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We’re excited to share some valuable insights from the June 2024 State of the Short-Term Rental (STR) Industry Report. This report, which surveyed over 5,000 STR owners and managers, provides in-depth data that can significantly impact how you operate and succeed in the Finger Lakes region. Let’s dive into the key statistics and see how they can benefit your short-term rental business.
1. Economic Impact: Local Support and Tourism Boost
The report highlights that 94.6% of STR operators actively support locally owned businesses, often through recommendations and referrals. In the Finger Lakes, this means your role as a host is more than just providing accommodations—it's about promoting the unique restaurants, wineries, and attractions our region offers. When guests spend more on local experiences, the entire community benefits, and it makes your property more attractive to future visitors.
Action Tip: Consider curating a personalized guidebook for your guests with your favorite local spots. This simple gesture can enhance the guest experience and support our local economy.
2. Guest Demographics: Families and Wellness Travelers Dominate
The report finds that most STRs cater to families, wellness travelers, and attendees of local events. This is great news for Finger Lakes hosts, as our region is known for its scenic beauty and wellness offerings, such as spas, hiking, and water activities. Knowing that families and wellness travelers are your primary market can help tailor your property to meet their needs.
Action Tip: Ensure your rental is relevant to your niche demographic and promotes a relaxing atmosphere. For family-friendly homes, think about adding family amenities like board games, childproof equipment, or Smart TV’s so they can access their own streaming accounts. For couple’s getaways or wellness retreats, in house perks like hot tubs and bathrobes can be a nice touch. Or consider offering wellness packages that include local spa discounts or yoga sessions.
3. Operational Challenges: Maintenance, Cleaning, and Marketing
Many owners cited maintenance and cleaning as their biggest challenges. Marketing also continues to be crucial for attracting the right guests. In the Finger Lakes, maintaining high standards in these areas can lead to positive reviews and repeat bookings.
Action Tip: Regularly update your marketing materials to highlight seasonal activities, from fall foliage tours to summer wine tasting events. Keep maintenance and cleaning standards high to ensure your property remains attractive to guests. And always ask for and respond to reviews, positive or negative.
4. The Importance of Responsible Hosting
With community concerns often centered around noise, parking, and trash, the report suggests that proactive communication is key. Most operators communicate directly with guests’ multiple times before and during their stay, which can help manage expectations and prevent issues.
Action Tip: Develop a guest communication strategy that includes reminders about noise levels, parking rules, and trash disposal. This will help maintain good relationships with neighbors and avoid potential conflicts.
5. Regulatory Awareness and Advocacy
The report shows a growing trend of STR regulations across various jurisdictions, with many operators feeling disconnected from the policymaking process. In the Finger Lakes, staying informed about local STR regulations is essential for compliance and advocacy.
Action Tip: Get involved with local STR associations or attend town meetings to stay updated on policy changes. Active participation ensures your voice is heard and helps shape regulations that are fair and beneficial for everyone. Join the Movement in the Finger lakes here.
The insights from the June 2024 STR Industry Report provide a roadmap for enhancing your short-term rental operations in the Finger Lakes. By focusing on supporting local businesses, catering to key demographics, maintaining high operational standards, practicing responsible hosting, and engaging in regulatory discussions, you can continue to thrive and contribute positively to our community.
We hope these insights help you make informed decisions and drive success in your short-term rental business. If you have any questions or need further information, feel free to reach out to us. Together, we can ensure the Finger Lakes remains a top destination for travelers while supporting our local economy and community well-being.
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