What are vacation rental homes?
The vacation rental homes are privately owned properties, rented by travelers for short-term stays. In general, houses, apartments or cottages are turned into vacation rental homes. Vacation rental homes are managed by property owners or managers.
In 2023, the vacation rental homes market reached $64 billion in the USA. This success raised the eyebrows of many entrepreneurs. The vacation rental homes attained tremendous success amidst the pandemic. There are certain reasons for the success of vacation rental homes.
Let’s explore the major reasons for vacation rental homes success.
The major reasons:
- Cost efficiency
- Amenities
- Privacy in vacation rental homes
- Household experience
- Kitchen facility
1. Cost efficiency in vacation rental homes:
To use add-on facilities like Wi-Fi, laundry and parking in hotels, guests have to pay extra. But in vacation rentals there is no invisible cost like that. Moreover, food expenditure took a sizeable share in the travel budget. Thus, food expenditure turns out to be a major hindrance for tourists. The vacation rentals turn this hindrance into an opportunity to attract guests.
How?
By providing kitchen facilities for the guests! Thus, self-cooking reduces food expenditure significantly.
2. Amenities:
The digital era and rising smartphone usage intensify competition in the vacation rental business. The guests filter the rentals based on the amenities provided on that property. Thus, to entice the guests, rental homes offer more utilities. Air conditioners, free Wi-Fi, a pool, washing machine and hair dryer are more common facilities on the properties. All these facilities in rental homes provide a more comfortable feeling for the guests.
3. Privacy in vacation rental homes:
Seeking privacy in hotels is hard to find for travelers. The travelers have to share amenities like pools, corridors and laundry with others. But the rental homes are totally opposite to this. Without time constraints and standing queue guests can use the pools, laundry and corridors in the rentals. The guest can cook food in the kitchen on their own. All these make the guest feel more privacy in the rental homes.
4. Household experience:
Household experience is the facilities, features and comfortness provided to the guests at the rental homes. The guests need to book extra rooms for the family members in hotel staying. This makes the trip expensive. But the rental home’s large living space can easily accommodate a large family.
Also Vacation rentals has add on facilities without additional fee. Some of the add on facilities are WiFi, dryer and air conditioning. The personalisation of the rental place and add-on facilities gives a feeling of staying at home to the guests.
5.Kitchen facility:
Providing kitchen facilities is one of the key reasons for vacation rental homes success. Cooking a meal is more affordable and health conscious than buying it from hotels. Apart from that, each person has their own food culture. In this way, the kitchen features allure users and helps the rental homes to succeed.
Conclusion:
The millennials in the USA are traveling more than their previous generations did. They utilized rental homes for staying while traveling. The huge space, seclusion, security and kitchen facilities make vacation rental homes better over hotels. Hence, vacation rental homes have turned out to be a promising business for entrepreneurs in the USA.