A huge part of success in the vacation rental property investment arena is knowing how to meet the demands of the travel market. While some property owners prefer to take a catch all approach, offering apartments or villas that appeal to just about any traveller type, others like to position their rentals to appeal to specific market groups. One group that is certainly worth looking at is the single travel niche.
According to the 2015 Visa Global Travel Intentions Study, which was conducted across 25 countries by Millward Brown, a market research firm, single travellers made up about 24% of the global vacation market. This figure increased from 15% in 2013, and is expected to grow in the years ahead. It’s not just in the leisure market that people are travelling solo, either. Many business trips are done alone, with many industries sending out solo employees to destinations all over the world throughout each year.
What does this mean for vacation rental property investment? More to the point, how can you take advantage of the growing trend for single travel?
Vacation Rental Property Investment for Singles
This travel niche is most relevant to those who are renting smaller homes and apartments on a short term basis. If you are aiming to attract more single travellers to your vacation rental property investment, consider the following:
- Compact, lock-up-and-go accommodation is highly sought-after. Not only by singles, either. Many couples and small travel groups also seek out compact apartments that are easy and fuss-free. While larger villas and properties with private pools often appeal to larger groups and families, many singles spend their time either exploring or completing business requirements during their stay. Often, solo travellers simply need a secure, compact space to sleep and recharge. As such, many may not be as interested in the features that would typically attract different groups, such as honeymooners or those travelling with kids.
- Security is also important. It goes without saying that for every person who is travelling alone, security is highly important. Secure, access controlled apartments are often the most secure options for solo travellers. Features that enhance security and give peace of mind are well worth investing in if you wish to attract single travellers to your short term rental.
- Location is everything. This is true for just about every group, of course. For singles, the most in demand accommodation options are found in the heart of urban areas. In Cape Town, the areas surrounding the CBD are in highest demand, particularly within the Gardens, City Centre and Foreshore areas. Whether travellers are visiting on vacation or business, they will want to be close to restaurants, bars, shops and attractions.
The best way to develop a tailored strategy designed at attracting your preferred travel group is to work with an experienced vacation rental property manager who can provide marketing as well as day to day management, guest services and bookings management. To find out more about the Totalstay approach, simply contact us today to find out how to take your vacation rental property investment to the next level.