- Nov 20, 2017
★Introduction to the Short-Term Rental Economy★
Believe it or not, we are now living in the short-term rental economy. Transactions that used to involve corporate “middlemen” have made way for peer-to-peer interactions driven by the internet. Traditional holiday agencies must compete with sites likes Airbnb and Cryptobnb, retailers must compete with
Amazon, and taxi/limo companies must compete with Lyft and Uber.
Multifamily and rental housing has now hopped on the sharing bandwagon with both feet. Although short-term rentals are a relatively new phenomenon, it is rapidly popularizing since more and more people are opting to rent out their properties for short periods of time via different online community,
such as HomeAway and Airbnb.
The biggest contributor to the growth and development of the short-term rental market is technology. Online listing companies make booking a piece of cake for guests and supply is sky-rocketing as a new kind of technology-powered management companies is making it simpler than ever for homeowners to advertise and maintain their vacation homes.
At present day, short-term vacation rental market is one of the most lucrative segments in the real estate industry and property management sector. This sector has significantly taken over the market share from present hospitality industry year after year as it has gained acceptance of the concept by both the travelers and the hosts. As per HomeAway, an online listing site for vacation rentals, listings have increased by a whopping 44% since 2009.
A decade back, the idea of renting a room in a complete stranger’s house was not well received. Today, however, traveling and renting through shared means has become a norm. Due to this change in perception, the shift in such platforms continues to expand today with double-digit profits. SRT marketplaces have considerably greatly untapped potential demographics that would offer an array of amazing rental options owing to the proximity to destination rich areas.
Among the many new online listing companies, Cryptobnb is also working to build the next generation of online short-term rental, as well as tenant smart matching marketplace. The company adopts various new technologies in its platform for the purpose of ensuring security. These include CryptoDNA ID verifications built up on uPort, and SSL. To solve the security challenges that are typically faced by online listing companies, Cryptobnb utilizes a decentralized platform for apps that run without the risk of censorship, fraud or third-party interception. This offers independent, decentralized data access and transaction security.
In addition, both travelers and hosts can benefit from competitive fees that result from low overhead expenditure and the use of cryptocurrency where zero bank charges are involved, which is not usually the case with other platforms such as Airbnb. Lastly, the blockchain-based marketpace allows both sellers and buyers to have their tokenized accounts and wallets set up seamlessly without the need to have extensive knowledge or experience with cryptocurrency through thanks to Cryptobnb’s Walletize platform.