their pets with them, a pet-friendly vacation rental will be loved by the pet owners.
By providing all these facilities you will definitely get good reviews from your renters. But how can you tell a vast number of people that your vacation rental has all these features? The answer is through marketing!
According to a survey, 87 percent of US travelers are more likely to book your vacation rental if they are provided with online information. To make your online presence felt, use various social platforms to let potential travelers know about your homeescape vacation rentals.