The ability to work remotely boosts the short-term rental industry
Many homeowners crushed by COVID sold their rental homes during the height of the crisis, noted Edith Ross, a real estate agent with Russell Real Estate Services in Strongsville. Demand exceeding supply in traditional vacation rental markets – typically far from urban centers – is driving up rates to most destinations. According to Transparent, a vacation rental data company, Airbnb rentals in July and August are expected to average around $ 220, up from $ 185 in 2019.
âSomeone traveling who doesn’t want to be in a hotel can do a short-term rental in an Airbnb because it’s more convenient,â Ross said. “They have a full room instead of a small room. There is less physical contact with people and you can quarantine yourself in your own environment.”
Travelers looking to avoid cramped hotel rooms is a trend market watchers don’t expect to dispel alongside a continuing decline in virus cases. Even fully vaccinated people can choose to avoid crowds or places like hotels with shared common areas.
âAlthough people are vaccinated, they still want to feel safe and be with their families,â Ross said. “This type of (short-term) model gives them that peace of mind. They can get away from it all and still feel right at home. This is going to be a trend in the future even more than it is today. ‘hui. “
Many vacationers mix a few days of work with travel, which gives them options when it comes to length of stay, said Caroline Burns, public relations manager for HomeToGo, a vacation rental research startup. A âReturn of Travelâ survey conducted by the company earlier this year found that 71% of potential vacationers plan to work remotely on at least one of their trips in 2021.
âThe rise of remote working is a game-changer for our industry,â Burns said in an email. âThe pandemic has accelerated an already underlying trend towards more flexible workplaces. And what could be better than a vacation rental to spend time working while the rest of the family can enjoy their free time? Imagine doing it in a hotel room. Vacation rentals can literally make you feel right at home, and that is recognized by our users. “