The short term rental market in 2024 continues to thrive. It is a dynamic and highly competitive sector due to the changing habits of travelers and the new consumption patterns in accommodation that have developed rapidly in recent times. The success of digital platforms specializing in promoting short-term rentals is a significant factor, but not the only one. In 2023 alone, over 37 million temporary rental listings were published on Airbnb and Booking.com. You might be wondering how to take advantage of this booming market.
Several factors need to be considered to take advantage of the rapid growth of the short term rental market in 2024. Accordingly, you will need to adapt your marketing strategies to this growth. To benefit from this market, you must understand the trends that will influence the real estate sector in France this year.
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Factors Driving the Short Term Rental Market in 2024
Regardless of the type of accommodation you offer (villa, apartment, cottage, residences, etc.), you can look forward to many opportunities to maximize your success this year.
Trends in Local Tourism and Slow Tourism in 2024
Changes in consumption habits in the real estate sector have attracted many travelers, both national and international, creating specific accommodation needs. In recent years, local tourism and slow tourism have become increasingly popular. Some people prefer traveling close to home to avoid spending a fortune and to reduce travel stress, while others like to explore different regions at a leisurely pace, taking time to appreciate the scenery. These new travel trends promise a bright future for the short term rental market in 2024.
Flexibility in Booking Conditions
Besides competitive rates offered by short term rental hosts in 2024, the owners of short stay rentals have made the booking process more flexible thanks to integrated tools on their own site. This trend of direct booking systems has contributed to the growth of the short term rental sector, and 2024 will only confirm this trend. This strategy exceeds travelers’ expectations by making the booking process easier.
Events and Festivals that impact the short term rental market in 2024
Many events taking place in France this year, especially in Paris, promise great opportunities for the sector due to increasing demand for short term rentals nationwide. Indeed, 2024 will be a year rich in events, including the Paris Olympic Games and the Paralympic Games. To know the events, dates, and locations, click here. These two major sporting events will have a significant impact on the occupancy rate of temporary accommodations like Airbnb and will lead to additional bookings in the affected cities.
New Regulations in 2024: Consequences for Short Term Rental Market Stakeholders
With the increase in the number of properties intended for short term rentals, it is wise to adapt regulations to the growing evolution of this market. Given that non-compliant listings are posted on various platforms, these new restrictions will help remove them from the market. Such regulation will benefit the short-term rental market by promoting regulation and professionalization of the sector. If you are a serious and motivated investor, you can welcome these new measures that will allow you to secure and maximize your rental income.
