The short-term vacation rental industry is gradually taking over the hospitality sector as it provides homeowners or investors with an attractive and profitable model which increases the ROI and yields regular cash flows. Short-term rentals are not a new phenomenon and date back to the 1800s when homeowners use to rent out their property for a short period in order to earn some extra income. The concept of renting out property to tourists gained popularity in the 1980s and has witnessed immense growth ever since. The advent of advanced technology has also contributed to this growth as it has now become more convenient and easier for potential investors to dive into the hospitality industry.
Latest technology and mass adoption of online platforms have simplified the process of effective vacation rental investments by providing technological solutions ranging from management, marketing, and booking services. As the demand for short-term vacation rentals is increasing rapidly, the hospitality industry continues to evolve and is working round-the-clock to find new ways to cater to the needs of potential customers in order to enhance their traveling experience.
Vacation rentals are not only contributing to the economy of a country through tax revenue generated from tourism, sales, and occupancy taxes but is also providing people with an opportunity to financially support their family and themselves. This additional income is especially very pivotal for individuals who have fixed incomes or work part-time, and have limited means to save for their future. Another benefit of vacation rentals is that the investors no longer have to face the hassle of managing their property and can hire a rental management company to do so on their behalf.
However, managing vacation rentals is not for the faint-hearted, and in order to pursue a career in this field an individual should have the varied skillset. He should be capable of multitasking, have the willingness and adaptability to provide solutions, be of a vivacious and optimistic demeanor, and have the ability to manage people efficiently. One such person who has made numerous contributions to the hospitality industry through his entrepreneurial knowledge and expertise is Michael Andrew McConnell.
McConnell is an American entrepreneur, who in order to facilitate investors and tourists laid the foundation of his company, Rented Inc., a vacation rental revenue management company, in 2020, which was later acquired by TravelNet Solutions in 2022. Under the supervision and leadership of McConnell, Rented Inc. received an award in the VRTECH Startup Competition in 2021 and was also an Inc. 500 winner for two consecutive years i.e., 2019 and 2020 respectively. McConnell was also recognized as an honorary member of the Atlanta Business Chronicle’s 2020 Class of 40 Under Forty for his efforts and contributions to the business world. His vision and determination are also reflected in the success of his company, which in a very short span reached the 4th position on America’s Fastest-Growing Companies ranking in 2021.
Apart from being the Chief Executive Officer of his company, McConnell also serves as a mentor at Techstars. Being an individual with a versatile skillset, he is also an accomplished author and has written pieces for various popular platforms including Forbes, Huffington Post, and the Inc., and is also the author of the book Get Out of My Head: Creating Modern Clarity with Stoic Wisdom, which was published in 2022 and was ranked 5th in its first week of release on the Wall Street Journal Bestseller list. Before becoming a successful entrepreneur, McConnell conquered the world of athletics through his talent and commitment. In 1999, he managed to win an international bronze medal representing the USA National Team and has also earned NCAA Division I Honorable Mention All-American twice.
McConnell, through Rented.com, changed the outlook of the whole hospitality industry by setting up homeowners and investors with skillful property managers. This platform not only helped people in generating additional income in a smooth and easy way but also contributed drastically to the overall growth of the industry.
