The odds are you have probably heard of vacation rental platforms like Airbnb and Vrbo, which are most commonly used for shorter stays and weekend trips – but times are changing. Remote work is on an upward trend with no end in sight, and workers are freer than ever to complete their tasks from wherever they choose. Investing in a furnished executive rental, or a place for both work and play, keeps hosts’ calendars full and earning a consistent chunk of change. Guests are looking to unpack and settle into a city where they can spend at least a month. Owners have the unprecedented opportunity to keep guests in their space for months at a time.
Below is why and how you should consider investing in a furnished executive rental apartment or an SFH (single-family home).
It’s no secret that the Covid-19 pandemic transformed how and where we work. The U.S. Bureau of Labor Statistics predicts that within the next five years remote workers, contractors, and freelancers will make up at least 40% of the U.S. workforce.
That’s a big number – and a huge opportunity for executive stay rental apartments and/or homes. Since the beginning of the pandemic, the work-from-anywhere lifestyle has tremendously increased.
According to a study by JLL:
“Over 67% of the nation’s commercial real estate decision-makers have taken actionable steps to increase workplace mobility and employee flexibility. This means that every day more and more remote workers are looking for a place to work outside of designated office space.”
As of 2021, millennials make up the largest segment of the United States workforce and are increasingly looking for work that allows for travel. As a short-term rental host, it only makes sense to transform your rentals into spaces that folks can comfortably work remote from. As travel restrictions lift, and work remains online, a growing number of millennials want to travel the world while maintaining their job. As a property owner, you want your rental booked as often as possible, with little or no empty nights between bookings. Creating an executive rental provides opportunities for longer stays – and more cash in your pocket!
As always, snowbirds are also a popular guest in Savannah, and the pandemic has only increased their presence. With gorgeous beaches at Tybee Island and welcoming warm winter weather, Savannah is always bustling with visitors looking to migrate from the cold.
When you invest in an executive rental – your guest has no reason to leave!
You’re ready to start hosting working guests in Savannah, but are asking yourself “What do I need to attract more executive stays?”
Savannah, Georgia is a gold mine for short-term rentals, and investing in an executive rental property or a “hybrid” rental (short-term during peak season and executive rental in the slow months) will place you at the head of the pack. Remote working is here to stay, and stunning cities like Savannah will only continue to attract executive stay guests to enjoy the culture, food, and sunshine after a day on the job. Bottom line, investing in an executive rental today sets yourself up for long-term success.
Entrusting your Savannah property rental to South Key Management Co., means you’re hiring a dedicated local team of professionals passionate about hospitality. Our property management team helps you make the most out of your rental property. We are happy to offer recommendations for target market optimization because it is our job to attract guests looking for a 30+ night stay. We truly believe that Savannah is “The Hostess City of the South”, and will ensure that your guests feel that same wonderful southern hospitality.
Questions? Want to learn more? Connect with us today!