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14 Short Term Rental Trends To Watch in 2024

“The short-term rental (STR) market is getting ready for a dynamic 2024 and hosts must keep up with the pace of change. Global economic uncertainty, evolving travel habits, and a growing desire for personalized experiences are only a few of the factors that will influence how hosts operate moving forward.

Though the next year will surely bring change, many short-term rental trends also point to signs of relief. Our data shows that 2024 will likely bring stable occupancy rates and a better balance between supply and demand, trends that many short-term rental owners longed for in 2023. Artificial intelligence (AI) and solo and sustainable travel will also continue to be opportunities ripe for the picking.

Here are the vacation rental property trends to watch for in 2024.

1. Luxury Rentals Experience Unprecedented Demand

2. Unique Rentals Are on the Rise

3. Slow Travel Gains Momentum

4. More Travelers Want Virtual Tours

5. AI Transforms the Guest Experience

6. Modern Travelers Seek Custom Experiences

7. Reviews Continue to Influence STR Performance

8. Increasing Competition Keeps Hosts on Their Toes

9. Vacation Rental Managers Are More Prominent Than Ever

10. Solo Travel Continues to Surge

11. Heightened Regulations Restrict STR Operations

12. Occupancy Continues to Stabilize

13. Supply and Demand Strike a Balance

14. Hosts Regain Pricing Power

In 2024, the short-term rental market will see a surge in demand for luxury and unique properties, a trend towards slow travel, and greater integration of technology like virtual tours and AI. Hosts should leverage data-driven insights to navigate these changes, stay competitive and maximize their rental potential.”

To discuss more details on these trends for our local area, contact The Kaylor Team at 251.269.5250.

Article source: AIRDNA “17 Short-Term Rental Trends to Watch in 2024”

January 16, 2024

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