2024 Short-term rental trends for property managers

Key Takeaways

Cater to transformative travel: Provide unique, and culturally immersive accommodations that highlight local customs, food, and community initiatives.

Prioritize sustainability: Implement sustainable amenities to appeal to eco-friendly guests.

Leverage tech for better hospitality: Balance technology with personal touches.

Wellness travel: Offer tailored wellness programs and activities.

Adapt to new travel behaviors: Pay attention to new trends and use them to your advantage.

Capitalize on screen tourism and Destination Dupes: Offer experiences similar to those seen in popular media.

Events: Attract guests with sporting events and concerts.

Offer workcation-friendly amenities: Provide high-speed internet and comfortable workspaces that appeal to digital nomads.

Promote slow travel: Encourage longer stays by offering immersive experiences.

Contents

The past few years have brought many changes to the travel industry. Some good, some bad, but always evolving to shape the vacation rental industry. Predictions even say that the short-term rental market will reach a valuation of $8,907.1 million by 2026.

For property managers, it is vital to embrace travel trends to stay relevant, competitive, and profitable. In this article, we will dive into the predicted travel trends for 2024, including the impact that celebrities, major sporting events, the rise of “workcations” and the slow travel movement have on the short-term rental industry.

Our top predictions for vacation rental industry trends

As Q1 comes to an end, we have put together the top trends we think property managers should keep an eye on for the rest of the year. Let’s explore the top 6 predictions that will impact the short term rental industry trends for 2024:

1. Embracing authenticity in 2024

2024 is emphasizing the need for authentic and transformative travel experiences. Holiday goers are looking to connect with local communities and the environment and moving away from generic vacation models. The typical “all-inclusive”, beach holiday seems to be going out of style.

Travelers want accommodation with cultural experiences, especially trying local food. 61% prioritize learning about the origins of a destination’s iconic dish. Cater to this by curating your spaces and experiences to reflect the local culture and environment and give your guests a meaningful stay.

2. Sustainability in travel: How to appeal to your eco-friendly guests

Travelers are becoming more conscientious of where they go, stay and how they get there, with 80% of travelers stating that sustainability in travel is important to them. For the travel and tourism industry, this means that a shift towards honesty, transparency and accountability in sustainability efforts is valued.

But, what does this mean for you and your properties?

Eco-friendly practices: Use eco-friendly cleaning products and provide recycling bins. If you have a larger property and are able to, consider adding solar panels, rainwater harvesting systems, and even composting options.
Sustainable amenities: Provide guests with bicycles, electric vehicle charging stations, and reusable water bottles.
Transparency and certification: Communicate your sustainability efforts on your website and consider getting certifications from recognized sustainable tourism organizations.
Energy efficiency: Use energy-efficient appliances, LED lights, and smart thermostats to reduce your property’s carbon footprint.

3. The rise of tech-enhanced hospitality

Many advancements in the tech industry have aided the tourism sector like self-check-in and other contactless services, but 2024 travel trends are pointing to a balance between tech and a human touch. Many more travelers are looking for a face to rely on and call in case of an issue or question. Hospitality is making a comeback in many ways. Get ahead of this trend and offer to greet guests in person when possible, send a message and check in throughout their stay.

Short-term rental market will reach a valuation of $8,907.1 million by 2026.

David Bitton – Short-Term Rentals Real Estate Statistics

4. Innovations in wellness travel

Wellness travel is set booming in 2024, growing from USD 923.6 billion in 2023 to a forecasted USD 2.1 trillion by 2030, with the demand for luxury fitness and wellness programs. Social wellness is another trend that involves community activities and in-room fitness options.

5. Unique vacation rental travel trends: New travel behaviors and preferences

The desire to avoid over-tourism and stay in one-of-a-kind properties is changing travel behaviors, with a noticeable shift to flight-free options. Travelers are taking the train as a way of sustainable travel, while also looking for shoulder season travel benefits.

Shoulder season travel is the period between the peak and off-peak seasons in tourism when prices are cheaper, the weather is milder and travel expenses, such as buses, trains, ferries and flights are cheaper.

6. Influences on short-term rental trends: Screen tourism and destination dupes

Screen tourism has influenced destination choices as many tourists are looking for locations featured in popular media. We have all scrolled through our Instagram feed and seen influencers soaking up the sun in a luxury property, but the truth is, not everyone can afford these types of trips.

This is where the rise of “destination dupes” comes into play. Providing similar experiences to well-known locations but without the crowds and price tags appeals to more than a niche clientele. It also gives properties in less-popular areas a chance to attract travelers looking for new experiences like the ones they see online or in TV shows and movies.

Avantio Influences on short term rental trends Screen tourism and destination dupes

Top destination predictions for 2024 based on TV and Movie popularity are:

Paris: Emily in Paris
Korea: Squid Games (Season 2)
Sicily: The White Lotus (Season 2)
Romania: Wednesday
Scottish Highlands: Outlander

7. Workcations at a unique property

With many people working remotely, over 17 million Americans identify as digital nomads, blending work and vacation, known as ‘workcations’ is a trend that continues to gain momentum.

Travelers are looking for rentals that cater to both leisure and work needs, meaning guests want high-speed internet and comfortable workspaces. We suggest offering a “work-from-anywhere” motto on your property listings to help attract these types of guests to your short-term rental property.

You can also take advantage of appealing to guests from specific countries, as nations like Canada, Spain and Costa Rica are promoting a digital nomad working visa.

8. Embracing slow travel

Slow travel is exactly what it sounds like, spending more time in particular destinations rather than zipping through multiple cities and countries on fast-paced tours. What people want is a home away from home. Promote experience packages, offer information about culture and cuisine and if possible, try to encourage tourists to connect with locals in hopes of creating repeat clientele.

By adopting these predicted trends early on, your properties will likely appeal to more tourists and rank your rental as a desirable choice. But, it doesn’t end here, 2024 has some major events taking place all around the world with these events bringing in thousands of visitors to cities all over the world. Europe is seeing a particular boom with Taylor Swift’s Eras Tour and the Olympics taking place this summer.

Adopting these trends for short-term rental property success

Each trend and new travel tendency gives property managers and tourism professionals the chance to appeal to a wider group of tourists and meet the evolving needs and desires of travelers.

Understanding these trends is key to helping you and your properties meet and serve the changing demands of travelers in 2024.

How to profit from short-term rental trends

Staying on top of vacation rental travel trends in 2024 can also help you rank your rental higher on online travel agencies.

Airbnb and Booking.com rank your properties higher on the results page based on the quality of your property. Meaning, that the more amenities and services that you offer, like eco-friendly products, bikes, coffee machines, gym or yoga equipment, experiences, etc., will help rank your property higher, resulting in more bookings and more reviews, which will in turn, keep you on the top of the results page!

But what about major events and attractions in your town or city that you can use to your advantage? Remember, more and more tourists are looking for that unique experience that can’t be found everywhere.

Taylor Swift-inspired travel:

The “Taylor Swift phenomenon” has gone past the music. In fact, it has created a worldwide travel trend where fans flock not only to see her concert (which brings a MASSIVE boom to cities raising occupancy by 12% in host cities) but also to visit locations significant to Taylor or mentioned in her songs.

Taking advantage of these types of events and pop-culture points of interest can attract this niche of traveler and give your property an extra push.

Olympics and major sporting events

Major sporting events like the Olympics, Tour de France, and Euro Cup have a big impact on travel patterns and short-term rentals, as they attract fans from all over the world. Properties located near venues or nearby cities can leverage this by offering tailored experiences for sports enthusiasts.

Our tips are to include information about transportation and access to events, provide information on local festivities related to the games, and create a sports-friendly atmosphere within the rental. These steps can boost bookings during these event periods.

Understanding these trends is key to helping you and your properties meet and serve the changing demands of travelers in 2024.

Want to stay ahead of short-term rental trends and maximize your rental income in 2024?

This year’s short-term rental travel trends are all about unique experiences, sustainability, and catering to the modern traveler. But how do you translate these trends into higher revenue?

Our software empowers property managers with the tools to:

Boost Average Daily Rate (ADR) and occupancy rates: Leverage Avantio’s Revenue Calendar and integrated channel manager to optimize your pricing strategy based on demand and competitor activity. Effortlessly update rates across all your connected booking channels (like Airbnb, Booking.com, etc.) in real-time, ensuring you always present the most competitive price. Attract more guests with competitive rates during slower periods and maximize profits during peak seasons.
Increase direct bookings: Streamline the booking process with user-friendly online tools that encourage guests to book directly through your website, reducing reliance on third-party booking platforms with high commissions.
Unlock the power of data-driven decisions: Avantio provides valuable insights into guest behavior and booking trends, allowing you to tailor your offerings and optimize your pricing strategy for maximum profitability.