Company is seeing 150% increase in average length of bookings in Dubai this year
News comes as GuestReady unveils new brand - and new local partnerships - that benefit both investors and guests
Dubai, UAE - With the cost of long-term rental housing in Dubai skyrocketing in recent years, many residents are turning to short-term rentals as a more affordable and flexible housing solution, according to GuestReady.
The leading global hospitality & property technology company has revealed the average length of stay is trending 150% longer as more and more guests choose short-term rentals in place of long-term fixed contract rentals. GuestReady bookings across their Dubai property portfolio have increased from eight days on average in April and May of this year, to 20 days on average across June, July and August.
GuestReady’s Regional Managing Director Reem Al Khatib says that the high price of long-term rentals coupled with the flexibility, convenience and affordability of the short-term rental properties under the company’s management make short-term rental a no-brainer for many Dubai residents:
“During summer, short-term rental properties offer an attractive and flexible alternative to long-term rentals. Our rates are comparable to long-term rentals but without the added expenses and constraints of a fixed contract. Our guests can enjoy a premium, fully furnished stay in different locations throughout Dubai without worrying about utility bills or additional costs. This allows guests to explore different areas at their own pace without being tied to a lengthy rental agreement.”
According to a recent report from CBRE, rental prices in Dubai reached their highest level on record in 2022 with apartment rental prices increasing by 27.1%, and villa rental prices increasing by 24.9%. The report states that prices are due to increase in 2023, albeit at a more uniform pace.
It’s not just renters that are benefiting from the short-term rental market but also landlords as many property investors are choosing short-term rental due to the freedom and flexibility it offers when selling the property.
“What's more, our short-term rentals allow our hosts to stay in their own properties or sell whenever they need, without being burdened by long-term tenants. Hosts can maximize their investment while still enjoying their property as needed,” added Al Khatib. “In today's ever-changing world, we understand the importance of providing our guests and hosts with a flexible and hassle-free solution, and it's changing the game regarding short-term rentals in Dubai.”
For French national Marie Robichon, a 26 year-old marketing business owner, her GuestReady managed short-term rental offers both cost savings and flexibility for her and her spouse: “Our company is based in Dubai and we spend six months of the year here. We decided to go with a short-term rental as it doesn’t make sense for us to pay for a property we don’t use for half the year. We love our short-term rental and it feels very much like home to us and we hope to rent it again when we come back to Dubai later in the year after a summer spent elsewhere.”
New Brand and New Partnerships
The increase in GuestReady’s guests’ average length of stay comes at an exciting time for the hospitality and property technology company with the global launch of their new brand, and the local announcement of two new partnerships.
The new brand, launched globally, includes a new brand identity that emphasizes the company’s growth and commitment to the property management and alternative hospitality industry. With its rebranding, the company reaffirms its commitment to its core mission: making short stays a better experience for everyone, everywhere. The rebranding aims to solidify GuestReady's position as a leader in the hospitality industry and to continue providing exceptional experiences for its customers.
Locally, GuestReady has also signed partnerships with logistics company, Yango and leading payments and shopping app, Tabby.
To ensure the highest quality of properties available to short-term rental guests and higher yields to owners, GuestReady furnishes and styles all newly onboarded properties. While in the past owners needed to pay upfront for any associated costs, GuestReady’s new partnership with Tabby means that owners can pay any associated furniture or styling costs over a period of four months, including from monthly revenue generated. The partnership is believed to be the first of its kind in the UAE market.
For its part, the partnership with Yango sees GuestReady’s property onboarding process expedited with furnishing and styling items delivered as quickly as 45 minutes after purchase, ensuring that properties are able to be listed up to four weeks earlier than before.
With presence in over 30 global cities, GuestReady has been adding value to both property owners and short-term renters since 2016 allowing both guests and owners to make the most of every stay.
GuestReady properties are bookable via AirBnB, VBRO, Property Finder or direct from GuestReady at Book.guestready.com and for more information, visit www.guestready.com.
