The short-term rental market has fared better than most segments of travel during the pandemic, although it has faced a different set of challenges.
Research from Hostfully reveals that only 6% of hosts and managers want to make COVID-19 disappear if given the opportunity to wave a wand over various challenges in 2020.
In fact, technology was highlighted by 30% of property managers as the biggest challenge, followed by turnover and cleaning by 18% and marketing (14%).
Despite the challenges presented by the pandemic and the expected loss of income in 2020, according to 55% of respondents, hosts and managers are optimistic about future growth.
How they will achieve that growth has shifted to more of reliance on sweating existing assets than growing their portfolios however.
Most now say the strategy is to “optimize current revenue streams” by increasing occupancy, working on pricing and upselling to guests.
However, the U.S. segment may fare better with figures from Guesty showing a continued increase in bookings.
The company said the uptick is related to the good news around vaccines with the U.S. likely to get near to 2019 reservation volume.
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