Short-term rentals can be categorized, at least at a surface level, as the “easiest” investments of 2021 and 2022. With low interest rates and a surge of post-pandemic tourism, new hosts were buying homes for cheap monthly payments, throwing some furniture in them, and making a six-figure return within a year of owning just one property. Naturally, this led more and more hosts to start building bigger vacation rental empires, buying as many properties as possible and inflating prices as a result.
But, the boom in BnBs caught on quickly, and more investors began tackling the same strategy. Before long, there were more short-term rentals than ever, but the same number of guests occupied them. Now, short-term rental hosts are facing lower occupancy as they struggle to compete over which properties will get which guests. So, is this the end of the short-term rental industry, or is the data showing something completely different? We brought on Jamie Lane, Vice President of Research at AirDNA, to give us a glimmer of hope.
Jamie knows short-term rental data better than anyone else. He knows which markets are growing, which are declining, which amenities get you the highest ROI, and why last-minute bookings aren’t a bad thing. He gives us a deep dive into what’s affecting the short-term rental market as a whole, whether it’s on a decline, and what hosts can do to beat out the competition when trying to fill their listings.
In This Episode We Cover:
The “BnBust” and why so many short-term rental hosts are facing low occupancy
2023 short-term rental predictions and the effect a recession could have on the industry
The best short-term rental markets and which tourist cities will remain strong
Short-term rental regulations and how they may be a good thing for existing hosts
Last-minute bookings and using dynamic pricing to make these stays more profitable
The top amenities guests want in their vacation rental in 2023
Superhost status and the massive boost in bookings it can lead to
And So Much More!
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Click here to check the full show notes: https://www.biggerpockets.com/blog/real-estate-712
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