Transparent teamed up with Autohost & STR legends to bring you an expert discussion on the current North American vacation rental climate. The pre-recorded video session is crammed with data insights into demand plus details on how to capitalize on this demand while still protecting your business.
Below are some highlights as well as access to the full discussion and interactive charts to help you help you not just survive but thrive under the altered demand trends.
We kicked off by looking at how reservations have faded and resurged in the US and Canada through 2020.
Vacation rental property managers were left scrambling in March when reservations plummeted along with international travel as a result of restrictions. We have seen companies working with government agencies to offer housing solutions; reaching out to hospitals, businesses and schools to utilize their spaces.
Property managers have at least been able to use the time and space to analyse performance, revise and update processes and make contingency plans for the recovery. Making the most of what little demand there was during the period was a challenge, but as the chart indicates, week 15 saw our inflection point.
We talk in more depth about the impact to different states and provinces and move on to the strategies that are key to not just surviving, but thriving in this climate. The recovery of travel and vacation rentals under the threat of COVID-19 resurgence brings with it some significant changes to the shape of demand.
One trend central to the current situation is the impact to the average length of stays for reservations across our major, typically short term rental, platforms. Where guests were staying for an average of 3 days this time last year, the current average stay has doubled to 6 days.
These longer stays also bring risks with them, and an increased need for thorough background checks to protect your business.
Visibility over these trends positions you to take advantage of them, with different pricing, length of stay discounts and minimum stay settings to boost your occupancy and revenue, and different safety measures should they be necessary.
To see the full insights into current demand analysis such as non-urban stays and domestic stays, recovery in different regions plus hear expert tips on growing and protecting your business in this climate, you can watch the pre-recorded discussion. Visit https://docsend.com/view or click the button below:
Track competitor rates, demand, occupancy & reviews through Transparent‘s market intelligence dashboard to optimize and grow your inventory, rates & occupancy. Our users report up to 25% growth in revenue as well as hours of time saved tracking competitors.
Don’t forget to check out our COVID-19 tracker – full of data to keep you up to speed with demand through the recovery, & US Recovery – a focussed blog post on the current performance of the US vacation rentals market.
Autohost is a trust and safety toolset for hospitality providers. In the short-term rental business especially, it’s important to know your guest. That’s why we make sure every reservation is properly screened across all platforms. The intelligent software scans and inspects every reservation to assess the risk level. Designed by property managers and security experts, Autohost was built to reduce your risk and prevent parties, crime, fraud, chargebacks and potential damage to your business
Check out their blog posts: How to increase your revenue post-pandemic & How COVID-19 will shape and change the hospitality industry or reach out.