Short-term Rental News Digest – August 2021

To stay ahead of the competition, it’s key that you listen to guest demands, even more so if you’re working in the hospitality industry. This month’s news reveals two key findings: reliable, fast Wi-Fi and hot tubs can take your listings to the next level.

And, if you’re looking to invest in another property, Airbnb and Vacasa have also identified the top destinations in the US and UK. Let’s take a closer look at the new opportunities and trends in the short-term rental industry.

iGMS Announces Integration With Wheelhouse

iGMS has joined forces with Wheelhouse, one of the leading dynamic pricing tools. With this new partnership, iGMS users will be able to use real-time insights and machine learning to set competitive prices. 

Earlier this year, iGMS also launched integrations with PriceLabs and DPGO. iGMS users can easily choose which dynamic pricing tool they would like to use to get their rates automated, switch between the tools, or use them concurrently (if they manage more than two properties). 

Top 25 Locations for Buying Property Revealed

Vacasa has published its list of the top 25 destinations in the United States to buy a vacation rental property in 2021. To identify the most attractive places, the platform used metrics like average cap rate, home sales, and annual rate of return. 

This year, the report includes a few new destinations that show potential. In fact, new markets make up more than 50% of the list and include destinations like Deep Creek Lake, Litchfield Beach, and Cle Elum. Shaun Greer, Vacasa’s vice president of sales and marketing, explains, “The spike in guest demand and preference for new, more remote destinations is changing where prospective buyers can find the best investment properties.”

This year, Gatlinburg, Tennessee is the top destination. Last year, it occupied the fourth spot on the list. With an annual gross rental revenue of just over $47,000 and a median home price of $320,111, it’s clear to see why it jumped three spots in a year.

iGMS Introduces a New Pricing Plan

In August, we launched a new pricing plan — the LITE plan. The LITE plan comprises essential features necessary for streamlined Airbnb management and is available only for new users. The pricing starts from only $7 per property per month.

In addition, as a new customer, you can also now take advantage of reduced pricing on the PRO subscription. The pricing starts from $14 per property per month. If you are not an iGMS customer yet, it’s a great moment to join since both offers are limited in time. 

Airbnb Launches Wi-Fi Speed Test Tool

In today’s day and age, Wi-Fi is one of the top amenities. If your Wi-Fi speed is not up to par, it can lead to more frustration than bliss. With remote working increasing in popularity, Airbnb has launched a new tool on its mobile app that hosts can use to test their Wi-Fi speed.

In the past, hosts were allowed to include connectivity speed in their listing, but this information was unverified. Now, with the help of M-Lab’s open-source software, this new tool is integrated directly into the platform’s mobile app. 

To access this feature, hosts should click on the “Add your Wi-Fi speed” menu which is located in the Amenities section. However, it is currently only available in the United States, but it is anticipated that it will be rolled out to other countries over the next couple of weeks. 

Airbnb Lists Top 10 Seaside Destinations in the UK Revealed

Over in the United Kingdom, the top trending seaside destinations were also revealed. According to Airbnb, Sandgate in Kent saw the biggest increase in platform searches for summer 2021, landing it the first spot on its list. Amanda Cupples, Airbnb’s general manager for Northern Europe adds that Brits are also looking at summer destinations that are not as well known. Other destinations that made the top 10 are Hornsea in East Yorkshire, Walton-on-the-Naze in Essex, and Saltburn-by-the-Sea in North Yorkshire.

NoiseAware and Autohost Announce Partnership

Autohost, a guest-screening and verification software solution, has partnered with the well-known noise monitoring company, NoiseAware. With this new partnership, hosts will be able to get NoiseAware analytics via the dashboard of Autohost. This way, hosts can access more detailed insights that include guest analysis and a risk level linked with individual bookings. 

Andrew Schulz, the co-founder and CEO of NoiseAware, adds, “By combining that assurance with Autohost’s preventative guest screening, property managers can have total peace of mind during the stay, knowing they’ve done everything in their power to protect their business and their community.”

Hot Tubs Are the Hottest Craze

A team of researchers at My Favourite Cottages has analyzed Google’s search data to identify which amenities are the most desirable among UK travelers. In the first position, with almost 200,000 searches on Google, are hot tubs. In fact, according to their internal data, listings with a hot tub can expect an increase of £200 on average for each weekly booking. 

Other popular features include pet-friendly listings, pools, and sea views. Although Wi-Fi did not make this top 10, it is probably because guests view Wi-Fi as essential nowadays as opposed to a nice-to-have feature. 

Financial Security and Safety Matter Most to Guests

Over the last couple of months, the Expedia Group surveyed more than 30,000 travelers to find out more about their expectations and preferences. The results are in and according to its Traveller Value Index, safety and financial security are the most pressing priorities for travelers. 

Travelers value the ability to get a full refund if their plans were to change over the actual price of the property itself. Ariane Gorin, the president of Expedia for Business, explains, “People want to book with trusted travel providers that will deliver on their experiences, keep them safe, and protect their financial investments.”

The results also revealed that travelers are actually prioritizing travel. Over 34% of travelers increased their travel budgets. What’s more, 18% anticipate that the activity that they will spend the most money on in 2021 will be travel. The Expedia Group also released its Q2 2021 Travel Recovery Trend Report. Key findings that this report shared included that the search window is getting longer, global international searches are picking up, and there’s a renewed interest in sustainability.