Why Invest in a Vacation Rental Property?
The vacation rental property industry is decidedly on the rise and today’s property owners are finding their investments in rentals to be more lucrative than ever before. As the nature of travel and hospitality change, vacation rentals are quickly finding their place amongst the crowds of visitors to a variety of destinations looking for a more customized experience from start to finish. While the concept of a vacation rental is appealing to travelers for a variety of reasons as compared to traditional hotel models, those who are looking to invest in real estate will find that this upward trend of home away from home stays is both an exciting and profitable journey.
More Demand Than Ever Before
According to Radius Global Market Research, as of 2010, the vacation home rental industry was already pulling in over $85 billion annually across the U.S. and Europe with a visible upwards trend. By 2018, an estimated $36.6 billion was being earned by the private accommodation market in the U.S. exclusively. As digital online marketing has improved, property owners and property management companies have been able to set clear standards of what differentiates a vacation home rental from the traditional hotel stay. Catering to personalized requests, customized designs, and more options for locations across a city or destination, guests continue to recognize the value in a stay that speaks to their own style over a cookie-cutter experience in hospitality. Vacation home rental owners are continuing to profit from this increased appeal amongst travelers.
Conveniently Earn a Second Income
The vast majority of modern travelers value the fact that a vacation rental is not only quick and easy to book online, but they can enjoy the peace of mind that comes with knowing a property management company is only a call away if something goes sideways. Property owners delving into the rental industry will also find that in the modern world, working with an experienced team of property management professionals means earning significant secondary income without the worries surrounding maintenance, marketing, bookings, and even customer service during stays.
These days, guests are flocking to vacation rentals with the understanding that they’re searching for a place to stay that offers up flexibility in the way of home-cooked meals, professionally cleaned accommodations, and home-inspired amenities. Property management companies understand these expectations and make maintaining a home a top priority in order to appeal to quality guests year-round. For those looking to invest in vacation rental properties, this is a huge reason to take the leap. Not only is there a good chance your property will be a lucrative investment, but you can enjoy working with a management team that will put a heavy focus on improvements, interior design, and even upgrades to make your decision as profitable as possible for as long as possible.