Is the short-term rental industry struggling — or simply growing up? In this episode of The STR Data Lab, AirDNA Chief Economist Jamie Lane sits down with Simon Lehmann to unpack what “normalization” really means for STR operators, investors, and property managers heading into 2026. After years of explosive growth, the industry is entering a new phase — one defined less by expansion and more by execution.

Simon shares why demand hasn’t collapsed the way headlines suggest, why strong operators are still thriving, and why the biggest shift happening right now is in expectations. Growth rates, margins, and valuations are resetting — but that doesn’t spell trouble. Instead, it’s forcing a long-overdue focus on discipline, systems, and unit-level profitability. As competition intensifies and margins compress, professionalism is no longer optional.

The conversation also dives into technology and AI, exploring why the future isn’t about more tools, but fewer — and better — ones. From fragmented tech stacks and data silos to the elusive “source of truth,” Jamie and Simon explain why operators who master their data will be best positioned to survive (and win) in the next chapter of STRs.

You don’t want to miss this episode if you’re planning for 2026 and beyond.

Key Takeaways from This Episode

Normalization ≠ downturn: The STR industry isn’t collapsing — growth expectations and return profiles are simply resetting.
Execution now beats expansion: We’ve moved from a growth story to a selection story, where strong operators pull ahead.
Professionalization means discipline: Systems, process rigor, and unit-level economics matter more than portfolio size.
Margins are under pressure: Rising costs and regulation make revenue management and cost control essential skills.
Tech stacks must simplify: The next wave of STR tech will focus on integration, AI-driven insights, and a single source of truth — not more point solutions.