Short Term Rental Update April 2024 – Harcourts Move

Direct from our business partners MadeComfy, we’re delighted to share the latest monthly update on property performance for April 2024.

March 2024 was a record-breaking month, generating the highest returns we’ve seen in March for the past five years. This impressive achievement reflects a 6% increase over March 2023 and a 5% jump compared to March 2022.

Even more exciting is that MadeComfy property owners have achieved, on average, a significant 41% higher net return in March 2024 compared to traditional Long-Term Rentals (LTR).

This success is mainly driven by strong travel demand, including for our fast growing corporate booking segment, which enabled us to maximise the average daily rate (ADR) while keeping occupancy rates high. In addition to that, it can be partly attributed to the Melbourne Grand Prix, which drove exceptional occupancy rates across the entire Melbourne market. In fact, we saw a remarkable 98% occupancy rate during the event! Additionally, the ADR during the Grand Prix soared to 148% higher than the average for the rest of March.

Looking ahead to April, booking trends are showing a shift compared to previous years. Due to the Easter weekend falling between March and April, and variations in school holiday schedules across different states, guests are booking accommodation more last-minute than usual. However, the positive news is that the booking pace itself is significantly faster.

This leads us to confidently anticipate that April’s performance will be at least on par with the exceptional results we’ve seen in recent months.

Feeling like your property could deliver more?

Data shows that the more outstanding your property is, and the less restrictions in place, the higher the performance will be. With this in mind, it’s important to review strategic property upgrades, or preventative / proactive maintenance, in collaboration with your tax accountant.

It’s also worth re-evaluating any requested restrictions that may impact your property’s booking appeal – like minimum nightly rates, length-of-stay requirements, or bespoke pricing strategies.

For guidance on unlocking your property’s full potential, your Harcourts Move property manager is ready and eager to support you. Get in touch on 03 8672 8664 to discuss how your property can maximise its potential.

Streamlining the Guest Experience: New Features Enhance Guest App

MadeComfy are excited to announce two new key features in the Guest App which streamline the check-in process and provide guests with clearer access information. The app has merged the key collection and check-in instructions into a single pop-up window on the Guest App, plus there is a new feature “House Manuals” providing guests with valuable information about their stay. Read more here >>

Avoid Lost Revenue with Smart Scheduling

To empower decisions around reserving dates on a property’s calendar – whether for a property owner’s personal use, viewings, or renovations – MadeComfy has introduced a new feature that clearly outlines the potential financial implications of these blocks. This way, owners can plan with confidence, knowing exactly how their choices affect returns. Read more here >>

Elevating Property Appeal with Guest-Centric Excellence

At MadeComfy, they understand the importance of happy guests. Their positive experiences translate into positive reviews, repeat bookings, and ultimately, increased rental income for property owners. That’s why they are focused on creating “WOW moments” throughout the guest journey. Read more here >>

How MadeComfy Proactively Adapt to Airbnb Policy Changes for Rental Success 

This year, the Airbnb platform is prioritising property quality and guest confidence. As one of the most popular platforms worldwide for short term rental listings, here’s what property owners can expect. Read more here >>

Celebrating diversity for #IWD24

International Women’s Day is important to the MadeComfy team. With greater than 50% female employees and all our amazing female real estate agents, housekeeping partners and property investors – they see many incredible, but still too often unspoken, achievements by women in our industry. Read more here >>

MadeComfy CEO takes centrestage at leading industry event

Sabrina Schwaighofer, Co-CEO and Co-Founder of MadeComfy, shared her insights at the recent STRive Conference in Melbourne on 20-21 March 2024. Her presentation went beyond traditional management models, and challenged attendees to view leadership as a powerful investment with significant organisational benefits. Read more here >>

Thank you for your continued support of Harcourts Move. Our team do our very best to ensure your short term rental property is living to its fullest potential and if you have any questions or concerns please do not hesitate to get in touch with our team.

Until next time, stay connected.

Sadhana and the Harcourts Move Team