Ward, Hayden

4 Vacation Rental Trends to Watch Out for in 2022

2022 Vacation Rental Property Trends

2021 was a record year for the travel and hospitality industry. At the start of the pandemic, many vacation rental owners were left wondering when things would shift to a period of normalcy. According to Rentals United, demand for vacation rentals in 2021 was 10% higher than pre-pandemic levels (2019) and we can expect to see the demand to rise even more.

Four Trends for Vacation Rental Businesses in 2022:

1. Increased Demand for Vacation Rentals

After years of travel uncertainty, we are starting to see vacation rental popularity skyrocket. A recent report by Evolve unveiled that out of 5,000 respondents, 86% said they are planning to book a vacation rental next year (2022).

Last summer, many travelers who tried to secure rentals in popular destinations, had a difficult time booking closer to their travel date due to the amount of longer stays. Expect guests to book way in advance in order to ensure they receive the property and date that they want. To adapt to these increased lead times, you may want to offer a flexible cancellation or rebooking policy.

airdna vacation rental stats 2022

Photo Source: AirDNA

2. Remote Worker Travel Pods

Similar to 2021, remote work and pod travelers should be a part of your marketing strategy. Taking the time to adapt your vacation rental to this audience is a good opportunity that leads to longer stays and more occupancy. It is not uncommon for groups of 2 or more to travel as a pod and rent out a property for a few weeks at a time.

If you don’t have a designated working space or office, don’t worry! Travelers searching for a getaway are still expecting a leisurely experience. Travel pods, tend to use the dining room table as their home away from home office. We recommend stocking your property with paper, pens, pencils, and a printer to cater to their needs.

Above everything, make sure to have quick and reliable Wi-Fi for your guests. As always, don’t forget to add this information to your listing description and social channels. Uploading photos to show the setup is crucial. Let your future guests envision themselves working from your property.  

3. Longer Stays

AirDNA reported that the average length of stay will continue to increase in 2022. The average length of stay in the United States specifically, has doubled and tripled since before the start of the pandemic.

With many still working remotely, there is an increased desire for a change of scenery. This allows people to combine work and leisure without having to rush everything they want to see and do within the weekend or a few days. Take this time to plan for more occupancy and potentially more risks that can occur during a longer stay.

4. Spike in Urban Travel

We are starting to see a return to urban travel, but not at the same rate as pre-pandemic travel according to AirDNA. They predict that travel to big cities will at first be more popular with domestic travelers due to events, business and visiting family. However, with the rising trend of #cottagecore, secluded destinations that have mountains and waterfront views are still the most popular. Expect to see vacationers searching for different types of unique properties such as farmhouses, cabins, glamping homes.

The VRBO 2021 data reported that the destinations in these states all doubled in vacation rental demand during 2021 compared to the year prior.

  • Cincinnati, Ohio
  • Yorktown, Virginia
  • Niagara Falls, New York
  • Harrisburg, Pennsylvania
  • Matanuska-Susitna, Alaska

 

We’re Here to Help

Whether you own a cabin that sits high in the tree-covered mountains or is a quiet cottage near the beach, we have you covered. To learn more about protecting your vacation rental business through CBIZ Vacation Rental Insurance, request a free quote today.

This blog may contain scenarios that are provided as examples only. Coverage is subject to the terms, conditions and exclusions of the policy issued. The information provided is general in nature and may be affected by changes in law or the interpretation of such laws. The reader is advised to contact a professional prior to taking any action based upon this information.

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About Us

CBIZ Vacation Rental Insurance, a division of CBIZ Insurance Services,Inc., is the largest insurer of short-term vacation rental properties in the United States. As part of an $850 million New York Stock Exchange traded company (CBZ), we are the first broker to develop specific policy coverage to meet the needs for vacation rental properties and the amenities offered by these businesses. We have insured vacation rental properties since 2002.

The CBIZ Vacation Rental Insurance team knows insurance, specifically the risks and exposures related to short-term vacation rentals.We won't confuse you with technical "insurance speak" ~ our representatives are well versed in explaining your coverage in plain English. With hands-on, personal customer service, we guarantee swift communication and a 24/7 claims team that is ready to respond to your call any time of the day. As specialist in the industry, we leverage our knowledge and passion to ensure you and your business are adequately protected.