In just one year, shot-term rentals saw a +33% growth rate from 2017-2018 to 7.1M rental units, according to Transparent Intelligence, considered to be the data source of record for the short-term rental industry.
Transparent Intelligence projects the short-term rental industry to grow a whopping 50% from 2018-2019 in the early 2020’s while it projects the hotel industry to grow just +3%. How can this disparity be happening? Several reasons actually…short-term rentals do NOT require building timeframes, building permits nor waiting for units to come online. Hotels do. Additionally, short-term rentals are being spurred by SmartStay Tech.
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What is SmartStay Tech? Tech platforms and apps that, in the right combination, make for better, safer guest experiences and for operational efficiency for managers of vacation rentals, serviced apartments and hotels.
Here are some examples of SmartStay Tech:
- Pre-Screening Tech
- Companies such as SafelyStay offers guest screening plus extended insurance for short-term rental property managers here in the US.
- In Europe, Chekin and CheckIn Scan offer seamless submissions of passport information to police departments as required by law.
- Digital guest books that communicate house rules, WiFi passwords and neighborhood recommendations
- People don’t read the fine print in software contracts but people do read digital guest books.
- Check out TouchStay, HelloThere, Hostfully.
- Entry security
- Make sure guests have their own unique entry code that lasts only for the duration of their stay.
- Do NOT hand out FOBs.
- Check out locks from Yale Assue, NextTouch, Schlage, August when in US
- Check out Nuki in Europe
- Monitoring noise and number of people BEFORE things get out of hand.
- Check out Noiseware or Minut to call the person who booked the unit to tell them to keep it down.
- Check out CO2 sensors to help track the number of people in the unit as CO2 levels rise with each person in a confined space.
- Short circuit accidental damage
- Check out Ecobee and Tado thermostats and air conditioning controllers so water pipes don’t freeze and then cause leaks and/or to turn heat on/off.
- Samsung SmartThings has a platform that interacts with locks.
- Check out Aetoec water leak sensors and/or Fortrezz water valves to help prevent leaks and water use.
Thanks to Michael Driedger, co-founder and CEO of Operto in an article in InmanNews for source data.