What has Innorental accomplished in 2021?
January is always a good period to reflect on how the last year went and plan out your next 12 months. We’ve done exactly that at Innorental and want to tell you a bit more about how we’ve done in 2021 and what our plans are for next year.
Key numbers of Innorental’s first year in short-term rental property management business
We’ve steadily grown from just a couple of properties at the beginning of the year to managing nearly 30 apartments and holiday homes by the year end. Our goal for 2022 is to increase the size of our portfolio to 50 beautiful short-term rent properties both in the center of Riga and elsewhere.
However, the goal has never been just to grow these numbers as fast as possible. Our main aim is to continue to deliver exceptional results and service to our clients and guests while slowly adding new & exciting properties to our portfolio.
The locations of our managed short-term rental properties in Latvia
For optimal short-term performance, the city center of Riga is the best-suited place for that. Because of this, it’s where we’ve tried to grow our portfolio of the apartments managed and we’ll continue to do so.
Managing holiday homes is a slightly different process than managing apartments as it involves more comprehensive marketing efforts as well as different type of property management relationship with the owners. We’re looking to add a few more wonderful holiday homes to our portfolio over 2022.
Examples of properties where we’ve helped our clients with designing and staging process for short-term rent
In addition to the ongoing property management service, we also offer our clients that have properties, which are not fully furnished, to help in the design and planning process for short-term rent. As the needs of a short-term traveler slightly differ from the need of a long-term tenant, this should also reflect in subtle changes in the property.
Depending on the budget that’s available to furnish the specific place, we can help with finding the best solutions to optimize the property for short-term guests.
The main KPIs of Innorental’s first year in short-term rental market
In the short-term market, there are 2 numbers that are very important - occupancy and average nightly rate that a guest pays for their stay. Here at Innorental, we closely monitor these numbers every day in order to deliver the best possible result for owners.
The goal isn't to reach 100% occupancy if this would translate in lower profit for the owner at the end of the month. Our aim is to do a lot better than the market average in both occupancy and average nightly rate and we’ve certainly done this over the last year.
We also try to attract guests that stay for longer than just a few days which helps to save on additional costs, such as housekeeping.
A few of our guests’ reviews on Airbnb
The 2 of our most important partnerships are with our property owners and the guests who stay at these properties. We’re very happy and proud of consistently being able to receive positive reviews from the guests about how much they’ve enjoyed their stay at any of our properties.
Our average Airbnb guest review score in 2021 was 4.87/5 with 88.9% of all reviews being a perfect 5 stars.
We hope that 2022 will bring a lot more fun and interesting moments & experiences. If you’ve ever thought about how well your property might perform in the short-term rental market, we’d be happy to tell you more about it.