Short-term Rental News Digest – February 2024

Short-term rental tech dominated this month’s headlines. Two exciting reports that map out all the leading software were released —  and iGMS is featured in both!

In addition to these hundreds of tools already available, hosts also have another tool that they can check out. InHouse, a marketplace for short-term rentals, has released a new guidebook builder with innovative upselling functionality.  

Combine these tools with the latest market data shared in our digest below and you’re all set to make 2024 one of your biggest hosting years yet.  

STR Industry’s Most Important Companies Revealed

AJL Atelier, a boutique consultancy that specializes in vacation rentals, has published the largest short-term rental industry map to date. It maps more than 450 of the key companies in the short-term rental industry across 22 subcategories. 

iGMS is honored to be included in this definitive list. AJL Atelier maintains active links with a tech database that features over 150 providers and reviews and tests software solutions on an ongoing basis, making this inclusion even more significant. 

STR Tech Index Released

Abode Worldwide, an international PR agency for tech brands and enterprise operators in the hospitality industry, has released its first-ever guide to tech tools. The Short-term Rental Tech Index is a guide aimed at hosts, property managers, and property management companies that want to gain insight into how software can solve industry-related challenges. 

It explores tech suppliers across a range of categories including property management software, guest experience platforms, and smart security systems. It’s also another tech list that features iGMS, proof that we’re rated as one of the best property management software solutions.  

New Guidebook Tool Launched

There’s a new all-in-one digital guidebook builder that hosts can check out — Frontdesk. The best part — it’s free. 

Hosts can use the builder to create a guidebook that highlights local experiences and offerings, check-in instructions and other key details about the property itself. Thanks to its drag-and-drop functionality, it’s also easy to use. Then, once it’s complete, hosts can share it with guests via a unique link or custom QR code.

On top of a guidebook builder, it also offers an integrated upsell engine. What makes this feature so attractive is that it enables hosts to sell bespoke guest experiences, helping them create an additional income source. These tools were previously only available to hotels and enterprise businesses. 

Florida and Ohio Hot Markets in 2024

According to AirDNA’s 2024 Best Places to Invest Report, Florida will be one of the hottest vacation rental investment markets this year. The state boasts seven markets in the top 25, with Spring Hill and Winter Haven in the top 10.

Ohio is another state that’s mentioned twice in the top 10. Logan and Akron both feature in third and ninth spot respectively. 

Other US markets that show the most investment potential in 2024 include:

• Columbus, Georgia
• Ellsworth, Maine
• Sneads Ferry, North Carolina
• Stanton, Kentucky
• Port Angeles, Washington
• Fairbanks, Alaska

All in all, the report has a good mixture of emerging as well as more established markets that cater to a wide range of traveler interests. Based on AirDNA’s data, hosts can also look forward to a slightly higher RevPAR and more stable occupancy rates going forward. 

Airbnb Celebrates Major Hosting Milestone

Airbnb’s host community has grown to over 5 million hosts. Together, they have generated more than $250 billion since the platform was founded.

Based on internal Airbnb data as of December 2023, more than half of hosts identify as women and more than a third are older than 50. That said, there’s nothing typical about the types of stays on offer. More than 2,500 hosts rent out castles! 

What makes these numbers even more impressive is that the vast majority of hosts (nearly 85%) are located outside the US. France, Spain, Italy, the United Kingdom, and Brazil in particular have big hosting communities. 

Airbnb Shares Vision for 2024

Airbnb has released its financial results for Q4 2023 and the picture paints positive platform growth. One of the highlights of the last quarter is that they recorded the highest number of global active listings. 

All in all, it was the highest Q4 to date with 99 million nights and experiences booked. This works out to a year-over-year increase of 12%. 

Airbnb also outlined which areas they plan to focus on in 2024. Aside from growing the number of guests, they also want to make hosting more popular by increasing awareness and improving the overall experience for hosts. Going forward, they’ll also focus on how they can improve the reliability and quality of stays further. 

In 2024, they also plan to embark on a multi-year journey to grow their core business. More details will be shared about this later in the year, but they’ve mentioned that this will include expanding their strategies to the Netherlands, Belgium, and Switzerland. 

VRMA’s European Conference Scheduled for March

The Vacation Rental Management Association (VRMA) will hold its European Conference for the first time in five years. Over 350 vacation rental professionals are expected to attend. 

Topics on the agenda include:

• Housekeeping and operations
• Revenue management strategies
• Sustainability
• Data trends
• Regulations in Europe and the United States
• Artificial intelligence (AI)

This two-day event will kick off on 4 March at the Pullman Paris Montparnasse Hotel in Paris. Tickets are still on the VRMA website.