Recap of the STR Industry in 2022

Description

As COVID restrictions eased, 2021 proved to be a record year for most short-term rental markets. But did the trend continue in 2022?

Which markets performed better this year? Which markets got softer?

And what can Airbnb hosts expect in 2023?

On this episode of Get Paid for Your Pad, guest cohost Anurag Verma, Cofounder of PriceLabs, joins me for a recap of the short-term rental industry in 2022, explaining how this year’s numbers compared to 2021 in various markets in the US and around the globe.

Anurag describes how to calculate RevPAR and why it’s an important metric for STR hosts to understand, and we discuss why Airbnb’s new total price display policy was a positive change overall.

Listen in for Anurag’s insight on the current pace of bookings for 2023 and learn how PriceLabs free market reports can help you analyze your portfolio and outperform the competition—no matter what’s happening in the market!

Topics Covered

How COVID continues to impact STR markets in some parts of the world
What the data says about how 2022 compared to 2021 for the short-term rental industry
How Airbnbs in cities performed in 2022 relative to drive-to destinations
Why general occupancy, daily rate and length of stay all went down in 2022
How to calculate RevPAR and why it’s an important metric for STR hosts to understand
Why Airbnb’s new total price display policy was a positive change overall
What hosts can do to incentivize longer stays without charging a pricey cleaning fee
Why guests may be holding off on booking for summer 2023 (and why you shouldn’t lower your prices just yet)
Why STRs in Europe had stronger numbers in 2022 compared to 2021
The free market report functionalities available to hosts on the PriceLabs platform
The improvements to the pricing algorithm, data products and free tools PriceLabs is launching in 2023
Anurag’s shameless plug for his new book, The Book Direct Playbook