In response to surging demand for longer-term stays, Booking.com is now allowing property partners to offer weekly and monthly rates.
Under the new feature, a weekly rate plan requires a minimum stay of seven nights, while the monthly rate plan requires a minimum stay of 28 nights.
While any property type is eligible to feature the longer-stay rate plans, the move is largely designed to bolster Booking.com's homes and apartments business, which has accounted for a growing share of the brand's bookings post-pandemic.
• Related: Booking Holdings CEO says travel will experience a 'volatile' recovery
In early Aug., Booking Holdings CEO Glenn Fogel reported that
alternative accommodations made up 40% of all new bookings on
Booking.com in the second quarter, a higher share than in years past.
Booking.com's move follows Airbnb's similar efforts to tap into longer-stay accommodation trends, with the short-term rental platform encouraging hosts to make their accommodations available for weekly and monthly bookings back in April.
Earlier this month, Airbnb reported that bookings for monthly stays have "increased significantly" since the start of the pandemic, citing growing interest in "work-from-anywhere" and "workcation" concepts in the U.S. as remote work policies continue to remain in place.