Short-term rentals across the globe have had it's ups and downs since the beginning of the Pandemic. Many small business owners had suffered a huge loss in revenue due to lockdowns and restrictions this past year. However, rental properties that offered longer stays in more remote areas have increased in demand due to travellers looking for places to isolate and social distance rather than staying in the core of the city where everything was closed off anyways.
High Season VS. Low Season: the norm of peak seasons is starting to slow down and adjust to a non-typical seasonality of predicted bookings due to the fact that more people are working more remotely and more companies are lessening their rules on returning to office 5 days a week. According to AirBNB, 25% of travellers are opting for off-peak seasons or days of the week this year. Markets are less tied to seasons, as travellers are booking well into the various seasons no matter the destination or retreat.
Destination VS. Nearby Locations: despite restrictions lifting in most countries and borders reopening, many travellers are wanting to stay nearby their homes with only 21% of people saying they will travel afar. AirBNB's CEO states, "Wherever we go in 2021, for most of us, it won't be far from home. We will get in cars and travel nearby, dispersing to thousands of smaller cities, towns, and rural communities, making tourism an important part of how local economies recover".
Size of Rental: due to isolation and quarantining, more families are looking for units that are a bit more spacious and accommodating. Hosts who manage larger properties have been doing better in terms of bookings and it is predicted that these hosts will do better again this year and foreseeable future.
Length of Stay: more and more travellers are looking to stay longer term vs. short-term due to a variety of reasons. Partly, due to do the increased amount of work from home arrangements and some from the desire to change their scenery because of the lockdowns. According to AirDND's report, hosts that have been relying on shorter, high priced weekend stays may need to adjust.
Vacations with Meaning: we have started to see the shift in the reasons why people are wanting to travel, and it's not necessarily for an attraction or activity. Travellers are wanting to spend more meaning time with friends and family during their travels now it's a lot less about where someone goes but more about who they are spending their time with.