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.
Brought to you by Avalara