The shift in consumer spending towards experiences and memories rather than material possessions, heavily influencing the short-term rental market.
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Glossary Term: VRBO
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Platforms like Airbnb and VRBO that allow guests to leave public reviews and ratings based on their stay experience.
The fluctuation in demand and pricing for vacation rentals based on time of year, holidays, and local events.
Online marketplaces like Airbnb and VRBO that connect hosts with potential guests seeking short-term accommodations.
Researching and understanding the trends, competition, and pricing within a specific short-term rental market.
Listing a rental property on multiple platforms, such as Airbnb, VRBO, and Booking.com, to broaden reach and potentially increase bookings.
The initial impression and ease of access guests experience upon arrival at a short-term rental, influenced by factors like communication, keyless entry, and welcome amenities.
The implementation of devices that monitor noise levels within a short-term rental property to prevent disturbances, enforce house rules, and maintain positive relationships with neighbors.
The use of background checks, identity verification, and communication analysis to assess the trustworthiness and suitability of potential guests before confirming bookings.
The adoption of eco-friendly measures in short-term rentals, such as energy-efficient appliances, water conservation efforts, and waste reduction initiatives, to minimize environmental impact.
Specialized insurance policies designed to protect short-term rental hosts from liabilities and damages specific to the sharing economy, covering property damage, liability claims, and income loss.
The incorporation of design elements and amenities that make short-term rentals accessible to guests with disabilities, adhering to accessibility standards and promoting inclusivity.