STR Data Lab™ by AirDNA

In this episode of the STR Data Lab podcast, host Jamie Lane welcomes AirDNA’s Economist, Bram Gallagher, to explore February's short-term rental performance dynamics. After a January dip due to a northern cold snap, February showcased a robust 15.6% surge in demand from January's 1.2%, highlighting a strong desire to travel despite the off-season.The discussion highlights how weather conditions influenced rental performance, particularly the challenges faced in key skiing destinations like California and Colorado due to low snowpack in January. Nonetheless, February marked a turnaround, especially in ski markets such as Big Bear, California, which experienced a 16% year-over-year increase in demand.Jamie and Bram further examine broader economic indicators like unemployment rates and consumer price indices, presenting a cautiously optimistic economic outlook amidst some conflicting signals. They also anticipate the Federal Reserve's forthcoming announcement, expecting a hold on rates with potential future cuts.Wrapping up, the conversation shifts to the anticipated solar eclipse and its expected boost to travel demand, with notable booking surges in cities along the eclipse's path. This episode provides key insights into short-term rental performance, overarching economic trends, and upcoming events shaping the travel industry.~~~~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 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 ~~~~Find AirDNA at these upcoming events! https://www.airdna.co/events-airdna Episode 74

In this episode of STR Data Lab, host Jamie Lane, Chief Economist at AirDNA, sits down with experts Mark Woodworth, Principal at R.M. Woodworth & Associates, and Jack Corgel, Sr. Advisor at CBRE Hotels, to explore the nuanced dynamics of market fluctuations in the lodging industry. They examine the ease of entry into the short-term rental business and compare it to traditional hotel investments, highlighting the significance of alternative use cases and the changing landscape of consumer preferences.Mark and Jack delve into the implications of supply fluctuations, underscoring the importance of understanding market cycles and tailoring investment strategies accordingly. They anticipate a resurgence of sustained growth in the traditional hotel industry, propelled by shifting demographics and consumer tastes. The conversation also covers the potential for branding in the short-term rental sector and the challenges associated with ensuring consistency across properties.Sharing valuable lessons from their extensive careers in hospitality, Mark and Jack stress the necessity of recruiting smart, young talent and staying flexible in the face of market changes. Looking forward, they express optimism for a market rebound and foresee opportunities for expansion and innovation within the lodging industry. Tune in to acquire strategic insights and considerations for maneuvering through market fluctuations and making well-informed investment decisions in the rapidly evolving lodging industry.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 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 ~~~~Find AirDNA at these upcoming events! https://www.airdna.co/events-airdna Episode 73

In this episode of STR Data Lab, host Jamie Lane, Chief Economist at AirDNA, sits down with Jeff Iloulian, CEO and founder of HostGPO. HostGPO is a members-only platform for vacation rental operators, offering access to discounted rates on essentials such as furniture, linens, mattresses, and various amenities. Jeff shares the inspiration behind HostGPO, spurred by his personal challenges in sourcing high-quality products for his vacation rental properties. The conversation explores HostGPO's target audience, encompassing both property management firms and individual homeowners and recognizes their distinct needs and aspirations.Jeff provides insights into the initial setup of a vacation rental, emphasizing the importance of careful planning, understanding the target guest demographic, and efficient budget allocation. He recommends opting for durable furniture selections and warns against the expense of custom-made items. The conversation also covers logistical considerations, such as delivery schedules and installation services, to efficiently facilitate property setup. Throughout the conversation, Jeff's expertise and passion for assisting vacation rental hosts shine through, providing actionable advice for those new to the industry. Lastly, Jeff encourages anyone interested in setting up vacation rentals to sign up for a free consultation with HostGPO to receive customized advice and leverage their strategic insights and partnerships.You don’t want to miss this episode!~~~~Connect with Jeff:https://www.linkedin.com/in/jeff-iloulian-bb0b6829/https://hostgpo.com/~~~~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 Tyler:Linkedin: https://www.linkedin.com/in/tyler-coon-0003a3269/https://www.savvy.realty/meet-the-team~~~~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 ~~~~Find AirDNA at these upcoming events! https://www.airdna.co/events-airdna Episode 72

In this episode of STR Data Lab, Jamie Lane, Chief Economist at AirDNA, sits down with Tyler Coon, CEO and founder of Savvy Realty, for a deep dive into the nuances of the short-term rental market. Tyler opens up about his transition from the broader real estate domain to carving a niche in STRs. He shares the strategic journey of identifying prime properties and the critical role of data tools like AirDNA.In a market that's constantly shifting, Tyler emphasizes the essence of agility and innovation to outpace competition. He breaks down how supply growth, occupancy rates, and average daily rates are pivotal in steering property performance toward success. Highlighting a trend towards self-management, Tyler discusses leveraging bespoke services, notably in revenue management, to optimize property earnings.Jamie and Taylor discuss specific market insights and strategies for investors, including the significance of amenities, property design, and revenue management in maximizing returns. Tyler shares success stories and emphasizes the value of expert guidance and local knowledge in navigating diverse markets. The discussion underscores the evolving nature of the STR industry and the opportunities it presents for informed investors willing to adapt and leverage emerging trends and technologies.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 Tyler:Linkedin: https://www.linkedin.com/in/tyler-coon-0003a3269/https://www.savvy.realty/meet-the-team~~~~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 ~~~~Find AirDNA at these upcoming events! https://www.airdna.co/events-airdna Episode 71

In this episode of STR Data Lab, Jamie Lane, Chief Economist at AirDNA, and his co-host Scott Sage, VP of Marketing & Customer Experience, analyze the latest earnings reports from Airbnb and Expedia, offering a detailed analysis of key metrics and trends shaping the short-term rental industry. They start by dissecting Airbnb's performance and comparing AirDNA's estimates with the reported figures for metrics like total nights booked, gross booking value, revenue, and active listing growth. Remarkably, AirDNA's projections closely match Airbnb's disclosed outcomes, highlighting the accuracy of their data insights.Moving on to Expedia's earnings, specifically focusing on Vrbo, Jamie and Scott discuss the slower growth in bookings and listings for Vrbo in 2023. They highlight the impact of Expedia's integration efforts and marketing strategy adjustments on Vrbo's performance, along with promising initiatives like the new loyalty program aimed at driving future growth in supply and bookings.The episode wraps up with a comprehensive review of AirDNA's January market insights for the U.S. short-term rental sector. Despite a slight decline in demand and a slowdown in supply growth, Jamie and Scott identify key market trends, such as the influence of severe weather conditions on travel patterns and the continued popularity of warmer destinations during the winter season. They anticipate a gradual improvement in Average Daily Rates (ADR) as the industry adjusts to seasonal changes, ultimately forecasting a positive outlook for the short-term rental market in 2024.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: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 ~~~~Find AirDNA at these upcoming events! https://www.airdna.co/events-airdna Episode 70

In this episode, Jamie Lane, Chief Economist at AirDNA, is joined by Michael Chang, the podcast host of 'STR Like the Best' and co-founder of Trust B&B Vacation Rentals. They delve into Michael’s journey from being an investment banker to establishing a durable business model in the short-term rental industry.Starting with a single unit in New York, Michael's shift to short-term rentals was driven by his desire to balance building a family with his career. Utilizing his background in investment banking and leveraging data from AirDNA, Michael and his wife embarked on their STR management journey, steadily scaling their business. Michael stresses the importance of fostering strong relationships with operational partners, viewing them as vital allies in achieving excellence across various markets. Empowering local cleaning and customer service teams has been crucial in sustaining high operational standards.The conversation highlights the importance of data-driven decision-making in selecting markets and optimizing property performance. Michael emphasizes the need to comprehend key metrics such as revenue, average daily rate (ADR), and occupancy, focusing on profitability and operational efficiency. His strategy, which prioritizes sustainable growth over rapid expansion, centers around market-oriented operations and informed decision-making. Emphasizing the focus on downside risk and capitalizing on opportunities such as the rising viability of rental arbitrage in urban markets, Michael highlights the importance of closely following regulations, building strong teams, and valuing operational efficiency. The conversation also touches upon the role of technology and predictive analysis in maximizing potential earnings.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 Michael Chang:Linkedin: https://www.linkedin.com/in/michaelhchang/https://www.trustbnbcapital.com/~~~~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 ~~~~Find AirDNA at these upcoming events! https://www.airdna.co/events-airdna Episode 69

In this special episode, Jamie Lane, Chief Economist at AirDNA, is joined by Scott Sage, AirDNA's VP of Marketing & Customer Experience and the new co-host for the podcast. Together, they discuss AirDNA’s latest report on the “Best Places To Invest For 2024,” revealing the much-anticipated ranking of the top investment markets in the U.S.Scott shares his journey from being an AirDNA customer to leading the company's Marketing and Customer Experience teams. He emphasizes the importance of aligning investment strategies with individual criteria, focusing on affordability, traveler demand, and regulatory risks. Jamie and Scott provide an in-depth look at the methodology behind the report, highlighting factors such as rental demand, revenue growth, investability, and regulation.This year’s report suggests a potential stabilization of the short-term rental market in 2024, following declines in revenues and occupancies over the past few years. Jamie and Scott discuss the broader economic outlook for 2024, including trends in the housing market and interest rates, hinting at a positive shift for short-term rental investments. They address the challenges faced by the industry and share their optimism for a rebound in 2024.Jamie and Scott reveal the ranking from the report, running through the top 5 markets identified as the best investment opportunities for the coming year. This episode also introduces a new tool within the AirDNA App, tailored to support personalized investment strategies.Tune in to gain valuable insights into the evolving landscape of short-term rental investments and discover the top markets poised for success in 2024! ~~~~Best Places To Invest In For 2024https://www.airdna.co/best-places-to-invest-in-vacation-rentals~~~~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: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 ~~~~Find AirDNA at these upcoming events! https://www.airdna.co/events-airdna Episode 68

In this episode, Jamie Lane, Chief Economist at AirDNA, welcomes Mark Simpson, the founder and CEO of Boostly. Mark shares his journey from growing up on a bed and breakfast farmstay in Scarborough to building Boostly, a comprehensive platform that assists hosts in the short-term rental industry to maximize direct bookings. Reflecting on his early experiences with offline marketing and Boostly's current success with 2,500 customers and 10,000 listings, Mark emphasizes the critical transition from being a hobbyist host to a business owner. He breaks down the stages of growth, offering valuable insights for hosts looking to scale from one property to managing multiple properties.Mark delves into the core strategy of transforming guests into influencers and superfans, highlighting the importance of social proof and building a loyal customer base. He explains how this approach is universally effective, regardless of the property's location or niche. Jamie and Mark explore essential metrics that hosts should monitor, such as booking activity and website engagement, to optimize performance.For hosts at various growth stages, Mark provides actionable steps, underlining the importance of property management software tools, the evolution of branding as property numbers increase, and the vital role of a direct booking website in establishing a unique identity. He also shares key metrics that hosts should concentrate on and recommends tools like Crazy Egg for comprehensive website analytics. Mark's expertise shines as he guides hosts from being solo entrepreneurs managing one property to becoming business owners with expansive portfolios. His ambition for Boostly includes achieving 100 million dollars in tracked direct bookings and positioning the platform as a significant voice for hosts in discussions with major OTAs.Mark's passion for empowering hosts with effective marketing strategies and data-driven insights makes this episode a must-listen for those seeking to boost their direct bookings and successfully grow their short-term rental business. Don't 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 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 ~~~~Find AirDNA at these upcoming events! https://www.airdna.co/events-airdna Episode 67

Join Jamie Lane, AirDNA’s Chief Economist, as he chats with Will Parry, Co-founder and CEO of ALTIDO by Joivy, a leading property management company in Europe. Explore Altido's journey from its beginnings with the London Residence Club to its remarkable expansion and recent acquisition by the Italian residential operator, DoveVivo.Will takes us through the challenges and opportunities faced by Altido during the tumultuous pandemic times. He discusses how Altido navigated the complexities of the short-term rental market, adapted its business model, and managed to not only survive but thrive in the aftermath. From the initial impact on urban-focused operations to the subsequent resurgence of travel in 2022, Will shares the strategic decisions that propelled Altido forward.Looking ahead to 2024, Jamie and Will delve into evolving travel trends, the recovery of international tourism, and the unique factors contributing to the success of the short-term rental industry. Learn about Altido's focus on providing distinctive and experiential stays, aligning with the preferences of modern travelers. This episode offers valuable insights into the resilience of the short-term rental industry and the strategic vision that positions Altido for continued growth and success.You don’t want to miss this episode!~~~~https://uk.linkedin.com/in/wnaparry~~~~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 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 ~~~~Find AirDNA at these upcoming events! https://www.airdna.co/events-airdna Episode 66

In this edition of the STR Data Lab podcast, Jamie Lane, chief economist at AirDNA, is joined by Bram Gallagher, fellow economist at AirDNA, to discuss the year-end numbers for 2023 in the U.S. short-term rental industry. They analyze the December figures, noting a 4.3% increase in demand compared to the same month last year, with supply growth cooling down to 10.8%. The occupancy rate settled around 49.9%, reflecting a return to pre-COVID levels. The Average Daily Rate slightly improved, signaling pricing adjustments amid changing occupancy.The conversation delves into the supply dynamics in the STR market, exploring the impact of new listings and regulations. Gallagher expresses confidence in the forecast for a 10.9% increase in supply for 2024, emphasizing the industry's adaptability to changes in demand. The discussion also touches on the broader economic landscape, considering factors such as the Federal Reserve's monetary policy and its potential effects on interest rates. Gallagher anticipates a more conservative approach to rate cuts in 2024, aligning with the strong economic indicators.The podcast concludes with insights into the international travel sector, identifying it as a growth area for 2024. The conversation highlights opportunities for the STR industry to cater to international travelers, particularly in urban locations. Overall, the podcast provides a comprehensive overview of key trends and factors shaping the STR market and its intersection with the broader economy.You don’t want to miss this episode!~~~~https://www.airdna.co/outlook-report-2024~~~~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 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 ~~~~Find AirDNA at these upcoming events! https://www.airdna.co/events-airdna Episode 65