Recap of 2021 for the STR Industry
Summary
This article recaps key trends and challenges in the short-term rental industry from 2021, including market competition, the importance of dynamic pricing, and the ongoing struggles with cleaning and turnover management. Hosts should pay attention to how dynamic pricing can increase revenue and consider the impact of market competition and cleaning challenges on their business.
Key Insights
- •Losses were significantly less among hosts who utilized dynamic pricing.
- •Secondary markets experienced more competition and an increase in revenue in 2021. Hosts in large cities faced less competition due to COVID and regulations.
Action Items
- ✓Consider implementing or improving dynamic pricing strategies to potentially increase revenue.Effort: mediumImpact: medium
- ✓Review and optimize cleaning and turnover management strategies to address ongoing challenges.Effort: mediumImpact: medium
Tools & Resources
- →Hostfully 2021 Vacation Rental Industry Stats Report: The article mentions the Hostfully 2021 Vacation Rental Industry Stats Report.
- →Hostfully: Hostfully, an all-in-one property management platform.
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