Over the past decade, the alternative accommodation sector has experienced huge growth. This has been driven by the meteoric rise and proliferation of online travel agencies, spearheaded by Airbnb, that have very effectively tapped into a huge well of pent-up consumer demand – both from business travelers looking for a cheaper, more convenient alternative to a hotel and from tourists and holidaymakers seeking a “home away from home.”
In parallel, to service this demand, we’ve seen the explosion of local management companies offering a hassle-free service to property owners and a better, more standardized hospitality experience to paying guests.
It has, frankly, never been easier either to book short-term accommodation or to rent out your property.
With Airbnb’s announced IPO, 2020 is set to be a defining moment in this industry’s lifecycle. Below are five key trends that will characterize the short-term rental industry in the next decade: From sweeping changes to the regulatory landscape to industry-wide professionalization and standardization, there will be significant challenges that the industry has to overcome – but there is no doubt, in my mind at least, that this coming year will usher in the “Roaring ’20s” of the alternative accommodation industry.