Demand for Short Term Lets In 2021 And What Is The Anticipated Demand In 2022

Updated by January ,23, 2022

Compared to other sectors of the travel industry, the short-term rental market has prospered amid the COVID-19 pandemic, although it was already gaining steam before the world was hit by the Covid pandemic, but it really took off during a time when most other industries and markets were suffering. Those willing to travel were looking for different modes of accommodation, and staying in private quarters was appealing to those who didn’t want to stay in hotels.

Savvy investors and entrepreneurs who saw that trend developing and got in early have made a hefty profit. Many major alternative accommodation platforms are preparing for what they view as a record travel rebound on the horizon and are pushing new initiatives to bring more hosts to their respective services.

The residential market, according to industry players, received more lettings than sales. The housing market also had a push from first-time buyers and a fraction of repeat buyers, as more housing projects were being put up, reflecting the interest of Ghanaians in buying houses.

2021 was seen as a buyers’ market because supply seems to be greater than home seekers who have an interest in buying. This situation gives home buyers leverage over sellers because when supply is higher and demand is lower, the market is forced to respond . As demand for these types of short-term rentals continues to rise, investors have to adapt to the rapidly changing trends in the industry and use them to their advantage. They need to provide the ultimate vacation rental experience their guests are looking for and lock in the high returns this industry is so well-known for offering.

Here are some of the biggest trends you can expect in the vacation rental market going forward.

Increased focus on frictionless stays

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Guests now prefer tech-facilitated, contactless stays over more personal human experiences.In order to meet the demand for a more frictionless stay, short-term rental owners are now embracing the benefits of technology by providing keyless entry, comprehensive guide books on arrival, and constant digital communication opportunities to interact with their guests and answer their questions. If social media was important before, it is now considered absolutely essential to make sure your guests are feeling well cared for, without in-person contact.

More long-term opportunities

The drop in demand and occupancy rates following the very start of the pandemic means that many short-term rental owners have had to find more creative ways to adapt and continue to make profits.

As a result, encouraging long-term stays or even longer short-term stays has become one of the leading strategies across Airbnb and other short-term rental listings. In addition to that, some property owners have started to enter flexible partnerships with traditional real estate agencies and professionals, allowing them to take over the property during the low season and rent out to long-term tenants or "work-from-home" travelers.

Search for a hotel-like experience

Following the increased need for a frictionless, tech-driven, and more impersonal stay, travelers are also increasingly looking for a more hotel-like experience. This means that a solid social media presence, sleek branding, and exceptional service standards are slowly becoming the norm.

This might be due to the desire to truly switch off and enjoy a hotel-like experience without the contact risks associated with staying at a hotel. It might also just be an organic trend stemming from the growth of the short-term rental market and its increasing popularity.

Whatever the reason might be, it's worth reviewing your current social media strategy and branding to make sure you can capture this growing audience. You should revise your service options or even property design to ensure your short-term rental can keep up with these new expectations.

So, how can you make sure to capitalize on these trends for your advantage this year? Knowing what to deliver is only the first part of the process, the rest will be learning how to evaluate a great market opportunity from the get-go.

While current trends seem to have left bustling urban centers and internationally-renowned destinations behind, there are many more factors that go into analyzing the viability of the location, neighborhood, and accommodation style you've been eyeing.

Travel experts say hotels and short-term rentals will exist in parallel as travelers seek variety and flexibility when it comes to accommodation type. They predict = hotels would see a complete rebound and sky-high occupancy but this won’t be at the expense of short-term rentals, which are now “a mainstream accommodation choice,

Experts opine The short-term lets would show a continued growth in domestic and international in 2022 exceeding pre-COVID reservation numbers in many parts of the globe.