Welcome to the Outer Banks, where sun, sand, and surf converge to create the perfect vacation destination. As we step into 2024, the vacation rental market on the Outer Banks continues to evolve, presenting property owners and managers with exciting opportunities and challenges. In this blog post, we'll explore the latest trends shaping vacation rental property management in this coastal paradise. Vacation rental property owners on the Outer Banks are poised to capitalize on emerging trends. By staying attuned to these trends, property managers can ensure a smooth sail towards success in the ever-evolving vacation rental landscape of the Outer Banks. Here are the top 7 most important market trends for vacation rental property management to keep an eye on in 2024.
1. Things are Expected to Stabilize - Don't Panic!
The past few years have seen extreme fluctuations in the vacation rental market, especially here on the Outer Banks. Demand boomed during the pandemic as remote workers flocked to the beaches to enjoy the peace and quiet that the ocean provides. Since then, we've seen a bit of a drop in demand as things opened back up - resulting in lower prices and a return to seasonality on the Outer Banks. This year, things are expected to stabilize with a return to mainly summer bookings with certain demographics of people who prefer the off-season and holidays. This isn't a bad thing! The predicted stabilization this year means that you will be able to more accurately predict booking trends, and plan accordingly. And while we won't be experiencing demand like we did in 2020, the return to pre-pandemic booking levels still ensures a rewarding vacation rental property management experience for all of our homeowners.
2. Renters Will Continue to Expect More
There are a lot of factors influencing this one, including the job market, price reductions due to market saturation, the opening of international markets post-COVID, and social media. Whatever the cause, the bottom line is the fact that when guests book a vacation rental property over a hotel, they simply expect more. They don't just want a bed; they want an experience. This means that every little thing you can add to your vacation property will increase the likelihood of repeat renters and good reviews. So don't skimp on those amenities and consider adding a theme that draws people in and keeps them talking (in a good way). These up-front expenses will pay off in the long-run.
3. Outdoor Amenities are a MUST
And speaking of amenities, not only on the Outer Banks, but all throughout the vacation rental industry, guests are prioritizing homes with outdoor amenities. The Outer Banks boasts an awesome environment with beautiful sunsets and the smell of salt air year round. But renters are looking for a little bit more before booking. Consider adding pools, firepits, gardens and landscaping, and hot tubs if you don't have these in your home already. Any little thing that gets people outside and gets them talking will help bring in the folks that are looking for a unique experience that they can't get at home. Think outside of the box here and get creative! The more unique your outdoor amenity offerings, the more memorable your home will be.
4. Sustainable Travel is In
If you've kept an eye on our blog, we recently talked about the increase in demand for voluntourism and travel that gives back to the environment and the community. This also applies to bookings. Make your home stand out to this demographic by prioritizing sustainbility and eco-consciousness in your vacation rental property. Consider adding solar panels and water and electrical appliances that are more efficient. These small improvements will draw guests who want to leave as little a carbon footprint as they can during their vacation while also helping to reduce your bills! It's a win-win for everyone!
5. Remote Work Is Still an Option for Many
The pandemic saw a huge increase in people looking for vacation rentals where they could work remotely, and it doesn't look like this particular trend is going anywhere anytime soon. One report suggests that by next year, more than 36 million people in the United States will be working remotely. Consider adding offerings to your property that will appeal to people looking for somewhere unique to work. Offer desks, high-speed internet, charging stations, or even things like printers or fax machines. These little touches will tap into this additional year-round market, bringing in more revenue for you and increasing the possibility of multiple-week stays.
6. Technology, Technology, Technology
This one should come as no surprise for you, but guests are expecting vacation rentals to be technologically up to date. Here at Seaside Vacations we already do keyless entry for most homes, but it's important to keep an eye out for anything else that could help make your vacation rental stand out! Flat screen TVs, video game systems, speakers and Bluetooth-capable systems are starting to be expected in vacation homes. Automated lighting and sophisticated heating and cooling systems are becoming the norm. Anything that will make your rental competitive against a rental in our market or even a larger, vacation area market will mean more guests choosing your rental over anything else.
7. Be Competitive
The recurring theme in most of these trends is that the vacation rental market is competitive right now, and that's not going to change. It's essential that you stay on top of your game when it comes to making decisions for your property. We'll help with dynamic pricing and company-wide promotions, but with the number of options that guests have both here on the Outer Banks and throughout the country, it's important that we work together to keep your home as competitive as possible. Consider some of the suggestions above for adding amenities or request additional specials and discounting throughout the year. Take advantage of seasonality and plan ahead for lower bookings during the winter months. Add a theme or extra amenities to draw people to your property. Keeping these things in mind will help you make the most of your rental while making 2024 an awesome year for your vacation rental property!
LET US HELP YOU MAKE THE MOST OF YOUR OUTER BANKS VACATION RENTAL
We love property management on the Outer Banks and it shows. Family-owned and locally managed for over 30 years, Seaside Vacations goes above and beyond to make sure property management is Hassle-Free, meaning that we’ll take care of the details so that you can get back to taking care of the things that matter most to you. We'll help you make the most of your vacation rental! With our unique Property Coordinator model, we're here to help you successed.
If you’re not already working with us and you're ready to find out more about how we support YOU in your rental property business, request your Complimentary Rental Projection today! Simply fill out this form to receive a commitment-free call from Michelle Russell, our Business Development Director at Seaside Vacations, who can answer any questions you may have about how Seaside Vacations can help you make the most of your Outer Banks vacation rental property.
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About the Author: Lauren is an Outer Banks local, mom, trained historian, and travel enthusiast. When she isn’t writing for the Seaside Vacations Travel Blog, Lauren can usually be found with her nose in a book or cuddling with her cats.
