Kentucky Vacation Rental Management & Short Term Property Manager Tips & Trends
Revenue Expectations for Your Short Term Rental Property In 2023
Short-term vacation rental is an inexpensive way for travelers to stay in a private home or a rental apartment without the expense of renting a full-fledged property. Short-term vacation rentals offer the convenience of staying with a friend or family member, but for those who prefer to be more independent and have their own space around which to organize their trip, this can be an ideal option. The popularity of short-term vacation rentals has been on the rise in recent years. In 2016, there were more than 1.3 million active Airbnb listings in the U.S., up from just 300,000 in 2012. Of these listings, roughly 60% are rented out nightly (more commonly known as “private room” listings), while the remainder are rented out weekly or monthly (known as “shared room” listings). However, the majority of short-term vacation rentals still fall into the private room category due to the higher cost of running shared rooms compared to private rooms.
A short-term vacation rental (also known as VRBO, Airbnb, HomeAway and VRH) is a type of property that is rented out for a limited period of time. These properties are usually offered for short-term stays, such as two weeks to a month. The main difference between short-term vacation rentals and long-term rentals is the purpose of the stay. Short-term vacation rentals are primarily used to accommodate visitors, while long-term rentals are typically used by residents. Another key difference is that short-term vacation rentals typically involve less upfront cost than long-term rentals. In addition, they allow owners to make money without having to pay property taxes or maintenance fees. Short-term vacation rentals have grown rapidly in recent years due to their many benefits. These properties are great for both owners and renters because they offer flexibility and affordability. And because they are not technically owned by anyone, they don’t require much upkeep or maintenance. As a result, short-term vacation rental companies have experienced rapid growth in recent years and continue to see large increases in demand for their services.
As the economy is improving, there is an increase in the number of people who are taking a short-term vacation. This has increased the demand for vacation rentals and other accommodation options in Kentucky. As a result, more vacation rental properties are being built or purchased to serve this growing demand. There are several factors that influence the growth rate of short-term vacation rentals in Kentucky. These include increases in population, tourists visiting popular destinations, and increases in leisure time as people have more free time due to economic improvement. Another factor that influences short-term vacation rental growth rate is the availability of suitable accommodations. Factors such as distance from attractions, price and quality of accommodations, and ease of accessibility can impact the growth rate of short-term vacation rentals in Kentucky. Vacation rental companies are continually looking for ways to differentiate themselves from their competitors. As a result, many short-term rental companies have introduced new features and amenities to attract customers and stand out from competitors. These include special promotions and discounts, flexible check-in/check-out policies, concierge services, and personalized customer service. These new features can significantly impact the growth rate of short-term vacation rentals in Kentucky by attracting new customers.