New Horizons in Short-Term Rental Property Software Market Exploring Future Growth Potential,New Developments, Company Performance and Forecast 2031 | Hostfully, Hostaway, Rentals United, Guesty, Streamline

The Short-Term Rental Property Software Market is estimated for 2023-2030 for the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Short-term rental property software provides property managers and individual hosts with comprehensive features to manage their short-term rental properties efficiently. It handles guest booking, reservations, automated notifications and communications.

Market Dynamics:

The short-term rental property software market is expected to witness significant growth owing to growing vacation rental industry across the globe. According to the U.S. Travel Association, the U.S. vacation rental industry contributed nearly $168 billion to the U.S. economy in 2019. Additionally, rising penetration of internet and smartphone has enabled consumers to search and book rental properties online conveniently driving the market growth.

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The rise of the sharing economy fuels adoption of short-term rental property software

The sharing economy, which involves the shared consumption of goods and services between individuals rather than traditional models where companies own assets, has grown tremendously in recent years. A key driver of this has been the rise of platforms like Airbnb that connect people who want to rent out their homes or rooms on a short-term basis to travelers looking for affordable accommodation alternatives to hotels. As Airbnb's user base has expanded to include millions of hosts globally, this has created significant demand for property management software that allows hosts to efficiently list, book, check-in/out guests and handle other tasks associated with operating short-term rentals.

Demand for professionally managed properties increases need for centralized management tools

Along with the growth of individuals renting out space in their own homes, there has been expanded interest from property investors and management companies in purchasing or managing rental properties exclusively for short-term rentals. This commercialization of the space has increased demand for software that allows centralized management of multiple properties, calendars, bookings, finances and other functions across a portfolio of short-term rentals from a single platform. Centralized tools help streamline operations and boost efficiency for property managers dealing with numerous units.

Compliance regulations pose challenges but also open the door for compliance focused solutions

While the short-term rental market has flourished due to its flexibility compared to traditional accommodations, it has also faced increased scrutiny from local regulators. Many cities have implemented new rules and registration requirements for hosts in an effort to boost tax collection and address neighborhood concerns. However, navigating and adhering to the patchwork of global and local regulations has proven difficult for many operators. Compliance-focused property management platforms aimed at helping hosts and property managers easily track registration status, occupancy limits, collect and pay taxes and monitor listings for violations represent an opportunity in this environment.

Artificial intelligence capabilities enhance operations and automation

Artificial intelligence and machine learning capabilities are being applied to short-term rental property management to enhance marketing, pricing and operational efficiency. For example, AI can analyze past booking patterns, seasonality adjustments, events and competitor rates to recommend optimal pricing over time. AI chatbots and virtual assistants also help automate common support inquiries from guests. As the quantity of data from bookings and occupancy grows, advanced analytics and AI will continue to be leveraged by software platforms to optimize various management functions with minimal human intervention.

Sustainability becomes an important factor for properties and guests

With rising environmental concerns, corporate responsibility has increasingly become a priority across all industries. In the accommodation sector, guests are more focused on selecting properties demonstrating sustainability practices that lessen environmental impact. Properties pursuing green certification and able to tout sustainability initiatives like renewable energy use, local materials, recycling programs and eco-friendly cleaning products gain a competitive advantage. Property management software enabling automated sustainability reporting and benchmarks will help operators measure and promote their ESG credentials to environmentally-conscious travellers.

Declining margins threaten smaller operators

While the short-term rental market continues robust growth driven by the sharing economy, declines in average daily rates charged coupled with rising costs are squeezing margins for some operators. Larger hosts and property managers benefiting from economies of scale can more readily absorb these pressures. However, smaller mom-and-pop hosts with just one or two units face greater challenges covering expenses as rates fall and fees to homeowner associations and property management platforms increase. Software lacking automation and integration also raises costs for smaller operators. Unless margins improve, many smaller players risk being disrupted out of the market.

Leading Players:

Hostfully
Hostaway
Rentals United
Guesty
Streamline
MyVR
Avantio
iGMS
Smoobu
Bookfull
Lodgable
Futurestay

Market Segments by Type:

Online, SaaS, Web-based
On-premise, Mobile, Installed

Market Segments by Application:

SMEs
Large Businesses

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