You’d have to be living under a rock if you haven’t heard about the rising trend of the popularity of AirBNB and it’s impact in the hospitality industry over the last several years. Due the increased level of convenience for the consumer, and increased profitability for the leasor, many people across the nation are looking to participate in this short term rental and vacation rental market. In this blog post we want to show you some of the data the stands behind the trend to give you a perspective where where it might be headed in the future.
The Trend Itself
According to Google Trends, there seems to be a steady rise of searches about AirBNB property management. By looking at the chart below, we can see there are seasonal spikes, but overall, we can see a study upwards trend as more people are seeking information about the use of property management as it relates with the AirBNB site.
At first glance, we can see the trend moving upward (as more people are searching for property management companies specifically for AirBNB), though, we can also monitor how other property management companies are positioning themselves in the marketplace.
For example, one AirBNB property management company prides themselves that they, “Market your property where we know how to find the good customers.” Property management is changing with the focus being on marketing a property specifically for short-term rentals.
Other companies, like HostAway, provide premium software solutions to help property managers streamline their operations so they can become more efficient at managing the rental properties. These types of software solutions in addition to innovative approaches to improve first impressions continue to roll-out in a market that is anticipating the next move.
As appraisers, we must continue to be in-the-know for the best use of a property in order to recommend sound strategies for our clients. The rising popularity of short term rentals using AirBNB has become more than a fad– instead, it seems to be a trend that is here to stay for the long-term. By understanding this market, we can become more capable to assess the market realities and recommend sound strategies.