Advantages of being a short-term rental manager:
Our recent report shows that the growth potential in the vacation rental industry is immense. And with few barriers to entry and the right modern tools, you can start capitalizing on this right away as you look to take advantage of the following benefits.
Lots of flexibility
With third-party property management companies and automation tools, you can be as involved or uninvolved as you like with short-term rental management. You may choose to just rent out your second home, for example, keeping it free for a few weeks in the year for your own vacation. Or you might want to invest in and manage a number of properties and maximize your returns.
High occupancy and rising demand
Research shows that short-term rental occupancy levels in 2024 are forecast to remain higher than pre-pandemic levels at over 56%, reflecting the fact that demand in the US STR market is expected to grow by 5.5% year over year.
So, though rising inflation and a lack of international travelers has curtailed some of the growth in the industry, there’s a lot of optimism, with domestic consumers continuing to seek out travel opportunities.
Easy Entry
With just a small team and the right set of tools, you can set up a thriving short-term rental business. You can have your property available on the STR market in minutes simply by booking in a cleaner, taking some pictures, setting up an account on an OTA like Airbnb, and managing everything inside a great property management system.
And if you’re moving from long-term property management into short-term, you’ll bring contacts and expertise that make it easy for you to manage the properties yourself. Got a broken boiler that needs fixing immediately before your next guests arrive? You’ll definitely have the number of a plumber!