Hawaii Governor Josh Green has asked for 3,000 condos and homes operating as short-term rentals to be converted into long-term housing for those displaced by this summer’s wildfire in Lahaina.
06.12.2023 - 04:39 / skift.com / Srividya Kalyanaraman
You read it here first: We’re halfway into the year, and the short-term rental industry has been buoyed by summer travel picking up, despite prevailing economic uncertainty.
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Travelers have been prioritizing value and seeking affordable options, AirDNA’s mid-year outlook study found. The summer travel season of 2023 is expected to be extended as travelers seek off-season rates.
Strong economic fundamentals and continued enthusiasm for travel have raised the demand growth forecast for 2023 to 10.4 percent year-on-year, up from 5.5 percent. Mortgage rate increases and declining occupancy have slowed supply growth, but lower house prices and sustained high demand have boosted the supply forecast to 14 percent year-on-year in 2023, up from 9 percent.
Short-Term Rental Outlook: Demand Grows, Supply Slows
New This Morning: Hostaway, a property management company for vacation rentals, has announced its integration with Google. This integration allows Hostaway customers to list their short-term rentals on various Google platforms, including Google Travel, Google Search, and Maps. The company recently raised $175 million in venture funding.
Situ, a global agency specializing in extended-stay accommodations, has recently published a white paper focused on the current factors, including legislation, that are influencing the availability of short-term rental accommodations in 10 major global destinations, and how this impacts the extended-stay sector.
The research covers key locations such as London, Edinburgh, Dublin, Paris, Amsterdam, Brussels, New York City, Boston, Singapore, and Sydney. The study found that the factors impacting the availability of accommodations vary greatly across these locations, leading to a complex landscape with no uniform effect on availability.
Niagara Falls, New York residents can now use an online reporting tool provided by the city to report any suspected instances of unregulated and unsupervised short-term rental properties. According to the city’s estimate, there are over 1,000 vacation rental units in Niagara Falls that are operating unlawfully. Renting vacation units in residential neighborhoods is against the rules, and owners can face fines of up to $100,000.
Chart of Day: In its mid-year outlook, AirDNA predicts that peak occupancy in July will resemble 2019 levels, and shoulder season occupancies are expected to remain higher, leading to elevated occupancies compared to 2019.
Around the World: National authorities in Finland have announced an intention to start selling off public properties and reduce their physical presence in urban spaces. This may result in the merging of ministries and departments, not in terms of function but in terms of buildings.
Hawaii Governor Josh Green has asked for 3,000 condos and homes operating as short-term rentals to be converted into long-term housing for those displaced by this summer’s wildfire in Lahaina.
Hawaii Governor Josh Green said he is ready to “drop the hammer” or go “nuclear” on short-term housing rentals on Maui.
Two UK-based short-term accommodation brands are joining forces: UnderTheDoorMat Group and Veeve are merging in a share exchange.
Taylor Swift’s Eras Tour made headlines even before it began — by overwhelming booking platform Ticketmaster and drawing attention even from the U.S. Senate.
Dealmaking has kept short-term rental businesses in Europe busy. The past few months have seen an uptick in activity — be it mergers, or acquisitions or rebrandings.
Booking Holdings Chief Financial Officer David Goulden said this week that the flagship Booking.com brand launched its short-term rental business as a supplement to hotels “15-plus years” ago, which is roughly around the time Airbnb got going in San Francisco.
Fake signs warnings of bedbug infestations are being used to deter tourists in Athens, Greece.
This is not a story of “Airbnbust,” but instead we’re talking about a correction of the “Airbnboom” that has taken place since the highs of the pandemic.
Happy Thanksgiving, folks! I know you’d rather carve a turkey than open your inbox, so we will keep this brief.
Stat of the Day: Thinking that you, like us, are wondering what’s happening to occupancy levels this summer, we had some numbers crunched for us by data analysis firm Beyond Pricing and this is what it found: U.S. occupancy for July is pacing about 5 percentage points down year-on-year, from 37 percent in 2022 to 32 percent in 2023.
New This Morning: Following extensive discussions within the community spanning almost four years regarding short-term rental homes, the Dallas City Council implemented zoning limitations to prohibit their presence in single-family neighborhoods last week. However, as a middle ground, short-term rentals will still be permitted in commercial areas and multi-family neighborhoods.
If you’ve seen a tweetstorm about the alleged “Airbnb collapse” and are wondering if the data seems too dramatic – you’re not alone, or even wrong.