2020 brought about an uncertain future for us all in so many aspects, but most particularly, what the future is for travel and the Short-Term Rental industry…
Which countries can you go to without quarantining? Will I have to take a Covid-19 test during my journey? How many times will I need to change my face mask on the plane? Which vaccine will be approved in which country?
It’s been an undeniably rocky road but, 2021 has brought hope that the worldwide vaccination rollout will reopen air corridors and with better testing + hygiene protocols, travel will recommence.
Travel, of course, won’t be the same as it once was, but maybe that won’t be a bad thing. Cities will be quieter, tourist overcrowding in places such as Bali or Venice will be less desirable, and the skies are cleaner.
Think last minute bookings, with figuring out things along the journey, not package tour.
The roller coaster of interstate border restrictions has also had impact on domestic travel, but as we see the 2021 vaccine rollout …no doubt the new world of travel will see a bigger boom in domestic travel.
It’s too early for long-term predictions, but when the first travellers return to the skies, they will find measures that have become commonplace adapted to flying: mandatory masks, reduced personal contact, enhanced sanitisation, temperature checks, and social distancing.
The Short Term Rental industry also saw large scale cancellations as the pandemic broke out, it quickly bounced back with guests requiring longer term accommodation for a variety of reasons (initial 14 day quarantine, in Australia and cannot go home, relocating cities etc….).
Longer stay holidays will definitely be more popular in 2021 as travellers choose ‘Staycations’ or ‘work from holiday‘.
We (SleepOver Brisbane) saw the average length of stay double from 3 to 6 nights in 2020 and are experiencing many ‘extensions’ of bookings once people have arrived, but also predict 2021 will see longer, planned bookings.
Flexible cancellation policies will have a huge influence traveller choice. It will be equally if not more important than price for some.
The most dominant booking platform for Short Term Rental’s is Airbnb.
Today Airbnb has more than 7 million listings worldwide, including approximately 350,000 in Australia (February 2020 figures).
In the U.S, nearly two-thirds of Airbnb’s 1 million listings are Professional Hosts who manage multiple properties, according to AirDNA which publishes research on short-term rentals.
Going forward, Airbnb looks well positioned, in that short-term rentals will continue to be preferred versus hotels due to the social distancing factor + longer length of stay.
Starting any property, is akin to starting your own business…We all read the most recent reviews, look at their professional photos, review the cancellation policy…then book.
The Short Term Rental property boom has already commenced last year…
Let us know if you’d like to join the boom with your investment property professionally managed!