What to Know About The Rental Market In 2022
After the pandemic kept travelers under lock-and-key in 2020, 2021 saw a surge of nomads antsy to break out of their homes and get back on the road again! Still wary of masks, variants, and crowds, many opted for the privacy of a vacation rental such as Airbnb vs the possible risks of staying at a resort hotel. The good news is that vacation property owners can look forward to similar growth in 2022.
1. Airbnb Stock Increase is a Good Sign
Financial data seems to support the prediction. As of November 2021, Airbnb stock continued to rise in spite of the fact the housing market was experiencing the beginnings of a cooling trend. Though fewer homebuyers may be actively seeking new digs, recreational travel is likely to continue its upward trend.
2. Continued Working From Home Keeps Travel Open
Covid taught us many things in 2020, including the fact that many of us could still make a great living without the daily commute, thank you very much. As a result, many are still working from home and enjoying newfound freedom of location independence. Thus, working vacations are becoming a normal indicator of the times in which we live. That indicator isn't going away any time soon!
3. Increased Desire for Amenities Allows Higher Rental Prices
The difficulties many were faced with, especially during initial pandemic times, also seem to have brought about a willingness for travelers to invest in extra amenities while away from their homes. This speaks well for property owners interested in improving their profit margin.
Final Thoughts
In light of industry growth, rental owners would do well to carry out updates and upgrades that bring the best of hospitality and comfort to their guests. Luxury items such as built-in cappuccino makers, hot tubs, wine refrigerators, or even spa-like rainfall showerheads are all upgrades that can take a property from meh to rave reviews.
Ready to maximize profit on your rental property? Reach out to us and let's see how we can help.
Warmly,
