Monthly Rentals: How to Increase Occupancy in a Competitive Market
September 16, 2022
This category of the fastest-growing trips can increase your occupancy
“Longer stays are increasing.” Bookings for trips that exceed 28 days are the fastest-growing category of trip length. More than 22% of nights booked in suburban locations for 28 days or more were booked in Q2 2022, compared to 18%. – AirDNA, June 20,22
We all know that occupancy is down this season compared to 2021 and 2020. Let’s go back in time and remember the good times. Global wealth reached a record high in 2021, despite the shadow of COVID-19. The vacation rental industry was able to enjoy a beautiful and lucrative view despite all the difficulties.
We want to keep looking at this view, but 2022 has presented some difficult challenges.
AirDNA reports that despite rising gas prices and inflation, travel demand has increased substantially in the past two years. As a result, occupancy declined by 8.6% and 9.9% respectively in May and June 2022. We all know that 2021 was a rare year for the short-term rental market. Demand reached record highs.
Identifying the Challenges
According to the Washington Post, “recession risk are high–uncomfortably higher–and rising.” There are growing concerns that rising borrowing costs for consumers, and businesses, after years of almost zero interest rates, could lead to a sudden retrenchment. This decline is evident in the occupancy reports that span the northeast to the southwest.
According to our 2022 Monthly Rentals By Owner Guest Survey, guests who stay for a minimum of one month are not affected by economic hardships. We found that 90% percent of monthly guests will continue to book their monthly stays in the coming year.
Monthly Rentals: What is important?
According to a new study, the fastest-growing category in terms of trip length is stays that exceed 28 days. Monthly renters can bring in money and are incredibly valuable for property managers.
AirDNA reports that in 2021, the demand for 28+ night stays increased by more than 22.4% over 2020. In 2022, demand is expected to rise by 14.1% over 2021. Monthly rentals are stable and cover months of low occupancy. According to Snowbird Fest survey data, 51% rent for 3-4 months and 81% for 2+ months. Why would they choose to stay at your rental for months instead of a weekend? A new generation of monthly vacationers has emerged from the infamous pandemic. Because of:
The quality of technology used in work has improved.
Interest in remote, scenic, safer areas
There is a growing trend in traveling nurses, military personnel, and other professions.
Remote schooling is becoming more mainstream.
Remote jobs are becoming more popular and accepted.
Technology has made great strides in the field of cell phone internet.
Monthly vacationers are empty nesters who can work remotely, disaster victims, retired people who want to see new places, and others.
Our 2022 Monthly Rentals By Owner Guest Survey revealed that 47% of monthly renters stayed at their vacation rental for 3 months or more, while 34% stayed for less than 2 months.
Monthly Rentals Save Your Occupancy
Remote work has allowed workers greater flexibility and has spread peak demand over more months. This allows owners to have consistent rental income year over year in shoulder and off-seasons, when occupancy tends be low. Technology has made travel easier for everyone, from booking travel to researching and comparing flights to staying connected on-the-go–baby boomers included.
Statistics show that monthly rental companies have high click-through and open rates online. The phrase “monthly rentals”, which is increasingly popular in search engine results, has a higher success rate. Although listing sites can provide monthly rental leads they aren’t targeted at a specific audience. Using a listing site like MonthlyRentalsByOwner.com can help you reach a wider audience with its additional features and integrations dedicated to monthly renters.
Monthly Rentals By Owner is a website that caters to the growing number of monthly vacationers. It has an interface that includes tailored ads for property owners and property managers, such long-term stays pricing and descriptions and clientele, as well as unique features and marketing.
Monthly Rentals by owner has integrated with Nextpax Channel Manager (PMS) and TRACK Property Management System(PMS), in order to better partner with property management companies. They are working on additional software integrations to make it easier to list your properties with Monthly Rentals By Owner. This will allow you to access thousands of additional monthly rental inquiries for your properties.
While snowbirds are the guests we all know about for decades, Monthly Rents by Owner is directly tied to the American Snowbird Network of Websites, the world-leader in snowbird rentals. Property managers can opt in to have their website featured for an additional fee. Those websites include AmericanSnowbird.com, FloridaSnowbird.com, and ArizonaSnowbird.com. These websites have been in existence since 2003 and regularly generate thousands of seasonal and monthly rental stays. This website is a must-have tool in your arsenal of lead-generation tools to generate monthly rentals.
The tourism industry is one of most rapidly growing in the world. The vacation rental business is one the most important sectors driving growth. People are choosing to live and work in beautiful locations. The monthly vacation rental market is booming, in addition to the weekly and nightly mainstream vacation rental markets. This new way of traveling allows you to live in one place for several months. It appeals to all ages and is a great way to travel. Rent monthly to increase your occupancy and take advantage of this trend.
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