Since the COVID-19 pandemic, short-term property owners and managers are having to diversify their marketing towards more global and niche sites.
The crisis has also highlighted the need for adaptability and flexibility around length of stay.
There has been an ongoing convergence between traditional hotel companies expanding into the short-term market, and short-term rental companies operating more like hotels. The next thing will be the additional convergence with real estate, ie a furnished apartment which can be rented for short-, mid- or long-term has a flexibility that makes it such an attractive venture.
Furnished short-term rentals have what serviced apartments offer, so while research needs to be done in terms of regulations, licenses and costs, the foundation is there.
While Airbnb already allows 365 day bookings, and Agoda is looking at allowing more than 180 days, some large real estate OTAs already cater for short-term rentals. A furnished real estate business that can mix the length of stay is the next foolproof risk management model.