How Short-Term Rental Properties Are Changing the Hospitality Industry
Admin
Published Date: 2023-09-06
In some cases, someone gets lucky and finds success entirely by accident. Even less frequently, something happens in the business world that changes everything. This is precisely what has happened with short-term rental properties. That doesn’t mean this industry is new because it isn’t. However, its massive popularity has changed the hospitality industry forever.
Positive Impact on the Economy
Short-term rental properties can create a more positive economy in any location. For instance, they offer income through tax revenue. In addition, guests in these properties benefit the area by spending money at museums, bars, restaurants, shops, and so much more. Looking at San Diego, over $86 million was spent on activities by those staying in corporate housing.
Fewer Long Term Rentals
Short-term rental properties are taking over and aren’t just seen in huge cities now. You can find hundreds of rentals in cities, towns, and suburbs across the United States and beyond. Since most of the homes are in residential areas, tourists use up space that would otherwise house someone on a longer basis. This has resulted in decreased long-term housing options. This is especially true in metropolitan areas like Los Angeles, San Francisco, Chicago, and New York City.
More Tourist Activity
In some cities, short-term rental properties are a way to boost the tourism of a city. Even less popular destinations can become more attractive with an influx in the number of rentals. It can fill the gap in areas where there aren’t enough hotels for everyone who visits. Even cities with lots of tourism can benefit. For Idaho, a correlation has been found between job creation and short-term rentals.
Better Profits for Smaller Investors
Short-term rental properties also impact smaller investors by letting them make money faster than they might with a traditional business. This allows them to invest in additional houses and rent them to accumulate wealth, earn profits, and create equity over time.
Have you invested in short-term rental properties for employees on business trips? If so, make sure you place your listings on Corporate Housing by Owner. We offer many resources and services to help you run your business and succeed with your furnished homes and apartments. We’ll make sure your listings are seen by more people than ever.
