Issue link: https://digital.copcomm.com/i/1152980
B M & T ••• July/August 2019 ••• www.blackmeetingsandtourism.com 31 nesspeople coming back to hotels. Almost half of business travelers said familiarity was an important reason they prefer hotels. These travelers are looking for reliable lodging they can trust, and hotels fulfill that need. While business travelers are still using Airbnb for vaca- tions, they are more resistant to change when traveling for work — much of which is based on entrenched, negative sen- timents about the short-term vacation rental industry. Business travelers are twice as likely to describe Airbnb as dishonest, and they're more likely to have a negative experi- ence at an Airbnb. 57% of business travelers reported having a negative experience that violated Airbnb's guidelines compared to 35% of vacation travelers. Keeping business travelers happy might be one of the most important goals for hotels in the coming years, as Airbnb continues to disrupt the personal travel industry. How can hotels accomplish this? It might be best to stick to the basics. We found the most important hotel amenities include WiFi (85%), free parking (70%), complimentary breakfast (69%), and housekeeping (59%). In other words, business travelers are looking to check in and get down to business — or relax and leave fueled for a busy day ahead. In other words, hotels that remain focused meeting these types of baseline expectations and needs will continue to attract businesspeople for years to come. Over Half of Homeowners Would Consider Renting Out Their Homes Through a Third-Party App Like Airbnb. As the demand for P2P vacation rentals grows, it appears supply will comfortably meet or exceed that demand. 54% of homeowners surveyed indicated they'd consider renting out their property through a third-party app. More importantly, 82% indicated they believe renting out their home as a vacation rental is a good way to make money from the property. Even if homeowners aren't willing to rent out their property at this very moment, they believe apps like Airbnb and VRBO could help them pay the bills. In the right markets, Airbnb can help homeowners shave a little off their mortgage each month by enabling them, for example, to rent out a second bedroom. The true threat to hotels is the virtually limitless sup- ply of potential vacation rentals — anyone who owns a home can sign up for Airbnb and start renting it out once they've filled out the application. Whether renting out your second bedroom will end up being profitable is entirely dependent on the local market, and it's not always the hottest housing markets that make for the best Airbnb rental properties. AirDNA, a vacation rental data analysis firm, found that unassuming towns and cities often offer the highest returns for hosts. According to AirDNA's research[5]: "Renting out a private room in your place could cover your rental cost altogether. Markets such as Detroit, MI, Memphis, TN, Cleveland, OH, Indianapolis, IN, Louisville, KY would make hosts between $2,500- $5,500 in annual profit." When the supply of Airbnbs in smaller cities can't meet the demand, the cost to rent an Airbnb rises and homeowners benefit. As home prices continue to rise,