STR Data Lab™ by AirDNA

In this episode of STR Datalab, Jamie Lane is joined by Demi Horvat, CEO of AirDNA, and Vinny Breslin, founder of Uplisting, as they dive into the exciting news of AirDNA's recent acquisition of Uplisting, marking a significant union of two major players in the short-term rental industry. Vinny shares the journey of Uplisting, from its early days in London to becoming a powerhouse in the Airbnb software space. The discussion covers the challenges faced, milestones achieved, and the pivotal role Uplisting plays in streamlining property management for hosts.Demi sheds light on the strategic rationale behind the acquisition, emphasizing the desire to bridge the gap between property acquisition and operations. The goal is to simplify the lives of short-term rental hosts by offering a comprehensive suite of tools under one umbrella. The episode delves into the key differentiators of Uplisting, such as reliability and customer support, and explores why a Property Management System (PMS) is crucial, especially as hosts expand beyond platforms like Airbnb.The episode wraps up by highlighting the vision for the combined forces of AirDNA and Uplisting, envisioning a streamlined experience for hosts, catering to a wider market, and addressing the unique needs of smaller operators. This episode is a must-listen for anyone in the short-term rental space, offering insights into industry dynamics, the power of acquisitions, and the evolution of property management systems.You don’t want to miss this episode!~~~~https://www.airdna.co/airdna-acquires-uplisting-press-releasehttps://www.uplisting.io/~~~~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 64

In Episode 63 of STR Data Lab, Jamie Lane, Chief Economist at AirDNA, is joined by Michael Goldin, co-host of Good Morning Hospitality and an experienced professional in the hospitality industry. Michael shares his journey in the vacation rental industry, from his beginnings at Rented and NoiseAware to his current roles as Co-Founder of Nook and Storied Collection, as well as an advisor to various companies. His focus is on exploring unique hospitality niches.Michael discusses the creation of 'Storied', a co-branded collection of Castle and Manor homes offering luxury retreat experiences. He describes Storied Collective as a soft brand company, similar in scale to hard brands like Marriott and Hyatt, but with more autonomy for its properties. Their aim is to bring professional hospitality to markets that previously lacked it. In the past year, they have added 12-14 properties to their portfolio and are actively expanding.Michael also delves into his latest venture, 'Nook', a high-end outdoor hospitality brand that provides luxury experiences in nature. He offers his perspective on the merging of the hotel and short-term rental industries and discusses the impact of branding on niche categories, ultimately enhancing the traveler experience.You don’t want to miss this episode!~~~~https://storiedcollection.com/https://www.linkedin.com/in/michaelgoldin1~~~~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 63 

In Episode 62 of STR Data Lab, Jamie Lane, Chief Economist at AirDNA, welcomes Dave Meyer, Vice President of Data and Analytics at BiggerPockets, to share insights on the real estate market outlook for 2024. BiggerPockets is a community of 2.5 million people dedicated to achieving financial freedom through real estate investing, offering tools to track macroeconomic trends and long-term rental data.They take a close look at Dave's Year-End Report, which reviews the real estate market in 2023 and anticipates future trends. They explore the possibility of a recession and its potential effects on the housing market. The episode addresses the current market paradox where housing prices rise amidst recession fears. Dave clarifies this by explaining how affordability constraints are dampening demand.Dave shares several investment strategies, including house hacking and investing in new construction. He also discusses policy changes that might influence investment decisions and suggests resources for keeping track of the housing market.Don't miss this insightful episode for a deeper understanding of the real estate market's future trajectory!~~~~Dave’s 2024 State of Real Estate Investing Report:www.biggerpockets.com/report24www.biggerpockets.com/strategybookhttps://www.instagram.com/thedatadeli/?hl=en~~~~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 62

In Episode 61 of STR Data Lab, Jamie Lane sits down with Bram Gallagher, fellow economist at AirDNA, to review this year's performance and forecast the 2024 outlook for the U.S. short-term rental industry.2023 brought challenges for STR operators, with a 4.9% drop in RevPAR — the first annual decline since AirDNA began tracking data in 2014. Yet, the industry saw remarkable milestones, with record-high demand in July and over 1.6 million listings by September. The economic landscape showed resilience, with unemployment remaining below 4% and a trend of declining inflation. However, these positive economic indicators, along with a growth in property supply, led to a leveling off in occupancy gains. STR operators experienced reduced pricing flexibility, as travelers showed a growing preference for more budget-friendly accommodation options.The absence of a recession in 2023, thanks to effective Federal Reserve measures, paves the way for a stable economic outlook in 2024. Factors such as declining inflation, strong employment, and excess savings are expected to fuel consumer spending. While the Fed may maintain high-interest rates, a potential rate cut by the end of 2024 could influence mortgage rates. The housing market, currently grappling with affordability issues, faces potential risks, with projections indicating a 2% decrease in home prices by 2024. The economic scenarios discussed include moderate downside, upside, and severe downside, each impacting revenue growth.The AirDNA 2024 Outlook Report predicts a positive shift in the market. Economic recovery is expected to boost demand growth to 10.7%, a rebound from 6.7% in 2023. Supply growth, moderated by high mortgage rates, is likely to align with demand, estimated at 10.9%. Occupancy rates are projected to stabilize at 54.7%, similar to 2023 levels. Average Daily Rates are expected to increase by 2.1%, leading to a 1.9% rise in RevPAR. Despite some economic uncertainties, the market outlook is cautiously optimistic. Bram concludes with a positive note on strong labor market growth as a promising sign for the coming year.You don’t want to miss this episode!~~~~2024 Outlook Report: 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 61

In Episode 60 of STR Data Lab, Jamie Lane welcomes Julie George, a successful vacation rental manager, author, coach, and all-around industry expert. Julie recounts her impressive journey in the short-term rental industry, where she scaled her business from a single property in Cairns, North Queensland, to a portfolio of 130 properties within three years, generating over 8 million dollars on Airbnb. In 2019 she sold her entire portfolio and transitioned her focus to education and mentoring, guiding property managers worldwide in scaling their businesses and navigating unforeseen challenges.Julie shares her unique business approach of relying on co-hosts for managing properties in various geographical locations, the importance of dynamic pricing, and the trends she sees burgeoning in the industry. She stresses the importance of implementing efficient systems and the philosophy of 'keeping it simple' to avoid overcomplicating growth, especially with the plethora of new technologies available. Jamie and Julie also explore the industry's shift toward mid-term rentals and boutique hotels, highlighting the need for a clear understanding of target markets.Julie also sheds light on the upcoming STR wealth conference, painting it as a high-energy meeting hub for industry enthusiasts. Julie also offers free ebooks of her book 'Million Dollar Host' and a 15-minute Zoom call to the first five listeners who connect with her on social media.Don't miss this informative episode filled with valuable insights and tips for success in the vacation rental industry!~~~~Connect with Julie: https://linktr.ee/milliondollarhosthttps://www.instagram.com/milliondollarhost/~~~~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 60

In Episode 59 of STR Data Lab, Jamie Lane welcomes Brooke Pfautz, Founder and CEO of Vintory, who brings over 16 years of industry experience. Brooke shares his journey in the vacation rental sector, emphasizing his passion for numbers and metrics. He explains that Vintory focuses exclusively on the supply side, helping property managers in expanding their portfolios. He also discusses the concept of co-hosting and property management, noting that many short-term vacation rental managers began their careers as co-hosts.Jamie and Brooke dive into critical concepts like customer acquisition cost and the lifetime value of new properties. Brooke outlines key growth strategies, including leveraging referrals, providing value to realtors, participating in community activities, and using direct mail—an effective technique in the sector. He highlights the importance of consistency and patience in marketing to attract and retain customers, drawing parallels between customer acquisition costs and lifetime value metrics in both the vacation rental and SaaS industries.The episode also explores the potential benefits of diversifying into different markets. Brooke talks about Vintory's operational strategies and how his innovative approach to idea-sharing on LinkedIn led to his book, "Vacation Rental Secrets." This book offers insights from 52 top vacation rental managers, each sharing their top 10 industry mistakes, making it a valuable resource for investors.Don't miss this episode for a deep dive into effective strategies for growth in the vacation rental industry.~~~~Connect with Brooke: Vintory.combrooke@vintory,comhttps://www.linkedin.com/in/d-brooke-pfautz-1a4a4a1/~~~~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 

In Episode 58 of STR Data Lab, Jamie Lane sits down with Matt Durrette, CEO of Cozi Vacation Rentals. They discuss the company's impressive growth, strategies in evolving market conditions, and how they maintain quality amidst rapidly increasing property listings. Starting with just 10 houses in 2020, Cozi has expanded to nearly 350 properties by 2023.Matt reveals the strategy behind Cozi’s swift expansion: a focused approach on a single market. Concentrating on Fredericksburg, TX, and the Hill Country, Cozi developed a 24/7 customer experience team to provide exceptional service. A significant 97% of their bookings are from neighboring cities, highlighting its appeal as a drive-to destination. Cozi's property selection criteria revolve around three core aspects: exceptional owners, prime locations, and amenities that appeal to guests.The conversation also explores the influence of interest rates and real estate trends on the vacation rental market. Matt emphasizes the need to prioritize guest needs, ensure quality experiences, and build trust with guests and property owners. He also mentions that Cozi annually curates its portfolio, removing the bottom 10% to maintain only the finest homes.This episode offers invaluable insights into successful growth strategies in the vacation rental industry – don't miss it!~~~~Connect with Cozi: Join.cozivr.commatt@cozivr.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 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

In episode 57 of STR Data Lab, Jamie Lane sits down with Joe Riley, Founder and CEO of Patriot Family Homes. Joe's journey in property management began during his military service, leading to the unique approach of Patriot Family Homes in meeting the specific accommodation needs of military personnel and other traveling professionals.Patriot Family Homes distinguishes itself from other companies with a focus on 'needs-based' short-term rentals, especially catering to military travel which constitutes more than 50% of their bookings. They offer various stay lengths, from more than 30 days for relocations, 1 to 4-week stays for traveling workers, and shorter stays for events like funerals — their most frequent under-one-week booking.Joe also highlights their short lead booking time and discusses the current health of the market, noting fluctuations in demand and the significant impact of supply. Patriot Family Homes manages 550 units across 15 core markets, and Joe shares insights on their growth strategy, which includes increasing supply through third-party management, owning homes through affiliated property companies, and rental arbitrage, in response to high property prices and interest rates.The conversation also touches upon the impact of regulation in different markets, the challenges of working with military lodging regulations, and the importance of looking at real-world occupancy rather than forward-looking occupancy for revenue management.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 

Join Jamie Lane as he sits down with Madeline List, Senior Research Analyst at Phocuswright, for a deep dive into the varied preferences and behaviors of guests at short-term rentals versus hotels. Leveraging Phocuswright's extensive market intelligence in the travel and tourism sector, Madeline offers a detailed comparison of these divergent guest experiences.The conversation unveils that STR guests often don't commit to a single accommodation category, showing a marked difference from the typical hotel guest profile. STR guests tend to be younger and have a higher median income, usually between $75-99k, which contrasts with the $50-74k median income of hotel guests. They also travel more, averaging nearly four leisure trips annually, compared to three for hotel guests, and they are more likely to combine work with leisure, taking advantage of the ability to work remotely while on longer stays.A notable point of the episode is the discussion of the challenges that STRs face in delivering consistent standards. While hotels are expected to provide a certain level of quality and reliability, STRs operate without the extensive checks and balances that enforce this consistency.The importance of reviews in the STR selection process is also explored. Madeline and Jamie discuss how these reviews have become a crucial tool for guests seeking assurance about their stay—something that's less of an issue with the established reputation of hotel brands.Looking towards the future, Madeline shares her insights on the potential impact of economic challenges on the industry, specifically how a recession might alter travel patterns and affect guest loyalty.~~~~Check out Phocuswright:https://www.phocuswright.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 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 56

In this episode, Jamie Lane welcomes Jeremy Gall, the Founder and CEO of Breezeway, to discuss the evolving landscape of property management. Jeremy first made waves in 2006 by launching FlipKey, a pioneering house-swapping and vacation rental listing platform. At that time, the idea of using credit cards over checks for vacation home bookings was still under debate.Recognizing a shift toward more service-oriented property management, Jeremy then founded Breezeway to ease the burden on property managers by offering a comprehensive solution for coordinating staff, cleaners, and maintenance across all properties. Breezeway serves as a centralized hub for property care and operations, helping managers navigate the complexities of handling multiple properties across various markets.Jeremy also highlights key performance indicators that property managers should be tracking, such as guest satisfaction and team utilization. He discusses the importance of keeping tabs on metrics like the number of tasks and time spent per property.Finally, the duo breaks down where they see the industry headed over the next few years. They point out that Airbnb is shedding about 40,000 listings monthly but gaining around 60,000, maintaining a net positive trend. They also suggest that this growth could see a shift if property managers fail to uphold a certain standard of professionalism, given the changing expectations of guests.Don't miss this episode for an in-depth look at the future of property management!~~~~Check out Breezeway:www.breezeway.io~~~~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 55