The new normal of travel meets flexible modern day living is here to stay. Over the course of the Covid-19 pandemic, unprecedented numbers of the global workforce had to quickly transition to working remotely for the first time in recent history, including a peak of 51% of Americans. People across the country and around the world found themselves working and living in the same space, where the lines between home and office were blurred as kitchen tables and beds suddenly became multi-functional workstations.
The need for greater space and a change of a safe environment have inspired many to seek out alternative housing through short-term rental homes over the past 15 months. Even now as pandemic restrictions ease and the world begins to reopen, leading more people to return to the office or back to school again in person, the demand for vacation rental homes has surged.
According to a recent report by AirDNA, bookings for vacation rental homes in the U.S. hit a new record each month during the first quarter of the year leading up to April 2021 when demand, determined by the number of nights booked, surpassed 2019 levels for the first time since February 2020, exceeding expectations. Destination resort markets near major cities, especially those close to the beach or mountains, saw the greatest demand for single-family housing.
People are lingering longer too, where the average length of stay was 25% higher in Q1 2021 than pre-pandemic times. Airbnb also cited that 24% of its nights booked were longer-term stays (defined as stays of 28 days or more), up from 14% in 2019. This indicates that a flexible remote lifestyle is a trend that’s fast becoming commonplace in a world where living and traveling are one and the same.
Travel Meets Home Living
Loved ones are coming along for the ride during these longer stays. Family travel—whether that’s immediate family or friends, companions or pets—has been increasingly popular as people wish to create a safe and communal space to coexist among a core group where the vacation rental truly becomes home. The majority of Airbnb’s bookings for this summer are at listings large enough to house five or more guests. Families and large groups are using homes for longer stays to live anywhere, together.
The Time is Right to Invest
As more people find the time and flexibility to travel anytime, anywhere, they desire to create a space that feels like home by staying longer and with the people they care about in a spacious and accommodating vacation rental home.
Now is the time to invest in the vacation home rental market, and Parsons Real Estate Fund is here to facilitate the process to ensure a return on investment that’s worth your while.
With over 50 years of experience across home building and property management, Parsons Villas is a trailblazer in acquiring luxury, single-family residences for short-term rentals in stunning resort destinations across Arizona and Los Cabos, Mexico. Investors of Parsons Real Estate Fund can look forward to cash flow benefits earned from these short-term rentals as well as the potential appreciation of the homes in the years to come.
Contact Parsons Fund today by calling 480.781.0717 or emailing email@example.com. For more information, please visit parsonsfund.com.