Key insights from the STR summit 🌆

Hello, fellow investors! Here's your daily round-up of the most exciting news in the vacation rental investing world:

• The Skift Short-Term Rental Summit 2023 was a goldmine of insights for the short-term rental industry 🏠

• Salt Lake City is making a name for itself as a top-tier staycation destination 🏞️

• Airbnb and Universal Pictures are offering Wes Anderson fans a unique opportunity to immerse themselves in the director's distinctive aesthetic 🎥

• 🔥 Deal of the Day! 🔥: 4 bd | 3 ba | Pigeon Forge, TN

📈 The Future of Short-Term Rentals: Insights from Skift Summit 2023

As real estate investors, it's essential to stay ahead of the curve, and the recent Skift Short-Term Rental Summit in New York City offered some valuable insights. The event highlighted a few key trends and challenges that are shaping the short-term rental industry.

Regulation is a hot topic, with many destinations implementing stringent rules against short-term rentals. The industry needs to present a united front to establish structured regulatory frameworks. It's crucial to debunk regulatory myths and demonstrate the value of short-term rentals to local economies. This includes showcasing the professional standards being set in place and the positive impacts of short-term rentals.

Artificial Intelligence (AI) is another area of interest. It's being used to streamline processes and enhance efficiency, but its potential is far from being fully realized. For instance, Plum Guide, a vacation rental platform, has leveraged AI to analyze and evaluate rental photos, resulting in an 85% cost reduction when adding a vetted home. However, the industry still needs to understand the potential benefits and risks associated with AI.

The short-term rental market has emerged as a major winner in the post-pandemic lodging market. Despite the challenges, the industry is expected to continue growing. According to AirDNA, short-term rental industry revenue is projected to reach almost $80 billion by the end of 2024, more than double the 2019 figure.

Airbnb is optimistic about the future of urban rentals. They recently launched a service that allows renters to find a place to live and sublet it on Airbnb part-time. This service is aimed at broadening inventory and making hosting more accessible.

However, the market remains volatile and uncertain. Companies that have recently gone public, such as Vacasa and Sonder, have seen their valuations plummet and are now focusing on moderated growth to build more sustainable business models.

In the face of these challenges and opportunities, it's clear that the short-term rental industry is evolving rapidly. As investors, it's crucial to stay informed and adapt to these changes to maximize returns.

Source

🏞️ Salt Lake City: The Staycation Capital of America

Salt Lake City, the capital of Utah, is making waves as a top-tier destination for staycations, and it's not hard to see why. According to a study by WalletHub, Salt Lake City ranks fifth in the nation for staycations, trailing behind Tampa, Las Vegas, Orlando, and Honolulu. The study took into account 42 key metrics such as the number of swimming pools and parks per capita, walking and biking scores, food and entertainment options, and rest and relaxation facilities.

Salt Lake City's appeal lies in its diverse range of attractions. For instance, families can spend an entire day at Hogle Zoo, a 42-acre sanctuary that houses hundreds of animals and hosts engaging events throughout the year. The city is also home to numerous parks like Liberty Park, Memory Grove Park, and City Creek Park, which are perfect for outdoor activities.

History buffs can immerse themselves in the city's rich past by visiting historic sites like Temple Square and This is the Place Heritage Park. Food lovers will not be disappointed either, as Salt Lake City offers a plethora of dining options. Moreover, the city boasts a variety of unique accommodations, including cozy vacation rentals, making it an ideal place for a staycation.

With its myriad of attractions and activities, it's no surprise that Salt Lake City is considered one of the best cities for a staycation in America. So, when are you planning your next getaway?

Source

🎬 Live in a Wes Anderson Movie with Airbnb

Airbnb, in collaboration with Universal Pictures, is offering fans of Wes Anderson a unique opportunity to immerse themselves in the director's distinctive aesthetic. Sixteen Airbnb listings around the globe have been curated to reflect the iconic symmetry and color scheme associated with Anderson's films, from "The Grand Budapest Hotel" to his latest release, "Asteroid City."

"Asteroid City," set in a fictional desert town in 1955, is about a Junior Stargazer/Space Cadet convention that gets disrupted by world-changing events. Fans eager to experience the film's vibe can choose from a variety of Airbnb homes that perfectly capture the Wes Anderson-inspired ambiance.

The curated list includes properties such as the Retro Caravan Nights in Auckland, New Zealand, a Colorful Apartment Overlooking the Rio Marin Canal in Venice, and The Courtyard Suite in Margate, UK. There's also the Camp Grits Solar Yellow Camper in Tennessee, US, and the 'Futuro styled Flying Saucer' in Redberth, UK.

Other listings include the Greek Retro Decor & WesAnderson’s Movies Design in Thessaloniki, Carrol Rock in California, and the Pop art apartment in Puglia. The Secret Suite in Greece, Off Grid and Forty Feet Up in Oregon, and the Kind of Blue 1959 Airstream in Joshua Tree, California, are also part of the selection.

The Dreamy Vintage Trailer at No.9 Farms in Tennessee, Palazzo Pantelleria Blue House in Sicilia, Private island in sunny Hvaler, Norway, and a property in Madrid city center round out the list.

This collaboration between Airbnb and Universal Pictures offers fans a unique way to connect with Anderson's work, providing a tangible experience of the director's unique visual style.

Source

🔥 Deal of the Day! 🔥

Address: 4376 Carolina Cove Way, Pigeon Forge, TN 37863

This 4-bedroom, 3-bath log cabin in Pigeon Forge, TN, with its stunning mile-high views, offers a perfect blend of privacy, serenity, and accessibility, being just 12 minutes from the heart of Pigeon Forge; its open floor plan, game room, fireplaces, and expansive porches make it an ideal vacation rental for guests seeking a blend of indoor and outdoor relaxation in the heart of the Great Smokies. Check it out

Airdna data:

Estimated monthly payment: $4,200/month

Estimated monthly revenue: $10,600/month

Cashflow excludes additional operating expenses. Always confirm local regulations, HOAs and permits before purchasing a property.

That's all for today, folks! Stay tuned for more exciting news and insights tomorrow. Remember, the key to successful investing is staying informed.