VRMA Administrator
Further growth is anticipated for the U.S. short-term rental market. Although AirDNA says demand for short-term rentals is expected to increase by more than 20 percent this year, occupancy is projected to decline due to the amount of new inventory; the company forecasts continued growth in 2023 in terms of the available listings, but with occupancy continuing to decrease. A 2022 Airbnb survey finds that homeowners are currently seeking properties with rental potential when looking for homes to help cover some of their living costs. This could include acquiring a duplex, a home with an outbuilding, a finished basement or attic space, and other properties. Although some owners desire long-term rental potential, others favor the more flexible short-term model. Price and location remain the key drivers underlying consumers' preference for short-term rentals. A lingering question is how a potential recession could impact the short-term rental industry, but Airbnb executives remain positive. At a recent earnings conference call, Airbnb Chief Financial Officer Dave Stephenson highlighted a travel resurgence that should keep demand healthy even during economic turbulence, and company executives are pushing a strategy of supply growth and attracting new hosts.
CoStar Group (10/12/22) Adam Zarczynski
