Analyze Your Short-Term Rental Market

South Salt Lake, United States
Photo by Brian Babb – Unsplash

Short-Term Rentals Public Attitudes Survey 2020

When it comes to really understanding the short-term rental market and the statistics related to the bookings and performance of your property, getting to the direct source is a really good exercise and that means, recognize and identify the travel habits and attitudes of the guest towards the short-term rentals.

We created a survey with strategic questions that showed really interesting insights related to why people chose STR, whether there is reason for travel, preferences, age and a few other items that can really help you understand the market identity and how to behave in it. We asked 1k Americas and this is what we found.

How’s age related to booking a STR?

We set a range of ages between 21 and 50 years old and what we realized is that people under 21 prefer short term rentals over people a little bit older.

Demographics favor the short-term rental industry. While older generations still typically opt for hotels when traveling, younger people consistently prefer the experience of short-term rentals, and this demographic will make up an increasingly large share of travel spend.

Were men or women or more likely to book STR?

When planning traveling, security and precautions are a few of the top priorities, maybe that could be one of the main reasons 17,7 % of the ones that are more likely to stay on a short-term rental were women, over 12,6% that were men.

Domestic vs. international trips

Based on the preferences by age groups when can identify that when young people are planning an international flight or a longer trip, they prefer STRs, which is directly related to price as well. But, as the age range increases, the preferences change.

People under 30 are more likely to stay at STR when the trip is domestic than when it is international, while people over 50 are more likely to stay in a Short-Term Rental if the trip is international than if it is domestic.

When asking how many nights where the average on booking while travelling, we could notice that the more nights people spend at an accommodation, the more likely it is they book a short-term Rental over hotels.

Reason for travel

90% of the people over 40 stay at hotels while traveling for work, while 17% of the people up to 30 years old traveling for work stay at short-term rentals.

Family vacations are the main reason for travel and they are most likely to rent a short-term rental. While traveling with kids or including more than 2-3 people, STRs provide more comfort, and are a good way to save money while investing in touristic activities.

Why do people prefer a STR, Hotel or Hostel?

People who choose to stay in STRs over hotels are making their decisions based on price, size of the family, and comfort.

Conclusion

While older generations still typically opt for hotels when traveling, younger people consistently prefer the experience of short-term rentals, and this demographic will make up an increasingly large share of travel spend. People under 30 are more likely to stay at STR when the trip is domestic than when it is international, while people over 50 are more likely to stay in a Short-Term Rental if the trip is international than if it is domestic. 90% of the people over 40 stay at hotels while traveling for work, while 17% of the people up to 30 years old traveling for work stay at short-term rentals.