As I began the 26-hour journey from Orlando, FL back to Iwakuni, Japan after attending the Vacation Rental Management Association (VRMA) conference in October I was filled with two emotions: exhaustion and anticipation for the future of our industry. There’s so much excitement about the transformative knowledge I'm bringing back from the conference—not just for the betterment of our clients, but also for its potential to foster more interconnection in the hospitality industry.

VRMA International was jam-packed. And I mean it - every day there were 10-12 sessions happening at the same time all led by short-term rental experts from around the world. If you missed my session on Influencer Marketing, don’t worry I have a recording for you here. I met people from Bali, London, Washington state-- you name the region– hospitality professionals from there were present. With such an incredible turnout and packed agenda, VRMA can benefit from extending the conference next year - I felt as though our entire team should have been present to divide and conquer every day to absorb as much information as possible.

With so much knowledge and experience in one location - the ideas, advice, and camaraderie flowed freely. I truly felt that community was strongly valued over competition. As I reflect on what I heard from the travel community as a whole, one thing stood out above everything else: the overall industry is at a pivotal transformation point.

The vacation rental industry is at an intersection of three core events:

Your traveler is changing & your marketing needs to adjust. With Millenials and Gen Z now boasting the most spending power, it is more important than ever to reach them and we have a secret to spill: it doesn’t look like the marketing you’ve been doing for the last decade.
The vacation rental industry stands at a critical turning point as travel normalizes post- COVID-19.
Navigating unprecedented regulations due to the rise of STR hosts & limited affordable housing.

The Traveler is Changing

Understand that the wanderlust will not fade with the next generation of travelers. Enthusiasm for adventure, curiosity about different cultures, and eagerness to immerse themselves in unfamiliar settings are top priorities for the up-and-coming traveler. How will you showcase what makes your stay unique?
Social media is the first place travelers look for vacation information.

According to Expedia, (71 percent) of travelers turn to social media to help them even begin to decide their next destination. We can’t put enough emphasis on the importance of your social media presence!

Influencer marketing partnerships are a piece of your social strategy - but you also need to be present & authentic. Millennials and Gen Z rate authentic experiences at the top of their list when they are looking for their next destination, so while influencers definitely help push people your way, they are going to want to see genuine organic posts on your feed as well.

hospitality marketing VRMA International agency

Vacation Rental Expectations After COVID 19
Following the lifting of COVID-19 restrictions, there was a huge demand for domestic travel. However, this initial 'boom' is now settling into more regular patterns, which poses a unique challenge for the Short-Term Rental (STR) industry: attracting and retaining customers in a landscape where travel is no longer an extraordinary activity but a returning norm. The key question now is: how can STR providers adapt to this new normal, enticing both new and loyal customers to choose their stay?

Booking rates & ADRs are now back to 2019 “norms”

With international travel available and domestic travel on the rise, STR prices have stabilized. The question is, how will you rise above the noise and stand out to your target audience?

Your property will no longer market itself. You need to increase your marketing budget by 10% in 2024.

Historically low interest rates and a large spike in domestic travel brought an influx of supply and demand to the short-term rental industry. It’s time to re-invest in your property with a comprehensive and sound marketing strategy for 2024.

Cleanliness/sanitation is a requirement - or you’re out of business.

Hiring a strong, reliable cleaning team, keeping your linens updated, and incorporating sustainability are all ways to keep your stay relevant and at the top of travelers' minds.

STR Regulations & America’s Affordable Housing Crisis

Large cities like NYC and small-town tourist destinations like Telluride are laying out unprecedented restrictions on short-term rentals like the industry has never seen.
Property management companies need a united voice. VRMA is perfectly positioned to serve as this voice to position STR owners and managers as members of the community to help drive the local economy and support affordable housing.
Diversify your portfolio and market if possible and become a partner within the local economy to help create revenue options for affordable housing.

This diversification can also mean using vacation rentals for different purposes - like weddings or events, media shoots, or corporate retreats.

With astronomical growth in the vacation rental industry, one resounding theme came to the surface. With the right marketing team on your side, the challenges are just opportunities to shift in the direction of the changing winds and come out on the other side stronger than ever. See you in Arizona in 2024.

Ready to strategize and make 2024 your best year yet?

let's talk