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 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.
The integration of smart home technology, such as automated locks, thermostats, and lighting, to streamline operations and enhance the guest experience in short-term rentals.
Legal contracts outlining the terms and conditions of service between short-term rental owners and property management companies, specifying responsibilities, fees, and expectations.