Why Buying Short Term Rentals Is A Fantastic Long-term Play..

Question

Airbnb’s growth has been propelled by several factors, including popularity among millennial travelers (millennials are defined as between 18 and 35 years of age).

Millennials are the largest generation in history, and by 2025, millennials and younger generations will account for 75% of all consumers and travelers.

Here's why Airbnb has become so popular amongst the younger generation:

1. Travel is deeply important to millennials. Most millennials would prioritize travel over buying a home or paying off debt.

2. Millennials are always looking for something new when they travel – more
adventurous, local, and personal.

3. Millennials are passionate users of Airbnb and a substantial, growing part of
Airbnb’s community and the number of young people who have booked on Airbnb have grown more than 120% in the past year.

This is just one of the many reasons why I believe buying short-term rentals is a fantastic long-term play.

Do you agree?

This is just one of the many reasons why I believe buying short-term rentals is a fantastic long-term play.Do you agree?

John Underwood · Answer

Airbnb is one type of STR. It is not he best, at least in my experience.

95% of my customers use Vrbo. Several of my neighbors only list on Vrbo.

From what I have been reading Airbnb has been making changes that are bad for many hosts. Luckily I don't depend on Airbnb for my STR income.

Luke Carl · Answer

Title of this kinda sounds like the name of Averys book :)

i agree with Jon and Michael. VRBO for me. Used to be more Airbnb. Stay in this biz long enough and you’ll get sick of airbnbs shenanigans. Not to sound like I’m down on Airbnb. I still like them to. Not to turn this into a Vrbo/Airbnb thread. No one ever wins that conversation.

Michael Baum · Answer

I don't disagree. I just have the biggest issues with millennials at the house. We don't rent to anyone under 25, no exceptions. Have a minimum 3 day stay and I don't accept any instant bookings. I message each and every guest.

Nearly all our guests are over 35 and have families, or they are a group of older folks biking the trail, kayaking, hiking etc.

Whenever I have a group of people under 35, there is always some kind of damage or missing items. I will say that we get most of our bookings from VRBO, but this year we are getting more AirBNB folks. All 4 of the groups we have hosted so far this month were all AirBNB and all older folks or large families. So far things have been pretty good.

Don Konipol · Answer

I’m not sure we’re talking about AirBNB in particular or StR in general.  But as a consumer / user I utilize whichever app has the best fit for the type of property I am interested in renting.  I’ve used all the major players, and find the “best’ depends on the geographical area.

As for StR vs motel/hotel, well I use motel/hotel for single night stays, maybe up to two nights.  Beyond that I really enjoy the space, convenience, and locations of StR.  And I’m really glad these apps exist making renting a property short term much more reliable and secure than it ever was.

Carolyn Fuller · Answer

I suspect that Airbnb has 80% or more of the millennial market. Their advertising is focused on that market. VRBO's advertising is focused on large extended families. I use to only list on VRBO until the inquiries for my small urban apartment dropped through the floor overnight after VRBO's family-focused advertising campaign launched. I switched to listing only on Airbnb and have stayed fully booked pre- and post-pandemic.

I have no idea how the future will play out. My personal knowledge of millennials tells me they are not that much different from my cohort when it comes to travel. Some want to travel the whole world and some never leave home. They do seem to be having fewer children but maybe that is just the millennials I know.

Bruce Woodruff · Answer

I also prefer VRBO over AIR. I like their clientle better and their overall policies. Millennials are not my favorite travelers, the very few problems I've had have come from them IIRC.....

Joe S. · Answer

You wouldn’t happen to know where there were some properties that would make such a great investment would you? 🙂

Account Closed · Answer

Millennial here.  I can certainly see why people would choose STR over hotels.  99% of my hotel experiences have been not worth the money.  Especially given the pandemic, I'd imagine it was a lot more preferable to have one's own space.  I've been researching STR data and it's interesting how on the surface, some seem to be doing really well and others not so well.

John Underwood · Answer

Obviously a smart and informed millennial also as you understand the correct terminology is a STR.

Why Buying Short Term Rentals Is A Fantastic Long-term Play..

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