Here's a quick look at the latest short-term rental industry news, so you can keep up with your competitors and grow your hospitality business.
February 23, 2023
For us at Minut, 2023 has started with a bang: the launch of our new outdoor sensor. We’ve become the first short-term rental sensor to operate in all environments – so you can prevent parties wherever they are! Our mission is to make sharing work for everyone, especially when the rising cost of living and energy bills make it difficult for small businesses to stay afloat.
Here’s a quick look at the short-term rental industry’s latest news and trends, so you can keep up with your competitors and grow your business.
The cost of living crisis and ensuing rising energy bills weigh heavily on STR businesses
The cost-of-living crisis that has followed the COVID-19 pandemic has affected short-term rental businesses worldwide. Since January 2022, energy bills have risen globally, and property owners are looking for ways to increase their profit margins while remaining competitive. But trying to keep costs down while prioritizing guest comfort seems difficult for many. How can property managers and owners find a way to compromise and save while providing the best environment possible for travelers?
Did you know that lowering the thermostat by one degree could lead to a 10% reduction in energy costs? We’ve partnered with Tado to offer our users an integration allowing renters to monitor and control temperature and humidity levels in their properties. With this integration, property owners and managers are able to save around £250 on energy bills each year. Decreasing your energy consumption can also help you protect the environment!
New York City could lose 10,000 Airbnb listings in the near future
In New York City, short-term rental regulation breaches have led officials to enforce drastic measures for property owners and managers. Around 10,000 listings are predicted to be lost in the upcoming months in an attempt to regulate market prices and protect surrounding communities. New York renters would now have to prove that they normally reside within the rental unit, but also that their home complies with safety standards and regulations enforced by the city.
Short-term rental platforms such as Airbnb and Vrbo will also be required to enforce these rules. The Minut sensor can be of great help to short-term rental owners, whether we’re talking about monitoring excessive noise, the presence of security devices in the home, or guest privacy. Our sensor can detect alarms from CO2 detectors and be linked to security alarms, to ensure that guests are welcomed in a secure environment. By installing a Minut sensor in your rental, you’ll be able to ensure it complies with all necessary regulations and prevent short-term rental bans in your area.
The STR industry still creates thousands of jobs every year
Despite the difficulties the short-term rental sector has recently experienced, it still remains a crucial component of many communities’ economies. In 2021, it contributed £27.7 billion to the UK’s economy and produced about a million jobs. Due to the flexibility most STR-related jobs offer, the sector allows many people to find an occupation that fits their and their family’s time constraints.
With Minut, property managers can protect their homes without invading the privacy of their customers. Our sensors monitor decibel levels without recording sounds and monitor occupancy without filming – which means that they are the safest alternative to otherwise unethical monitoring tools! For more information on how we work to protect guest privacy, click here.