Post-COVID 2022 Overview: The Serviced Accommodation Renaissance
The year 2022 heralded a new era for the serviced accommodation sector as the world began its journey to normalcy after the devastating impacts of the COVID-19 pandemic. Here’s an in-depth overview of the significant changes and trends that characterized this period:
The Great Surge
With lockdowns easing and travel restrictions lifting, there was a palpable pent-up demand for getaways, and the serviced accommodation sector became a prime beneficiary. The industry experienced an almost meteoric rise, with platforms like Airbnb and Booking.com flooded with both new listings and eager travellers.
Unprecedented Growth in Listings
The appeal of the serviced accommodation sector seemed irresistible. In certain locales, there was an eye-popping 100% growth in active listings. Whether it was seasoned landlords diversifying their offerings or novices trying their hand at short-term rentals, platforms swelled with options, catering to a wide array of preferences.
Staycations: The New Vacation Trend
As international travel still grappled with uncertainty, staycations became the preferred mode of holidaying. More than just vacations, these local trips were filled with emotional reunions as families and friends, separated by pandemic constraints, yearned to reconnect. The proximity of serviced accommodations, often nestled in picturesque locales or in the heart of cities, made them an optimal choice.
A Golden Period for Rates
The heightened demand coupled with the novelty of post-lockdown travel created a favorable environment for hosts. Average daily rates in several regions witnessed a remarkable surge, with hikes exceeding 15%. This period was lucrative for many hosts, with profits soaring and calendars being fully booked.
The Ripple Effect: Rapid Expansion
Seduced by the promise of high returns, many hosts embarked on aggressive expansion strategies. Properties were rapidly acquired, set up, and listed, creating a kind of gold rush in the serviced accommodation sector. However, this frenzy also led to some oversights. The urge to capitalize on the boom meant that some hosts bypassed crucial steps like comprehensive market analysis, potentially leading to long-term implications for their ventures.
The year 2022 was transformative for the serviced accommodation industry, redefining its landscape and setting new standards. As the sector continues to evolve, it offers both challenges and opportunities. For those looking to navigate this dynamic market, a well-informed, strategic approach is key. Learn from experts, gain insights into the industry, and start your journey in the world of Airbnb hosting with confidence by joining our Free Airbnb Simplified Webinar.