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!
Links from the Show
Find an Investor-Friendly Real Estate Agent
BiggerPockets Youtube Channel
BiggerPockets Forums
BiggerPockets Pro Membership
BiggerPockets Bookstore
BiggerPockets Bootcamps
BiggerPockets Podcast
BiggerPockets Merch
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts
Get More Deals Done with The BiggerPockets Investing Tools
Find a BiggerPockets Real Estate Meetup in Your Area
Hear More from Tony on the “Real Estate Rookie Podcast”
Use the BiggerPockets Airbnb Calculator
Try AirDNA Today
Rob's BiggerPockets Profile
Rob's YouTube
Rob's Instagram
Rob's TikTok
Rob's Twitter
Tony's BiggerPockets Profile
AirDNA 2023 Outlook Report
AirDNA November 2022 Data
Connect with Jamie:
Jamie's LinkedIn
Jamie's Twitter
Jamie's Podcast
Click here to check the full show notes: https://www.biggerpockets.com/blog/real-estate-712
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
BiggerPockets Real Estate Podcast