Tourism and real estate are among the most robust industries to invest in for decades. Combine the two, and you get a market valued at USD 100 billion and projected to reach USD 228.9 billion.
However, change is the only constant in vacation rental management. Trends and customer behavior can shift in the blink of an eye.
Once again, new crazes are appearing in 2024, and luckily, you came to the right place. Below, our experts reveal to you upcoming trends and tips on how to utilize the opportunity!
Global warming is still a significant issue. Since 1880, the world temperature has risen by almost 2°F, and 66% has occurred since 1975.
Unfortunately, travel and tourism are contributing factors. Fortunately, sustainable practices with short-term rentals can help combat the problem.
Modern travelers go out of their way to search for an eco-friendly travel experience. Use energy-efficient appliances and ask guests to turn off the facilities when not in use. In addition, you can stock up on furnishings from local stores and goods from nearby markets.
Since the global pandemic, remote working has exploded into life. People were unable to attend their regular workplaces. So, firms adopted a working-from-home policy.
In 2024, this trend is still alive, and studies show that 4.7 million people work remotely.
Since people can work from anywhere with Wi-Fi, they often combine their jobs with a vacation. As a result, guests are searching for short-term rentals well suited for work. Some of the most essential items you need are:
- High-speed internet
- Dedicated workspace
- Several power outlets and charging stations
- Fully-equipped kitchen
- Office and cleaning supplies
Competition Within the Industry
In the first half of 2020, the tourism industry dropped by 65%. Airlines, tours, and accommodation outlets were all halted.
Since then, travel numbers have not hit pre-pandemic highs. But experts believe 2024 will break new records.
Investors know travel revenge is in full swing, and they already have strategies in place. They also know that competition within vacation rental properties is growing. Therefore, more landlords than ever before are turning to property managers to overcome this issue.
One of the benefits of hiring a manager is optimizing marketing and listings. This increases brand awareness and entices new guests to your property.
Technology Is the Future
In 2024, technology will be a must-have for a successful rental hosting experience. Automation and artificial intelligence tools will streamline vital tasks. Some include property maintenance, guest communication, and even pricing strategies.
Smart home technology will also become more integrated. In return, this allows for remote monitoring and control of property systems.
Contactless check-in is arguably the most desirable use of technology. The system gives a smooth check-in for guests, and managers don't have to wait all day to deliver the keys. If you keep tourists waiting for five minutes, satisfaction levels drop by almost 50%!
Consider Vacation Rental Management in Park City Today
The new year is just around the corner, and if you fail to prepare, you're preparing to fail. After reading our guide, you learned the most crucial 2024 vacation rental management trends and how to utilize them.
A firm with two decades of experience and a manager with local knowledge will ensure a bright future. But time is needed to put a robust plan in place. So, contact PMI Mountain Collection today before it's too late!