Whenever we travel for vacations, we plan things properly to make it entertaining. Stops leading to the main destination makes the journey more memorable. Having food and snacks at unknown restaurants make the journey sweeter.
Hotel stay to relax is responsible to make or break our mood. We keep pleasant and comfort stays memories for long years. A short trip to the neighboring place keeps us fresh in a busy life. Organizations plan vacations for their employees to make them more productive.
Rental Market Growth
The travel industry is a part of everyone’s life. Vacations are becoming desirable and necessary both. Few industries have hit rock bottom in the covid pandemic. The travel industry is the most affected one in the ongoing pandemic.
Instead of staying in a hotel with so many formalities, travelers prefer short term renting property to stay. In India also, tourist places like Kashmir, Himachal Pradesh, and Uttarakhand are providing short term stay on rent. The government is also supporting such initiatives to make tourists’ experience better.
So many business players have entered the short-term rental business to take the advantage of the growing market. As per the latest data, the rental industry is increasing with a growth rate of 6.9%. As per last year’s data worldwide, the rental business has a user base of around 450 million. Last year’s revenue was approximately $87.09 billion.
Competition is soaring in the industry. Total 23000 companies are competing against each other for the rental business in the USA.
To make the holiday experience worthy, a new business firm has entered the rental market. MGV group has launched Capriway Property for short term rental business. Their objective is to provide guests with a homely stay.
Capriway Future Plan
Capriway is co-founded by Pranav Mishra and Brenden Muro. It is a dream project for co-founders. The firm was officially launched on 20th November 2020. They were planning to launch it last one year but pandemic forced them to delay it.
Capriway is planning to make guests’ trips more memorable through an unmatched service.
The company usually deals in “AA-Certified Property” on a long term basis. It uses the same property for short term renting after renovating as per user requirement. Capriway has started its business with 7 properties. Properties have been categorized into two parts-luxury and mid-range.
A property between 1200 to 1500 square feet comes in the luxury category. Mid-range property is between 650 to 800 Square feet. Capriway is currently entertaining individuals only for renting. The company aims to be a pioneer in the rental business.
In the future, the company plans to raise more funds for future development. Capriway has a plan to increase its business by 60% at the end of 2021.
The company has started showing growth from the beginning itself. Users are providing good reviews for the new venture. Popularity among users has brought more demands for the company.
Pranav Mishra, cofounder of Capriway said “In the new normal of COVID times, staycation has become the preferred choice of vacation. People are hardly traveling abroad and even when they are they seem to prefer rentals rather than hotels for safety reasons. In order to cater to both the categories of customers, we have launched Capriway that aims to cater to both”.
Conclusion
The covid pandemic will boost the rental business more. Tourists don’t prefer to stay in hotels for security concerns. Travelers are preferring a private stay to maintain social distance.
As per the new research, staying at home will make people more vulnerable to covid. It is quite necessary to have a short trip to refresh ourselves.
