Vacation Rental Market Trends

The short term rental market has been greatly impacted by the ongoing pandemic, and as we move further into 2023, we are seeing a number of changes in demand. According to a recent report by IGMS, the vacation rental industry is set to experience significant growth, driven by new consumer behaviors and preferences.

One of the most notable trends identified in the report is the increasing demand for longer stays. With remote work becoming more common, many people are taking advantage of the flexibility to work from anywhere, and are choosing to stay in vacation rentals for extended periods of time. This trend is expected to continue in 2023, with an increase in bookings for stays of a month or longer.

Furthermore, the report notes that outdoor spaces and amenities have become more important to travelers, particularly in urban areas where outdoor space is limited. Vacation rentals that offer outdoor spaces, such as balconies or patios, are more likely to attract bookings in 2023.

Another trend identified in the report is the rise in popularity of vacation rental properties in rural and remote areas. With people looking for safe and socially distanced travel options, vacation rental properties in remote and rural areas are becoming more popular. The report highlights that properties located in nature, near hiking trails or beaches, are particularly sought after.

Furthermore, the report notes that outdoor spaces and amenities have become more important to travelers, particularly in urban areas where outdoor space is limited. Vacation rentals that offer outdoor spaces, such as balconies or patios, are more likely to attract bookings in 2023.

The IGMS report also highlights the importance of providing unique and personalized experiences to guests. With more people seeking to immerse themselves in local culture and experience new things, vacation rentals that offer unique amenities or experiences are becoming increasingly popular. These might include cooking classes, wine tastings, or guided tours of local attractions.

Lastly, the report identifies a growing trend towards eco-friendly and sustainable vacation rentals. Guests are increasingly looking for properties that have implemented eco-friendly practices, such as using renewable energy sources, reducing waste, and minimizing their carbon footprint. Properties that prioritize sustainability and environmental responsibility are more likely to attract bookings in 2023.

In conclusion, the short term rental market is set to experience significant growth in 2023, with new consumer behaviors and preferences driving demand. From longer stays and rural destinations to outdoor spaces and personalized experiences, the vacation rental industry is adapting to meet the changing needs of travelers. As the industry continues to evolve, it will be important for vacation rental owners and operators to stay up-to-date with the latest trends and provide unique and memorable experiences for their guests.

Read IGMS article here https://www.igms.com/2023-vacation-rental-industry-trends/

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