Denver-based property manager Evolve is laying off 20% of its workforce, Skift has learned.
25.08.2023 - 13:21 / skift.com / Jose Marmolejos / Steve Milo / Tim Rosolio / Henrik Kjellberg / Brian Egan / Jason Fudin / Alex Chatzieleftheriou
The short-term rental industry has seen a significant boom following the pandemic, largely due to the rise in remote work. However, industry executives gathered at Skift’s Short-Term Rental Summit to discuss the future of the sector and its sustainability.
In the latest edition of the Skift Podcast, we’ve selected highlights from the recent Summit that help explain where the industry is and where it’s heading. You can listen below, as well as visit our YouTube channel to view complete sessions from the event.
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Steve Milo, founder and CEO of VTrips, highlighted the need to optimize the guest experience. He emphasized that vacation homes are often retrofitted second homes not originally designed for rental purposes. Milo proposed designing rental properties from the ground up to maximize occupancy, guest experience, and revenue, focusing on larger open areas, kitchens, and dining areas.
Tim Rosolio, vice president of Vacation Rental Partner Success at Expedia Group, expressed optimism about the industry’s future. He noted that many people tried short-term rentals for the first time during the pandemic and had positive experiences. Rosolio emphasized the importance of addressing regulatory challenges and finding a balance between growth and regulation.
Henrik Kjellberg, Group CEO of Awaze, predicted that the short-term rental industry would become increasingly globalized over time, aligning with the overall trend in the travel industry.
Brian Egan, co-founder and CEO of Evolve, discussed the tradeoff between profitability and growth. He emphasized that businesses should consider the discounted cash flow and cautioned against pursuing growth at the expense of profitability.
Jason Fudin, co-founder and CEO of Placemakr, offered a different perspective on the industry’s evolution. He envisioned a shift towards blended apartment-style hotels as the highest investment use, with conventional multi-family buildings being converted into hospitality properties in cities and the reverse happening in exurbs and tertiary markets.
Heena Patel, senior vice president of Global Rental Operations at Travel + Leisure Co., focused on changing the perception of timeshare. She highlighted the flexibility of modern timeshare models, such as points-based systems and the ability to exchange properties globally, aiming to attract more people to experience the benefits of timeshare ownership.
Alex Chatzieleftheriou, co-founder and CEO of Blueground, anticipated an increase in furnished residential supply. Currently, only about 3 percent of residential real estate is furnished, but he believed that number would rise in the future, supported by even
Denver-based property manager Evolve is laying off 20% of its workforce, Skift has learned.
In its annual outlook for the travel industry, Skift Research has created 2023 global revenue forecasts for airlines, hotels, short-term rentals, cruise lines, and online travel agencies. Skift also built an estimate for international cross-border travel from 2023–2025. This outlook is meant as a companion piece to our recent State of Travel report that offers in-depth coverage of all travel segments.
Blueground is seeing its apartments being rented out as safe havens from political upheavals.
>>Ukio, a Barcelona-based short-term rental platform focused on remote workers, has raised $28 million (€27 million) in a Series A round of funding.
California-based RedAwning announced it acquired channel manager Lexicon Travel Technologies. Terms of the deal were not disclosed.
Airbnb’s move to get more transparent and show up-front a stay’s total price before taxes in most of the world outside Europe will have a ripple effect across much of the short-term rental sector because of the company’s substantial influence.
Software developer Victor Varlamov logs in every morning to work on a sunny Spanish island off the coast of Africa after the prospect of steep heating bills and a winter made harsher by the Ukraine war drove him to leave his adoptive home in Poland.
Tech startups involved in the travel industry raised nearly $118 million this week.
Global car rentals rocketed during the end-of-year holiday break, with more than three times the amount of seven-day bookings compared to the 2019 winter holiday period.
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Skift, Inc., the most influential media company in global travel, and ShortTermRentalz, a division of the International Hospitality Media portfolio that provides the news and intelligence for the short term rental industry, are announcing a content and media partnership to share fresh ideas and insights at their respective events.