Market Research Tips for Short-Term Rental Investors with Lydia Patel

In this episode of STR Data Lab, Jamie sits down with Lydia Patel, a full-time pharmacist and short-term rental investor. Lydia shares how she started in the short-term rental market in 2020, initially learning about long-term rentals before transitioning. She talks about how she turned a tiny house in her backyard into a successful Airbnb listing. Covering her experience, Lydia mentions how analyzing data plays a crucial role in her investment decisions, driven partly by her healthcare background. She highlights the importance of looking at similar listings, their occupancy, and average daily rates to estimate revenue accurately. Lydia also shares insights on choosing investment markets, specifically how she settled on Northern Florida for a family-friendly environment. 

The conversation further dives into her market analysis process and her interest in Wisconsin Dells, only to decide against it after a deeper dive due to oversupply concerns. Lydia explains her practice of regular market reviews, which helps her stay competitive and informed about new listings and market dynamics. As she considers adding a pool to her Florida property, she weighs the pros and cons, emphasizing the importance of concrete data in her decision-making process. 

Finally, Lydia touches on her long-term plans, discussing the potential of adding new properties to her portfolio and her philosophy of treating guests as if they were family. Throughout the episode, Lydia stresses continuous learning and consistent market analysis to refine her short-term rental business.

You don’t want to miss this episode!

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Episode 116