STR Opportunities in Small Towns
Summary
This article from 2019 discusses the potential of short-term rentals in small towns, highlighting less competition, fewer regulations, and the ability to charge higher rates. It offers insights from an experienced property manager on optimizing listings, handling seasonality, and making guests feel special. Hosts should consider exploring smaller cities for STR opportunities and implementing dynamic pricing and personalized guest experiences.
Key Insights
- •Seasonality can be handled by switching to six-month leases in wintertime and advertising on multiple platforms.
- •Operating STRs in smaller cities offers benefits such as less competition, fewer regulations, and the ability to charge higher rates.
Action Items
- ✓Consider managing units remotely if facing regulations in metro areas and scope out small cities with less competition.Effort: mediumImpact: medium
- ✓Find an amazing photographer and stage unit well. Use charismatic writing for descriptions and implement dynamic pricing.Effort: mediumImpact: high
Tools & Resources
- →PriceLabs: Christian suggests using dynamic pricing services such as PriceLabs.
Related Videos
More from Growth & Marketing
Samsung browser users can now access Airbnb listings directly through the browser. This update streamlines the booking process for Samsung users, potentially increasing visibility for hosts. This integration provides a more seamless experience for guests browsing and booking accommodations.
RedDoorz, a budget hospitality platform, has maintained 25% YoY growth, driven by a multi-brand strategy. They are expanding AI-driven systems and company-operated hotels to enhance customer experience. Travelers prioritize shorter regional trips, authenticity, and experiences over accommodation spending, impacting host strategies.
Hopper's B2B arm, HTS, has secured a deal with RBC, Canada's largest bank, taking over from Expedia Group after 12 years. This move comes as Capital One Travel downgrades its relationship with HTS, creating questions about Expedia’s travel partnerships. The contract's exclusivity with RBC put other Expedia partnerships at risk.
Curated by Learn STR by GoStudioM