Undeniably, the COVID-19 pandemic has had an immense impact on many industries across the world, and in particular, the travel industry. In the midst of this, we wanted to get a better understanding of the impacts shared by more than 100 of Homelike’s most prominent property suppliers from Spain, Germany, UK, Belgium, the Netherlands, and France to analyze the measures of how they have maintained operations and adjusted strategies in place for the recovery of the rental market in Europe.
Key Findings
- 97% of supplier’s revenue has been negatively affected by the COVID-19 pandemic
- More than half of all Property Suppliers expect recovery by 2020
- The Corporate sector is expected to recover faster than Residential
- Price reductions and new hygiene measures have been the main actions taken to counteract the effects of the crisis
Take the next step:
Download the free report and discover more insights including 4 Tips On How To Improve Occupancy Rates During The COVID-19 Pandemic And Adapt To A New "Normal"
From crisis to new “normal”
In order for suppliers to remain competitive and deliver greater assurance, confidence, and value during the crisis, it was found that 27% reduced prices, 23% had set up special COVID-19 hygiene standards and cleaning services, 21% were offering more flexible cancellation options, and 20% were moving more properties toward the mid/long-term rental sector.
Of those who had or were planning to reduce rental prices 42% found a 10-20% discount to be the most common adjustment, while 5% claimed other reasons such as:
- “Adapting according to the market”
- “No price cuts”
- “Depends on demand”
- “50% for long term stays”
Of the initiatives that were implemented, it was shown that 29% expect special COVID-19 hygiene standards were here to stay as the market adapts to a new “normal”, followed by 24% who intend to maintain more flexible cancellation options. 20% were predicting reduced prices to remain, and 20% felt their move to the mid/long-term sector would stick around. Meanwhile, 7% felt their operations would either wind down or cease altogether.
Hygiene Measures
When asked about what special hygiene measures were being implemented, 46% of Suppliers noted hygienic cleaning procedures were the most important, followed by 30% enforcing the wearing of masks in common areas. Meanwhile, other suppliers left remarks such as:
- “Our cleaning staff already meet the hygienic standards before COVID-19”
- “When the COVID-19 regulations have eased later this year we expect guests not to be inside the apartments whilst our staff perform the regular cleaning and servicing duties.”
- “Ozone disinfection.”
- “Keyless check-in where possible, but not for all.”
- “Space check-outs and check-ins out more so that at least 72 hours pass between one tenant and the next; as well as reforming hygiene and cleaning measures with the company that gives me this service”
- “Our cleaning standards are already high but we are providing assurance that extra care is being taken and guests have the option of cleaning for themselves, as we provide all cleaning products and equipment for this.”
How we evolve to changing demands
As Europe’s largest corporate housing marketplace, we are always keeping our fingers on the pulse of changes in the market. On the outset, as the COVID-19 pandemic filtered through Europe, Homelike was ready by offering suppliers the options to:
- Adjust cancellation policies to flexible, moderate, or strict
- Adjust pricing strategies to account for seasonality, day or night rates, and more
And as we continue to evolve with the changes affecting the industry, Homelike will soon be launching a new enhanced hygiene initiative to improve the overall apartment standards that tenants are coming to expect. Already, it’s mandatory for all suppliers to professionally clean their property after every tenant to ensure the next tenant’s new home is sparkling clean before they move in.
Are you looking to rent out your property to expats and business travelers?
Then Homelike is the platform for you! Register with a free account to enjoy the many benefits Homelike has to offer:
- Central dashboard to manage all listings, booking requests, rental policies, finances, and more
- Mid-to-Long-term Stays (1 month – 2 years) means rent stability and higher occupancy rates
- Access to over 100 marketing channels where your apartment will be advertised to expats and business professionals
- Online booking process, including digital signature for rental contracts
- Property listing and professional support from our team of experts
- And more!
If you have more than 5 properties to list, get in touch with us and we’ll help you get them listed, verified, and ready to be rented fast!
Take the next step:
Download the free report and discover more insights including 4 Tips On How To Improve Occupancy Rates During The COVID-19 Pandemic And Adapt To A New "Normal"
