The short-term rental market is constantly adopting new trends and changes. To make or maintain the marketability of your rental properties, you must stay on top of the latest happenings. When you’re one step ahead of what your renters demand and expect, you can stand out from the competition and offer desirable places to stay. We’ll discuss a few things to expect in 2022’s short-term rental market when it comes to real estate investing, interior design, and updating your investment properties to stay ahead of the game.
You’ll Need Fresh Marketing Photos
Real estate investing isn’t a one-and-done deal after you close on a property. It is an ongoing journey of maintenance, modernization, and innovation. When it comes to marketing and promotion, attractive online photos are crucial to your success. To stay competitive, integrating this year’s most popular interior design trends is a good idea. Here are some ways you can incorporate fresh looks into your interior so that prospective renters know that it’s up-to-date:
- Swap some light and airy color palettes for dark decor or moody accents.
- Step away from minimalism—it’s now on-trend to add some luxury, “extra” elements into interior spaces. This invites bold, unique, and “conversation pieces” back into the interior landscape.
- Blend modern and vintage furniture for a stunning, one-of-a-kind aesthetic.
Even doing something simple like getting a new area rug or hanging some bold wall art can make a difference in your property’s mood. When you’re done with your interior design refresh, take new professional photos to update your rental listing. Renters who are on top of what’s new will notice when a property’s photos are fresh versus stagnant for years—and that makes a difference!
Capitalize on Growth Trends in Desirable Areas
According to Air DNA’s Short-Term Rental Industry outlook, this market may experience up to 14.1% more growth in 2022 compared to 2021. After much growth in 2021, this figure is promising. However, this stat isn’t for every location. To gain more traction, only properties in high-demand areas should stay in your portfolio. If you’ve seen profits sinking in some properties even after doing everything right, it’s time to cut off the dead weight. An investment that isn’t performing well costs more to maintain and becomes a liability. So how can you optimize your portfolio to only include areas that are projected to grow?
- Focus on domestic travel destinations. As international travel restrictions continue to be in flux, having desirable short-term rentals that don’t require a passport will help your bottom line.
- Location, location, location! Places with lovely views and weather, with easy access to amenities like parks, entertainment, and restaurants, are typically in demand.
- Acquire safe, exclusive properties. Balance proximity to amenities with a bit of distance from all the noise and excitement of “touristy” areas. This factor separates luxury rentals from the ordinary.
Embrace The Remote Work Trend
As public health concerns continue to delay the official return to the office, employees are enjoying this season of flexible travel, choosing beautiful destinations where they can live, work, and play. Now that remote offices are more likely than ever to be a part of daily life, it’s important to equip your short-term rental with dedicated office spaces for traveling workers.
Renters who work will be drawn to short-term rentals with fully outfitted offices that are separate from recreational areas. Set up a room with a view, with a spacious desk, easy access to a power source, and reliable internet. An updated set of office supplies like a printer and an extra computer monitor are also thoughtful additions.
Integrate Crypto Into Your Payment Options
What would you do if you could go back in time and buy Bitcoin? You certainly wouldn’t use 10,000 bitcoins to buy two pizzas. What’s astounding is that this first Bitcoin transaction only happened in 2010. This is a testament to how quickly the way we buy and sell goods can change. Today, using digital currency is no longer science fiction, but is available to use to buy whatever you want—including houses. In fact, cryptocurrency in real estate is one of the biggest growing trends. Whether you buy your next investment with crypto or select a method to accept crypto payments securely, having the ability to operate in crypto will expand your capabilities and expand your range of renters.
Insider Tip: Want to take the guesswork out of accepting payments? A property management team can be the bridge between you and renters, freeing up your time for more financial growth—or leisure. Whether you need help with second home ownership or managing a large portfolio of properties, having more hands on deck is vital. The pros at OpenAiRE know all the right portals to use to collect payments and communicate promptly with guests to give them an optimal experience. You don’t have to look far for an experienced brokerage in Southern California.
Reach Out To Our Team
Since travelers are always on the lookout for stylish short-term rentals that embrace current trends, these expectations will be top of mind this year. If you are curious about how to optimize your rental, connect with our team at OpenAiRE. We will be happy to discuss property management, effortless ownership, interior design improvements, and other convenient solutions that will enhance both the renter’s experience and your bottom line.