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Executive Rentals | How to Market to 30 day + Guests

Executive Rentals | How to Market to 30 day + Guests

Many office workers have returned to the office but many have not. These executives, on top of the existing cadre of traveling workers, continue to drive the trend for long term stays in vacation rentals, across Airbnb and other OTAs. Hosting long stays can also be profitable for hosts, providing steady income and reducing turnover, etc.

Who are Long Term Stay Executives?

Many of these positions provide their workers with a lodging stipend, and business travelers weary of sterile extended stay hotels often choose to stay in Airbnb homes.

Business Travelers

From corporate executives who are temporarily working from a new branch of their office to new recruits who have moved across state or national lines and want to take their time finding an apartment to rent and consultants making their way through clients in different regions, business travelers have long been a mainstay of long term renters.

Medical Professionals

Nurses in particular but also doctors and other healthcare professionals are known to be short term workers who travel from hospital to hospital as they move from one assignment to another.

Digital Nomads

Digital nomads are remote workers who travel for bleisure, i.e. business and leisure. They move from one location to another, staying for long periods of time both working and enjoying the attractions of the location.

College Students

Not all college students get access to campus housing and affordable housing near campus can be hard to find. More and more college students are now choosing vacation rentals as housing for at least some periods while hosts find them attractive during the slow season.

What are the Advantages of Booking Long Stay Executive Rentals?

  1. Receive a steady stream of revenue over an extended period

  2. Requires less work and engagement with the guest compared to short term leisure travelers

  3. Less management leads to lesser costs

  4. Because longer term renters bring or purchase their own toiletries, etc they require fewer amenities

  5. In many counties/states, stays of 28-31 days and longer are exempt from short term rental taxes

Executive Rentals | How to Market to 30 day + Guests

What are the Disadvantages of Booking Long Stay Executive Rentals?

  1. Long term guests generally receive a discounted ADR when compared to short term renters

  2. Bad guests become a bad problem for a longer period of time. Guest screening is highly advised

  3. Hosts have less access to the property and freedom to manage their rental

  4. In some states/counties it can be harder to evict guests who stay for extended periods of time

How to Market to Executive Renters Staying over 30 Days?

1. Location Advantage

No one likes a long commute, especially not someone new to a city and staying in a rented home. Mention how the location of your Airbnb makes it convenient for traveling to and from their place of work as well as other attractions and activities.

2. Easy Transportation

Let potential renters know of the ease of transportation offered by your property’s location, from subway access to bus stations.

3. Parking

Many long term guests will rent a car and knowing they have safe parking nearby will make your vacation rental more attractive.

4. List on the Right Channels

Listing your vacation rental on the right booking platform/s is the best way to market your property to executives looking for long stay rentals. These include:

Airbnb

The largest OTA in the world, Airbnb defines a long term booking as a stay of 28 days or longer. Not only do a majority (over 80%) of Airbnb hosts accept long term stays but the number of such bookings has been growing steadily over the past few years. The percentage of long term rentals nearly doubled from 14% to 24% of all nights booked from 2019 to Q1 2021. Longer stays work the same on Airbnb as short stays, except they are automatically subject to its long term cancellation policy.

CHBO

Corporate Housing by Owner (CHBO) is one of the largest online marketplaces for furnished rentals in the US and the world. Long stay hosts of apartments, condos, and homes advertise their properties to renters looking to stay for 30 days or longer. CHBO does not charge a fee or commission from hosts or guests. Instead, hosts pay to have their vacation rentals listed on the site with packages starting at $399 a year. CHBO guarantees properties will rent within 30 days of the listing being activated.

Furnished Finder

Furnished Finder is a popular listing platform for furnished rentals and among nurses and other medical staff looking to stay for 30 days or longer. It lists over 150,000 properties and is used by over 100,000 traveling medical professionals as well as over 100 medical staffing companies. Furnished Finder does not charge booking fees and does not get involved in the transaction, i.e. lease agreements and rental payments, between host and guest. Its partnership with Keycheck allows landlords to screen potential guests by running soft pull credit reports, background checks, and eviction history.

HouseStay

HouseStay is an online booking platform for fully furnished, standalone apartments and homes. Guests must book for a minimum of 30 nights. HouseStay also performs in-depth background checks on both hosts and guests. The monthly rate includes all utilities.

Executive Rentals | How to Market to 30 day + Guests

How to Make Your Vacation Rental Attractive to Long Stay Executive Rentals?

Executives looking to stay for long periods of time have different requirements than short term renters. They want a place as comfortable as it can get as home, allowing them to live their lives and not just sleep in for a short holiday. Some of the basic expectations of a property by executives renting for over 30 days include:

1. Furniture

From a bed that is conducive to restful sleep to a comfortable couch, long term renters expect more home-like furniture amenities than a short term rental. An adequate closet, storage spaces, a comfortable couch, and living space where they can entertain new friends will all go a long way.

2. Workstation

Just like you would at home, executives are likely to bring work back to their rented property at least some of the time. Digital nomads may even exclusively work from the home they’ve rented. Providing a quiet place to work that includes an adequately equipped and spaced workstation as well as an ergonomic chair to work from is paramount.

3. Wi-Fi

A speedy and reliable Wi-Fi connection is of prime importance.

4. Kitchen

A fully equipped kitchen including appliances, saucepans, cutlery, basic condiments, and a refrigerator allows long term guests to store food and prepare their meals.

5. Washing Machine

Having a washing machine allows guests to do their laundry easily and without having to spend on dry cleaning services.

6. Cleaning Supplies

Providing basic cleaning supplies allows the guest to do some basic cleaning in between visits by the cleaners.

7. TV

Providing a TV can make your vacation rental more attractive to long stay guests while a subscription to cable or streaming service can be a nice touch.

Ready to find out how Hostaway can transform your business?

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