How 2023 ends for short-term rentals, the first forecasts for 2024 and how you can stay competitive
Short-term rentals have seen explosive growth in recent years, with the proliferation of platforms like Airbnb and Booking.com.
In 2023, the short-term rental industry continued to grow despite challenges such as high inflation and geopolitical challenges.
What are the conclusions for short-term rentals in 2023
Increase in listings: according to AIRDNA data, the number of short-term rental listings around the world and in Greece increased by 20%.
Demand remains strong: Demand for short-term rentals also increased by 20%, compared to 2022.
This has also resulted in a 15% increase in property prices for short-term rentals.
Increasing demand for short-term leases for longer periods of time. Users are now looking for short-term rentals for longer periods of time, such as weeks or months. This is partly due to the growth of teleworking and distance learning.
Developing new forms of short-term rentals. Alongside traditional forms of short-term rentals such as apartments and houses, new forms such as communal spaces, camping and boats are developing.
Flexibility is key: Travelers are looking for flexible booking policies, contactless arrival and pet-friendly accommodations.
Technology drives innovation: Technological advances are creating the need for digital tools such as artificial intelligence pricing, smart home technologies and guest experience apps.
What 2024 holds for the short-term rentals
AirDNA data shows that both supply and demand for short-term rentals will increase in 2024. Booking.com predicts that short-term rental supply will increase by 15% and demand will increase by 25%. Naturally, this is expected to lead to further price increases for BnB accommodation. Therefore, from next year, hosts will definitely need to focus on the following:
Acceptance of technology
Leverage technology to simplify operations, improve the visitor experience and gain valuable insights from data analysis.
Priority in communication with visitors
Maintain direct communication with visitors, address issues in a timely manner and collect feedback to improve their overall experience.
Exploring differentiated marketing channels
Use a variety of marketing channels, including social media and online travel agencies (OTAs), to reach a wider audience.
How to stand out from the competition in 2024
Upgrade your accommodation
Offer personalised amenities or experiences aimed at your guests, such as families, couples or employees.
Invest in your visitors’ experience
In an environment where the demands of the modern visitor are constantly increasing, the need for personalized experiences and digitalized solutions is now a one-way street.
Applications designed to improve the visitor experience, such as Tourmie, help you increase their satisfaction, improve your reviews and simplify your processes and workflow.
Acceptance of sustainability
Implement environmentally friendly measures such as using energy efficient appliances, reducing waste and promoting local sustainability initiatives.
Building strong relationships with the local community
Partner with local businesses and organisations and create a sense of community, improving your visitors’ experience.
In 2024, short-term rentals are expected to continue to grow in popularity, both in terms of listings and demand. Lodging owners should invest in upgrading their accommodation, offering unique amenities and experiences that will set them apart from the competition. Focusing on the guest experience is one of the most important actions to take to get to the top.
Meet Tourmie
Tourmie, the all-in-one app, offers hotels and BnBs an integrated solution to improve guest experience, automate communications and increase revenue.
With its user-friendly web application, which does not require installation or registration, Tourmie provides guests with instant access to any information or service they may need, not only during their stay, but throughout their trip.
It combines functions such as:
- Digital guest guide with useful information about your accommodation and your guests’ stay.
- Electronic check-in to collect all the necessary data of your guests before their arrival.
- Interactive area map, with suggestions for what your guests can do around your accommodation, such as restaurants, attractions, shops etc.
- Booking engine for the sale of additional services.
- Interface with local service providers, such as taxis, tours and car rentals.
- Management system for guest requests, such as for additional amenities, services, issues, etc.
- Automation of communications via email & SMS.
- Chat with guests in real time.
If you want to improve your guests’ experience and stay on top of the short-term rental market, try Tourmie for free here! 
Tourmie will also be present at the ShortStay Conference 2024, which will take place on 9 & 10 February 2024, at the Ancient Eleonas Conference Centre. 
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