Learning Lessons from 2020 for Short-Term Rental Hosts
Summary
This article discusses lessons learned by short-term rental hosts in 2020, specifically highlighting opportunities that arose during the COVID-19 pandemic. Hosts can learn from the experiences shared, including the importance of perseverance, building a strong team, and adapting to market changes. Consider building your team and refining your business model based on the insights from experienced hosts.
Key Insights
- •The shutdown in 2020 served to weed out pretenders in the STR market, leaving opportunities for hosts who persisted.
- •STRs rebounded much stronger than hotels during 2020.
Action Items
- ✓Be bold and take action to take advantage of the opportunities coming in 2021.Effort: lowImpact: medium
- ✓Consider never renting a spot with your own management team to avoid potential issues.Effort: mediumImpact: high
Tools & Resources
- →Argest Rentals: Argest Rentals
- →Live Let Thrive Podcast: Live Let Thrive Podcast
More from Getting Started
This article from GreekReporter.com reports that Greece is climbing the European short-term rental rankings. While specific details on the rise are not provided in this short article, this suggests a growing opportunity for hosts. It implies increased demand in the Greek market, which presents a dynamic opportunity for STR investors.
Ennismore plans to expand its hotel presence in India, with its first hotel under the Morgans Originals brand, Roswyn, already soft-opened in Mumbai. Following the Mumbai debut, the company plans to open a Hoxton hotel in Bengaluru and is actively exploring further expansion opportunities, recognizing the market's readiness for a luxury lifestyle product.
The short-term rental market's growth is slowing, according to eKathimerini.com. This shift may affect occupancy rates and revenue for hosts. Understanding market trends is crucial for adapting pricing and marketing strategies, ensuring continued profitability.
Curated by Learn STR by GoStudioM