A couple of years ago, everyone was expecting an “Airbnbust,” where short-term rental investments would sit vacant, hosts would be forced to sell, and hotels would take the reigns as the leaders in hospitality. But that didn’t (exactly) happen. Instead, we got a slightly slower short-term rental market with fewer bookings, some more supply, and a slight dip in revenue for hosts. The short-term rental market is now reaching “equilibrium,” and demand is returning. So, what do hosts need to know now?
Jamie Lane from AirDNA, the leading global short-term rental data and analytics company that tracks every listing on the market, is here to give us a mid-year update. Jamie talks about how the short-term rental market is returning to normal, why demand is starting to shoot back up all while prices are dropping, and the “cracks in the system” that could point to future short-term rental weakness.
He points out the short-term rental markets with the most growth potential, the oversupplied ones seeing drops in demand, and why the European Airbnb scene, even with its regulations, is exploding. Plus, he’ll share the amenities and policy changes you can make NOW to get more bookings and what to look for BEFORE you buy in a new market.
In This Episode We Cover
A 2024 short-term rental market update (supply, demand, pricing, and threats)
The short-term rentals seeing the least demand, and why this may be worrying for hosts
“Fringe” markets that are performing even better than the traditionally popular markets
Why hosts are seeing a drop in revenue and the markets with weak demand
International travelers returning and the minor tweaks you can make to get more bookings
Jamie’s forecast for the rest of the year and why he predicts demand will rise this fall
And So Much More!
Links from the Show
Get the Short-Term Rental Furnishing List
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Find an Investor-Friendly Agent in Your Area
See James and Kathy at BPCON2024 in Cancun!
#Airbnbust One Year Later: Did the Short-Term Rental Industry Ever Collapse?
James' BiggerPockets Profile
Kathy's BiggerPockets Profile
Grab the Book, “Short-Term Rental, Long-Term Wealth”
Jump to topic:
(00:00) Intro
(01:43) 2024 Short-Term Rental Update
(04:56) "Cracks" Start to Form
(07:24) Markets with Growing Demand
(11:07) Markets to Be Cautious Of
(15:52) International Travelers Return
(21:20) Must-Have Amenities/Policies
(24:10) 2024 Predictions
(25:59) How to Set Your Prices
(28:25) Why Nightly Rates Are Falling
(29:55) Growing STR Markets
(32:19) Everyone's Going to Europe!
(36:40) Best Opportunities for Investors
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/on-the-market-242
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