STR Data Lab™ by AirDNA

In this episode of the STR Data Lab, Jamie Lane interviews Henry Corell, the founder of RevUp Rental, a revenue management consultancy company. Henry shares his journey from real estate interest in college to starting his own business focused on revenue management. He discusses his early experiences with short-term rental vacation businesses and the niche opportunities in revenue management within the industry.  Henry explains the importance of being proactive rather than reactive in revenue management, emphasizing forecasting and reading data to make calculated decisions. He highlights key metrics for analyzing market health, such as consumer sentiment, economic trends, airline trends, and occupancy rates. Henry underlines the importance of understanding client demographics and adapting strategies accordingly.  The conversation touches on the challenges of maintaining high booking rates, managing cancellation policies, and optimizing property listings by updating photos and allowing pets. Henry also discusses the role of communication in revenue management, balancing broader market trends with specific property analyses. He concludes by sharing insights on managing properties with fluctuating review scores and the impact of economic factors like job growth on the short-term rental market. Henry advises listeners to stay updated on economic indicators and maintain flexibility in their revenue management strategies. You don’t want to miss this episode! ~~~~ Signup for AirDNA for FREE👇 https://app.airdna.co/data  ~~~~ Connect with Jamie on LinkedIn and Twitter:  LinkedIn: https://www.linkedin.com/in/jamiehlane/  Twitter: https://twitter.com/Jamie_Lane  ~~~~ Connect with Scott on LinkedIn:  LinkedIn: https://www.linkedin.com/in/sagescott ~~~~ Connect with AirDNA on LinkedIn, Twitter, TikTok, and Instagram: LinkedIn: https://www.linkedin.com/company/airdna/   Twitter: https://twitter.com/airdna  TikTok: https://www.tiktok.com/@airdna.co  Instagram: https://instagram.com/airdna.co  Episode 141

In this discussion, tax guru Ryan Bakke, owner of Tax Strategy 365 CPA, shares his expertise in helping short-term rental investors navigate recent tax law changes. He delves into the implications of the Big Beautiful Bill, particularly focusing on bonus depreciation and its potential tax savings. Ryan explains how different depreciation schedules can supercharge investment returns and highlights the Qualified Business Income deduction's relevance for rental properties. Tune in for insights on smart financial strategies and innovative children's savings accounts!

Patryk Swietek, owner of The Cohost Company, manages 100 listings in Joshua Tree. He shares his entrepreneurial journey from a tech employee witnessing rapid growth to acquiring three property management companies. Patryk discusses the challenges of thin margins in short-term rentals and the significance of integrating technology for operational efficiency. He emphasizes the competitive dynamics in Joshua Tree, the importance of proactive hospitality, and the value of high-quality service for owner retention, all while leveraging data for strategic growth.

In this episode of the STR Data Lab, Jamie Lane and co-host Scott Sage discuss short-term rental trends and market performance for the month of May. Jamie shares insights from his personal experiences managing his short-term rental property in the North Georgia Mountains.  The discussion highlights a 6% year-over-year increase in STR listings, a 1% dip in occupancy, a 6% rise in ADR, and a 4.8% growth in RevPAR. They note that while nights booked are slightly down by 0.3%, shorter lead times for bookings are contributing to this trend. The conversation covers the implications of global events on travel and the STR market, including potential impacts on bookings from increased oil prices due to Middle Eastern conflicts. Jamie addresses how the economic landscape, job growth, and consumer confidence are influencing the industry. A key takeaway is that although demand and occupancy are fluctuating, shorter booking windows are becoming the norm.  Scott and Jamie also analyze review scores based on operator size, revealing that smaller operators tend to have higher review scores but larger operators are improving the most year-over-year. They attribute this to both Airbnb's efforts to remove underperforming listings and operators becoming more attentive to review management. The episode concludes with advice for hosts and managers to adapt their pricing and booking strategies based on these trends, encouraging vigilance and real-time market analysis to remain competitive. You don’t want to miss this episode! ~~~~ Signup for AirDNA for FREE👇 https://app.airdna.co/data  ~~~~ Connect with Jamie on LinkedIn and Twitter:  LinkedIn: https://www.linkedin.com/in/jamiehlane/  Twitter: https://twitter.com/Jamie_Lane  ~~~~ Connect with Scott on LinkedIn:  LinkedIn: https://www.linkedin.com/in/sagescott ~~~~ Connect with AirDNA on LinkedIn, Twitter, TikTok, and Instagram: LinkedIn: https://www.linkedin.com/company/airdna/   Twitter: https://twitter.com/airdna  TikTok: https://www.tiktok.com/@airdna.co  Instagram: https://instagram.com/airdna.co  Episode 139

In this discussion, Michael O’Connell, the founder of Happy Guest and a pioneer in guest management systems, dives into enhancing guest experiences in short-term rentals. He highlights how a web-based check-in solution simplifies the rental process, eliminating the need for app downloads. Michael shares insights on strategic upselling, flexible cancellation policies, and the fusion of automation with personal service to improve satisfaction. His team’s focus on user-friendly technology ensures hosts can prioritize exceptional hospitality while increasing revenue effortlessly.

Alex Alioto, Head of Growth at Whimstay, is your go-to expert on last-minute bookings in the short-term rental space. He shares how Whimstay addresses the challenge of unsold gap nights while enhancing value for both hosts and travelers. Tune in as Alex discusses the changing travel habits among Gen Z and millennials, the demand for spontaneous trips, and the importance of dynamic pricing. Discover strategies for optimizing occupancy during shoulder seasons and the vital role of targeted marketing in attracting a new generation of travelers.

Jodi Odlin, founder of Hospitable Hosts and winner of the Rentalpreneur Award, shares her journey from hospitality to becoming a short-term rental expert. She discusses the pivotal role of community and empathy in the industry, contrasting it with pure investment strategies. Jodi reveals how she uses AI to manage her properties while maintaining a personal touch for guests. She provides practical tips like collaborating with local businesses and emphasizes the need for industry standards to boost professionalism and enhance guest experiences.

In this episode of the STR Data Lab, Jamie Lane and Scott Sage discuss travel trends and the latest insights from the Airbnb summer release. Jamie shares his exciting Memorial Day plans, heading to North Carolina for his grandfather's 95th birthday and then to Litchfield Beach in South Carolina for a large family reunion. They discuss Memorial Day travel data, noting that occupancy rates are almost identical to last year but achieved through different trends. There's a weakness in budget and economic travel but strength in upscale travel, especially in coastal destinations.  Jamie and Scott discuss the impact of economic volatility, including tariffs and stock market fluctuations, on travel bookings. They note a trend towards shorter booking windows and the challenges this poses for property managers. Jamie shares his experiences at the Airbnb summer release, highlighting Airbnb's new services aimed at competing with hotels. Both agree that while these services may not directly benefit hosts, they could grow the overall short-term rental market. April data showed a significant increase in demand, occupancy, and ADRs compared to March, attributed to the Easter shift. The discussion includes the impact of Canadian travelers and currency fluctuations on travel patterns. Domestic travel within the U.S. shows some pullback in overseas trips but remains robust. Jamie advises hosts to monitor year-over-year demand in their markets and adjust pricing strategies accordingly.  The episode concludes with Jamie emphasizing the importance of understanding booking windows, length of stay, and property profiles to optimize performance. Scott and Jamie express optimism about summer bookings despite the challenges. You don’t want to miss this episode! ~~~~ Signup for AirDNA for FREE👇 https://app.airdna.co/data  ~~~~ Connect with Jamie on LinkedIn and Twitter:  LinkedIn: https://www.linkedin.com/in/jamiehlane/  Twitter: https://twitter.com/Jamie_Lane  ~~~~ Connect with Scott on LinkedIn:  LinkedIn: https://www.linkedin.com/in/sagescott ~~~~ Connect with AirDNA on LinkedIn, Twitter, TikTok, and Instagram: LinkedIn: https://www.linkedin.com/company/airdna/   Twitter: https://twitter.com/airdna  TikTok: https://www.tiktok.com/@airdna.co  Instagram: https://instagram.com/airdna.co  Episode 135

Justin Ford, Director of Short-Term Rental Safety at Breezeway, emphasizes the critical need for safety in short-term rentals. He discusses practical tips for hosts to prevent accidents like slip and falls, emphasizing the misconception that insurance is enough. With a background as a Coast Guard and firefighter, he advocates for higher safety standards and regulations while sharing insightful anecdotes. Ford highlights how safety can also be a marketing advantage, attracting cautious travelers and enhancing property value.

In this episode of the STR Data Lab, Jamie Lane, Chief Economist at AirDNA, speaks with Julie Marks, founder and executive director of the Vermont Short-Term Rental Alliance (VTSTRA). They delve into the significance of short-term rental regulations and advocacy. Julie shares her journey into short-term rental management and advocacy, which began when her local government considered shutting down vacation rentals. With no prior political experience, Julie realized she needed to get involved to protect her business and the industry. They discuss how regulations can impact short-term rental performance and investments, emphasizing the necessity for hosts to actively participate in shaping these regulations. Julie recounts her efforts in organizing the VTSTRA, starting with an opinion piece and building a website to rally support. They discuss the diverse community within the vacation rental industry, including professional managers, individual hosts, house cleaners, and other service providers. Julie highlights the importance of collaboration and breaking down competition to strengthen the industry. Julie's advocacy extends to national efforts, including her involvement with VRMA's Government Affairs Council and the Right to Rent Collaborative. She underscores the need for sustainable associations at local, state, and national levels to ensure the long-term success of the industry. Julie encourages others to get involved in advocacy, whether through financial contributions or active participation, to collectively make a significant impact. They conclude by discussing the balance between advocacy, personal life, and the importance of community support. Julie's contact information and resources for getting involved are also provided. You don’t want to miss this episode! ~~~~ https://vtstra.org/ ~~~~ Signup for AirDNA for FREE👇 https://app.airdna.co/data  ~~~~ Connect with Jamie on LinkedIn and Twitter:  LinkedIn: https://www.linkedin.com/in/jamiehlane/  Twitter: https://twitter.com/Jamie_Lane  ~~~~ Connect with Julie:  Email: director@vtstra.org Phone: 802-829-4024 Instagram: https://www.instagram.com/vtstra/ ~~~~ Connect with AirDNA on LinkedIn, Twitter, TikTok, and Instagram: LinkedIn: https://www.linkedin.com/company/airdna/   Twitter: https://twitter.com/airdna  TikTok: https://www.tiktok.com/@airdna.co  Instagram: https://instagram.com/airdna.co  Episode 133