Trends in vacation rental industry are changing faster than ever. Guests have new expectations and requests to which owners need to adjust to keep existing on the market, and also to attract new customers. Here are a few global predictions for the upcoming season, based on different surveys and market researchs.
1. Millenials will be the main market
Most of you have probably heard of Millenials, group of people born between the early 80s and the middle 90s. One of the key characteristics of millennials is they are tech-savvy, so you will rarely see them without a cell phone in their hand that serves them for absolutely everything. They love to travel and according to recent research, preferably in group (35 percent) and only 20 percent have not stayed in private accommodation during the previous year. Also, millennials have high expectations regarding technology and internet connectivity in accommodation.
2. Green is the color!
Today everyone is very concerned about environmental protection and this has become one of the most important topics in the world. Young travelers are eco-conscious and engaged in environmental activities. Private accommodations with an eco friendly tag are becoming more and more popular, 70 percent of travelers have stated they would rather choose eco-friendly accommodation, says Booking.com. Here are some of the eco options: use of eco products for cleaning, consumption of domestic and organic foods, use of energy-saving light bulbs, renewable energy sources, rainwater and wastewater treatment and waste recycling.
3. Property management services in growth
Managing a vacation rental is not easy and requires more and more action to keep both owner and guest satisfied. For this reason, a large number of private renters give their keys to specialized agencies providing services related to accommodation management, reservations, maintenance, etc. Each year number of renters that hire property management service to help them gain better results is increased, which is in win-win for both parties.
4. Pets as travel buddies
According to Booking.com research, 42 percent of global pet owners (34 percent from Croatia) say they would choose a destination based on whether they could bring their pet with them and 49 percent is ready to pay more so they could stay in pet-friendly accommodation. Considering this fact, the number of pet-friendly accommodation is on the rise.
5. Vacation rentals are on track to overtake hotels
Each year the vacation rental industry has doubled in size while hotels are only growing by a mear 1.1 percent each year. This trend is leading to a massive outnumber of vacation homes to hotels and it is believed it will overtake hotels by the end of 2020. According to a study by TurnKey, this is because private accommodation offers a unique experience, better suited to each individual guest.