Short-term
rentals (STRs) have been gaining share of the lodging landscape over the last
decade, and in recent years pandemic-induced considerations around privacy and extended
stays combining work and leisure have only accelerated that growth.
STRs
are projected to account for 27% of the U.S. lodging market in 2021, a 10-point
increase in just two years.
As the
sector has been growing, there has also been rapid growth in the use of
services and solutions to add efficiency to day-to-day operations. The relationship
between hosts and property manager varies, with some hosts remaining involved
in day-to-day operations while others give full responsibility to the management
company.
The
trend toward professionalization in the STR sector has accelerated over the
last two years – up from 50% of hosts using property managers to fully manage
their rentals in 2019 to 60% in 2020 - and there are still opportunities for growth.
In this exclusive report, produced by Phocuswright in association with Avalara and
based on surveys and interviews, gives an in-depth look at STR management, the value
added by professional managers and solutions for looming regulatory challenges.
The
full report is available to download after completing the form below.