The Future of Short Term Rentals
The world is constantly undergoing massive changes. Ten years ago, we were first introduced to Airbnb, which helped to develop the short-term rental market through the introduction of new technologies. Now in 2018, we find ourselves on the verge of implementing technologies that could change the rental market once more.
Millennials and their Housing Needs
The way individuals search, access and acquire housing today is quite different from how it has been done over the last few decades. The housing and rental sectors find themselves catering to a millennial generation and workforce who are waiting much longer to settle down and purchase a home like their parents before them. Instead, a large amount of millennials are turning to short-term and extended stay rental properties situated in bustling urban communities and near massive travel hubs to satisfy their housing needs.
With this massive change in their consumer base, the rental market has begun a new wave of innovation and is readily adopting emerging technologies in hopes of serving their potential tenants in the most effective way possible.
The Changing Short-term Rental Market
Short-term rental platforms like Airbnb and HomeAway amongst others like Urbandoor (which are geared towards more corporate clients), seamlessly connect potential renters with property owners and managers worldwide via the internet. These platforms are clearly advantageous to both parties, as individuals can find a place to stay whilst the property owners receive extra income. The local businesses also benefit from increased patronage from clients they otherwise wouldn’t have access to.
Being able to effectively search for, or list a property were just the beginning however. These technologies offer streamlined payment methods, 24/7 communication opportunities between tenants and their landlords and even features such as virtual concierges.
New Tech
Other, more technological advancements such as keyless apartment entries, where the apartment door can be unlocked via a mobile application that the landlord gives their tenant access to. Or the ability to gain a peek inside the fridge without leaving the couch, and having your favorite tunes playing throughout your apartment with one voice command; signal a great, new age of virtual amenities that tenants can have at their disposal.
Developments in Virtual Reality (VR) technology also opens up interesting avenues for innovation. The possibility of creating virtual lounges or other shared spaces amongst guests, seems like a realistic expectation of the future. Allowing tenants to not only connect with each other, but to create a sense of community without leaving their room.
While they may seem novel now, it is not a stretch to think that within the coming years, these apartment features amongst others, will become commonplace and expected at even the simplest of accommodations. Ten years ago, we got our first glimpse of Airbnb, and the industry hasn’t looked back since. Imagine what things will look like ten years from now.