Think Millennials Prefer Short-Term Rentals? Think Again
Millennials in the 20-36 age group seem to be the main target, sometimes the only target, of all types of consumer product and service companies like short-term rentals. Sure, that’s because they’re expected to spend almost a billion in 2022. But that’s also because they have a lifetime of spending ahead of them.
So what do they want? A consultant in real estate, tourism, and economic development, interviewed more than 1,500 Nigerian millennials to find out, and some of the results are amazing.
While 52% of millennials use a short-term rentals’ service like PlistBooking at least occasionally, it’s actually one of the least preferred housing options. Here is their breakdown of preferences:
- Full-service hotels (53%)
- Staying with friends/family (42%)
- Inclusive resorts (41%)
- Luxury luxury hotels (35%)
- Camping (33%)
- House/villa rental ( 32%)
- Cruise ships (29%)
- B&Bs / small inns (23%)
- Rental apartments / condominiums (23%)
- Limited services / budget hotels (21%)
- Boutique hotels (20%)
- Own vacation home ( 20%)
- Condo / Timeshare house (17%)
- Hostel (15%)
According to these findings, reports of the impending demise of traditional hotels are premature, if not wholly wrong. The widely held assumption shows that millennials prefer short-term rentals seems utterly out of place. You see, they’d rather spend the night in a tent than book in property rentals.
To be sure, PlistBooking is relatively new compared to other accommodation options. There is still time to increase its share in the millennial market, and there is reason to believe it will.
Millennial Tenants Into Enthusiastic Investors
Who would have thought that millennials prefer vacations rentals over large fancy hotels? This shift in short-term vacation preferences significantly impacts the hotel industry, as it is projected to spend a trillion annually on travel through 2022. These numbers quickly make millennials the largest demographic–lucrative and sought after for hotel companies. Today more than ever, the vacation rental industry has the opportunity to dominate the hospitality market by providing a predictable, consistent and reliable experience that is what one expects from a hotel. The question, however, is how to get there.
Vacation Rentals Offer the Same Guest Experience as a Hotel
The millennial market has set new travel expectations, which in any case, is a lot to balance.
- Incredible Cultural Experiences. Part of millennials’ decisions anchor from the satisfaction a particular place could offer. 72% of them choose to spend more money on experiences than material things, while 78% want to learn something new while traveling. Hence, they are pleased to choose a destination because they want to experience a unique life experience or a particular culture.
- “Leisure” Travel. Leisure and travel have been millennials’ things. Employees under 30 travel 4.7 times a year for business, compared to 3.6 times for those over 30. From there, 62% are more likely to extend their business vacation to gain cultural experience and discover more of the world, all for their company’s money.
- With new trends come new terms. Group travel is on the rise. Travel becomes more attractive, safer, and cheaper when you travel with a group. Millennials appreciate the freedom to explore while being in the safety net of a larger group when things go wrong.
Today, families who used not to travel together find a short-term rental home with ample space and amenities in the home at affordable prices
Can Millenials Help Short-term Rentals Begin to Dominate the Market?
While PlistBooking and other vacation rental services like Airbnb have gained a positive outlook, a quarter of the customers remain unsatisfied. Say these vacation rental services can operate a smooth transaction on their platform and accommodation. They can change their minds and turn them into potential and loyal customers in the future.
The key to any short-term vacation rental success is ensuring that each visit and property provides a consistent experience but at a fraction of the cost.
- Consistency and Cleanliness. Customers give the final seal of approval, but many measures have been taken to ensure that rental homes are clean to the highest standard. In every market, the best housekeepers were recruited and paid a high living wage. A one-time photo verification process for cleaners has been implemented to ensure flawless performance. Periodic personal inspections are performed by local personnel.
- Seamless Booking. Accommodation is bookable online with clear cancellation conditions and telephone assistance for reservations 24 hours a day, which is why our holiday apartments are as easy or more straightforward to book than hotels.
- Security and convenience technology If guests prefer to book a vacation rentals rather than a hotel room, we want to make getting to and entering that apartment even more accessible than checking in at the front desk to get a room key. All Plistbooking managed rental homes are equipped with an advanced digital lock that is free to the owner. In addition to the security provided by unique door codes for each guest, our digital locks offer guests exceptional convenience.
- Always Guest-Ready. Guests are always taken care of in case of a problem. Our customer service representatives are available 24/7 to courteously answer any questions. If there is an urgent problem, our local team responds quickly around the clock.
“Bleisure” is PlistBooking’s Thing Too
If you are interested in how Plistbooking can deliver a quality guest experience that helps homeowners drive sales to their short-term rentals, fill out the form below, and a member of our team will contact you.