The Evolution of Short-Term Rentals: A Guide for Potential Property Owners

Posted by Jason White on

The vacation rental landscape is rapidly evolving. Today’s travelers demand reliability, comfort, and personalized touches that traditional hotels often struggle to provide. 

By embracing this shift savvy short term rental property owners can set apart their properties and capitalize on a rapidly growing market segment. 

This blog post explores the changing landscape and strategies to position your short-term rental for success!

 

The Changing Landscape of Vacation Rentals

The vacation rental landscape has undergone a number of changes in the rental years. 

Travelers have new expectations. They are looking for reliability, comfort, and personalized touches. Each of these things make short term rentals an attractive option! 

When comparing stand alone vacation homes to traditional hotel stays, the advantages are clear.

 

The ability to have a local experience 

Some guests are looking to live like a local, to explore the off the beaten path things to do, to experience the community vibes.

 

Unique accommodations 

Some guests need a space that fits their unique situations, and some guests are just looking for a way to have a different experience. 

 

Options for extended stays

Some guests are looking for the ability to have an extended experience. 

Maybe they are working in the area on a short term assignment, or maybe they are living a more nomadic lifestyle, which is more prevalent post pandemic. 

Or they might be looking to decide if they’d like to move to the area and want to have a chance to immerse themselves into the community to decide if it’s the right move for them. 

 

What Short-Term Rentals Offer Now

As a potential property owner, tapping into some of the examples below can elevate your rental’s appeal and profitability.

 

Full Service Hospitality 

There are many ways that you can elevate guest experience through full service hospitality.

  • Regular maid service – Could you provide an additional clean during their stay?
  • Curated guest experiences – How can you partner with local establishments to provide an elevated experience for your guest? 
  • Special touches – How could you provide a way for your guest to feel special while they are in house?

 

Personalization 

There are tons of ways to make your short term rental property feel personal!

 

The ability to bring their furry friends along 

The Great Smoky Mountains is a sanctuary for families, couples, and adventure seekers. For many of these visitors, a vacation isn’t complete without their furry friends. 

Offering a pet-friendly rental not only widens your target audience but also adds an emotional touch to your property – it signifies that you care about the entire family. 

After all, pets are family too!

 

Adoption of technology 

By adopting technology you can make your processes easier and simpler – and who does love a seamless experience?

  • In what ways could you make your check in/out process simpler?
  • In what ways might you use technology to ensure your home stays in tip top shape?
  • In what ways might you use technology to ensure your rental is the most comfortable it could be? 

 

Advantages of Short-Term Rentals

Beyond the financial benefits, short-term rentals offer a sense of ownership and creativity that traditional investments may lack. 

In a competitive rental landscape highlighting your properties unique features is an excellent way to stand out and create a sense of belonging for guests who are seeking a local experience. 

The ability to create a personalized and memorable stay for guests sets short-term rentals apart!

 

As the landscape of vacation rentals continues to shift, property owners and managers who embrace innovation have an advantage over traditional hotel stays. 

Set your short term rental property apart by curating an experience – whether that’s in-home personalization, policies that allow for a vast number of situations (pets and extended stays to name a few), processes that are convenient, or local experiences.