Although most of our customers are concerned about the new and resale real estate market, there’s a need currently for investor/owners and property managers to maintain an equally vigilant and watchful posture. Our Duncan Vacation Rentals division currently sees renters booking properties for much less time than previously. In addition, we see renters requiring more and more flexibility when it comes to minimum rental periods. What other trends are evolving in this segment of the real estate market?
According to travel industry research marketing authority, PhoCusWright, renters are active when it comes to posting their impressions on internet Blogs: 40% of them post personal reviews! At least we also hear that 75% of vacation renters are satisfied with their choices, and four of five renters say they’d rent again. I’d say this puts owners/managers under pressure to keep providing a good impression.
A full 75% of renters rent a place because of the kitchen first, with the ability to travel with friends, spaciousness and washer/dryer being the next set of reasons for their decisions.
A third of all renters are NOT booking vacations because the length of allowable stay didn’t coincide with their needs. Only 24% of renters want a one-week vacation; 20% want six days; 15% want five-day rentals, and another 15% only four-day rentals. Smart owners will be much more flexible on lengths of stay because we now know that it’s a minimum of the renter population who is looking for periods longer than a week.
Finally, renters are viewing three-to-five sites on average when searching for properties to rent, and guess what? They give you, the owner/manager, five to eight seconds to make an impression. The name of the game is definitely flexibility first. Then, you had better have an inviting web site to keep visitors interested.
My advice: Flexibility, Availability, and Affability if renting is the goal.