Virginia Vacation Rental Management & Short Term Property Manager Tips & Trends
Revenue Expectations for Your Short Term Rental Property In 2023
The short-term vacation rental market in Virginia is currently experiencing strong growth. There are a number of factors driving this trend, including a high demand for affordable housing and an increase in the number of visitors to the state. As a result, more people are looking to invest in short-term vacation rentals as an alternative to traditional long-term rentals. This allows them to earn extra income while taking care of their properties. It’s also a great option for Airbnb hosts who want to make some extra money during their downtime or off season. To learn more about short-term vacation rental trends and growth in Virginia, read our full report today!
Short-term vacation rental (STRV) is defined as a property that is used for lodging or to accommodate guests and is usually rented for less than 30 days. STRVs are a relatively new concept, but the demand for short-term vacation rentals has been steadily increasing in recent years. Virginia has seen a rapid increase in the number of STRVs in recent years, and there are currently over 1,300 STRVs in the state. An increasing number of tourists are also traveling to Virginia because of its attractions, including colonial history and beautiful natural scenery. The creation of STRVs offers additional options for visitors looking for accommodations during their travels in Virginia. There are several factors that have contributed to the growth of STRVs in Virginia. First, it offers an affordable alternative for people who want to travel but cannot afford hotel costs. Second, it increases tourism by providing visitors with places to stay when they visit Virginia. This can help ensure that local businesses benefit from increased visitation and encourage economic growth. Finally, it allows people to save money by staying in Virginia without having to spend on accommodation expenses like food or transportation.
Vacation rental is a type of short-term property rental in which a tenant rents a residential property, such as an apartment or house, for a period of time. Vacation rentals can be categorized by the length of time they are available as well as the location in which they are offered. Long-term vacation rentals are generally offered for one to three months and are often located in beach areas, ski resorts, or other tourist destinations. Short-term vacation rentals are generally offered for less than 30 days and may be found in urban areas, like downtown areas or near universities. The industry has grown rapidly in recent years due to the rise of technology, increased urbanization, and increased interest from tourists. In 2017, the vacation rental industry was valued at over $24 billion USD with estimated growth rates of 5% per year. This report will discuss the short-term vacation rental trends and growth rate in Virginia. It will also analyze the factors that influence short-term vacation rental demand and supply including population growth, tourism levels, credit availability, and technology usage.