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To find a plausible answer to this popular question, it is better to take a closer look at the Short-Term Rental market in Sri Lanka. A market is where buyers and sellers ‘meet’ one another – actually or virtually – with the primary motive of buying or selling something.
Here in the Short-Term Rental Market in Sri Lanka, that primary motive is to rent out some place or go to rent for a relatively short period of time. People who want to rent their houses in Sri Lanka and people who want to move in for rent would negotiate about their terms, conditions and charges. They would come to an agreement in writing or by word of mouth as the case maybe.
In Sri Lanka the people who want to rent their places range from wealthy owners of super luxury apartments to notorious landlords in wayside lodges. Between these two extremities, there would be scenic bungalows, comfortable inns, cozy cottages, safari huts, pilgrim’s rests and rickety annexes. Giants in the Hotel industry with high Star Ratings adorn the capital and other major cities in the country. Places with lesser ratings – or with no rating at all – normally cluster around the giants.
People who would be looking for this many types of Short-Term Rent are mainly foreign tourists. Surfing, diving, and sun bathing attract thousands of visitors to the Island’s sandy beach whilst mighty ruins of ancient kingdoms, breathtaking waterfalls, and the untamed jungle life, lure them deeper inland. Sri Lanka is also viewed as a reviving resting place with the welcome warmth of hospitality to bypass winter.
Sri Lankan tourism industry owns a substantial share of the country’s booming economy. Ushering in the Good Governance concept, the new National Government would keep on improving it. A steady stream of tourists can be safely anticipated, which means a promising future for lots of businesses, especially for the Short Term Renting business.
Tourists can wait; there is additional – not to say overwhelming – demand from local pilgrims for short term rent. Sacred cities such as Kataragama, Anuradhapura, Kandy and Dambulla lie more than six hours exhaustive journey away from the capital. To participate in the rituals, processions and religious activities well on time, the pilgrims have to arrive at their destinations the day before and put up for the night at some place to snatch a hurried sleep. After worshipping their deities they would be immediately home bound later next day.
That makes it two types of potential customers; foreign tourists and local pilgrims. Both on the lookout for short term rent, foreigners hoping to stay a bit longer than their native counterparts. So who are the most preferred?
Needless to say that providing six months accommodation for an oversees traveler would turn out to be more lucrative than taking care of an ordinary Sri Lankan for a day or two. But during off-season, you cannot ignore the tough business of providing lodgings to your townsmen. It is tough because their demands can become unnecessarily aggressive and understandably, more difficult to cope with.
Yet, taken as a whole, it is worth the hassle. If you conduct the business of short-term renting with particular attention to the varying needs of your customers you are unlikely to fail. Tourists may request better facilities, convenience of travel and experienced guidance. Natives naturally know their way around and would have their own transportation. But still they would insist on clean rooms and good food.
Knowing you customer is important. If he leaves satisfied he would keep your room in his mind and come check on you the next time he returns. Regular customers ensure the stability of Short-Term Renting business. Although they make you bustle about a bit, you can bet it is worth the hassle.
Is Running a Short-Term Rental Worth the Hassle in Sri Lanka?
