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The U.S. private accommodation market has grown rapidly in the past few years as rental popularity keeps rising. The sector has undergone extraordinary changes in technology, distribution, even in what is considered a rental. Where has this left the mainstay of the traditional vacation rental market – rental property management companies?
Some property managers are clearly adapting to the market shifts and bringing business online. Online channels now drive nearly 70% of property manager bookings. Three in four offered real-time, online bookings in 2016, and more property managers, especially the larger ones, are investing in technologies like property management systems and channel managers.
The outlook for property management companies remains mostly positive; more than half expect average rental rates to rise next year, and nearly two thirds are projecting an increase in occupancy. But for property managers that fail to embrace the shift to digital, challenging times lie ahead.
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How Can You Learn More?
Attend the Free July 19 Webinar – Sponsored by HomeAway Software
Join us for a special webinar next week on the key digital trends facing vacation rental property managers today. Phocuswright – along with HomeAway Software – will delve into the technology trends and benchmarks essential for U.S. property managers. Register here for the free webinar, The Changing Vacation Rental Landscape: Are You Ready? (Wednesday, July 19, 2017 • 12:30 pm EDT). View webinar details here.
Get the Research
For an in-depth look at the state of vacation rentals and the broader private accommodation landscape in the U.S., Phocuswright has everything you need. Phocuswright’s 2016 study, A Market Transformed: Private Accommodation in the U.S., dives into the profound shifts within the private accommodation landscape and how property managers are staying competitive in a rapidly evolving digital environment. This comprehensive Global Edition report includes market sizing and forecasts with deep analysis of distribution, the key online players, and the big trends shaping travelers, homeowners and property managers.
