Illinois Vacation Rental Management & Short Term Property Manager Tips & Trends
Revenue Expectations for Your Short Term Rental Property In 2023
The U.S. short-term vacation rental market is expected to grow at a CAGR of 13.6% over the next few years, reaching $13.9 billion in revenue by 2022. In Illinois, short-term vacation rental revenue is projected to reach $423 million by 2022, growing at a CAGR of 21.3%. This growth is driven by a rise in population and tourism, which can lead to an increase in demand for short-term vacation rentals. Furthermore, taxes on short-term rentals have not been collected since 2015, which is expected to incentivize more people to rent out their properties as an alternative to buying a home. Overall, the short-term vacation rental market has seen tremendous growth in recent years, and it is likely to continue over the coming years due to its growing popularity among tourists and home buyers alike.
Short-term vacation rentals are a growing phenomenon in the U.S. It’s estimated that there are more than 1 million units listed on Airbnb, a short-term vacation rental platform, and that number continues to grow. Vacation rentals (also known as VRBO or VRB) are home or apartment rentals that typically last for fewer than 30 days. There are many reasons why people choose to rent their homes through short-term vacation rental platforms: · They need extra income to help them pay their bills during the school year or while they are away on vacation. · They want to earn money by renting out their home during times when they aren’t able to use it themselves because of work or personal commitments. · They like being able to interact with guests from around the world who have a wide variety of interests and cultural backgrounds. The cost of running and maintaining a home is considerable, and short-term vacation rentals allow homeowners to earn some income without having to pay for full-time staff or other costs. Renting out your home through short-term vacation rental platforms can be a great way to earn some extra cash while enjoying your free time away from the stresses of everyday life. But before you decide to rent out your home, you should be aware of some things: · The laws in your area may vary, so you should make
Short-term vacation rental (STRV) is a short-term rental accommodation that is offered for rent. STRVs are temporary, non-owner occupied properties which are available to individuals looking for temporary lodging. The term can be broadly applied to any type of property that is rented out on a short duration basis, including vacation rentals and home stays. Short-term vacation rental can be defined as the rental of a property for less than 30 days, with a duration of stay of not more than 90 days. The short-term vacation rental industry has been growing rapidly since 2011. As of 2018, the short-term vacation rental market in the U.S. was valued at $33 billion and expected to grow to $41 billion by 2022. Additionally, STRVs continue to attract younger generations, who are trending towards alternative housing options with shorter stay durations. As an alternative housing option, STRVs are currently popular among millennials due to their convenience and flexibility. They are also appealing to retirees looking for affordable accommodations and first-time travelers looking for unique experiences and cultural immersion opportunities. STRVs can be found in all 50 American states, with most major cities having at least one STRV option available.