In the wake of the pandemic, travel trends have undergone a significant shift. The rise of remote work has blurred the lines between business and leisure, giving birth to a new phenomenon: bleisure. This trend of blending business trips with personal vacations is having a major impact on the short-term property rental market in 2024, and the changes are here to stay.
Increased demand for longer stays: Bleisure travellers typically stay longer than traditional business travellers, often booking properties for a week or more. This extends the average rental duration, boosting occupancy rates for property owners.
Diversifying demographics: Short-term rentals are no longer catering solely to young backpackers and tourists. Bleisure travellers tend to be older, affluent professionals seeking amenities like comfortable workspaces, reliable Wi-Fi, and proximity to business districts. This necessitates a shift in offerings to cater to their specific needs.
Evolving amenities: Properties are adapting to the bleisure trend by offering features like dedicated workspaces, ergonomic furniture, and tech-equipped conference rooms. Additionally, on-site laundry facilities, fitness centres, and pet-friendly accommodations are becoming increasingly sought-after.
Location, location, location: While proximity to business districts remains important, bleisure travellers also value access to leisure activities and natural settings. Properties located near beaches, mountains, or cultural attractions are attracting growing interest.
Tech-driven management: Bleisure travellers expect seamless booking experiences and efficient communication with property owners. Platforms integrating property management tools, contactless check-in, and digital communication options are gaining traction.
Regulation and legal considerations: As the bleisure trend matures, legal and regulatory frameworks need to adapt. Issues like zoning regulations, tax implications, and short-term rental licensing require careful consideration for both property owners and platforms.
Looking ahead, the bleisure boom is expected to continue well into 2024 and beyond. Short-term rental platforms and property owners who embrace this trend and adapt their offerings accordingly will be well-positioned to capitalise on this lucrative market.
Image courtesy of Mohit Kumar via Unsplash.
