Navigating the Evolving Landscape of Short-Term Rentals: Trends and Challenges in 2023

The short-term rental industry has undergone unprecedented growth in recent years, reaching its peak in 2022 with a surge in new supply and heightened rental demand. As the landscape continues to evolve, property owners and managers must stay informed about the latest trends and challenges shaping the industry in 2023. Here are some key insights to anticipate:

1. Increased Regulation: The short-term rental industry is facing heightened scrutiny, with cities like Dallas implementing new regulations to address concerns about housing availability, zoning, and safety. Property owners must adapt to these changes, staying abreast of local policies and collaborating with municipalities to navigate the evolving regulatory landscape.

2. Growth of Alternative Accommodations: The traditional hotel model is no longer the sole option for travelers. Unique and unconventional short-term rental experiences, such as tiny homes, yurts, and glamping tents, gained prominence in 2022. Expect the market to see more diversity in accommodation options as travelers seek distinct and authentic experiences.

3. Increased Use of Technology: Technology continues to play a pivotal role in the short-term rental sector, from online booking platforms to smart home features. Anticipate the emergence of new tools and technologies designed to streamline operations, enhance marketing efforts, and improve overall guest experiences in 2023.

4. Increased Focus on Sustainability: With an increasing number of travelers prioritizing eco-friendly choices, sustainability is becoming a focal point in the short-term rental industry. Property owners and managers should consider implementing environmentally friendly features, such as energy-efficient appliances and recycling programs, to align with traveler preferences.

5. Greater Competition: The industry is witnessing a surge in new listings, making it more competitive than ever. To stand out, property owners must offer unique and compelling rental experiences. This may involve providing special amenities, showcasing local attractions, or delivering exceptional customer service.

6. Continued Growth: Despite economic uncertainties, the short-term rental industry is predicted to be one of the least-affected sectors. Oxford Economics forecasts continued growth as people seek flexible, affordable, and comfortable accommodations. Property owners must stay adaptable to changing market conditions.

Challenges and Debates: Amidst the growth and innovation, concerns have arisen about the impact of short-term rentals on housing availability and affordability. Academic studies suggest that these rentals may reduce the supply of long-term rental housing, leading to increased rents and housing prices. The debate intensifies as communities grapple with the consequences of a booming short-term rental industry.

In conclusion, the short-term rental industry is in its early stages but poised for sustained growth and change in 2023. To thrive in this dynamic market, property owners and managers must remain informed, adaptable, and attentive to both emerging trends and regulatory shifts.

Note: The information about the impact of short-term rentals on housing affordability is sourced from "Are Short-term Vacation Rentals Contributing to the Housing Crisis?" and emphasizes the need for balanced and effective regulations to mitigate potential negative effects.

Owning a Vacation Rental Property

Tabrion Leverette is a Nevada-based real estate professional. Organizations such as the American Resort Development Association have conferred numerous awards on Tabrion Leverette for achievements in timeshare and vacation-rental sales.

A typical rental property, such as a home, apartment, or duplex, has a principal benefit for the owner: generating income. The leasing of a vacation-rental unit is typically on a daily or weekly basis, which means that the owner may also enjoy the unit as a holiday destination for their family on occasion.

Vacation rentals can generate much more money than typical rental properties. Renting by the night instead of by the month or longer has obvious drawbacks, such as off-season lulls, but the benefits are apparent.

If the unit is in a place where visitors are eager to spend their holiday, the owner has the opportunity to make good money. It might be near a beach, a major city's downtown, a well-known resort area, or have other amenities that attract tourists. These properties usually have more appreciation potential than “ordinary” residential property.

Quick reminder on STR’s

Higher income compared to long-term letting. ...

Pick and choose your hosting dates. ...

Be as involved as you like. ...

Vet your guests before they arrive. ...

Demand set to increase. ...

It comes with a fee. ...

Bookings aren't guaranteed. ...

It requires your time and energy.

The economic costs Airbnb imposes likely outweigh the benefits. While the introduction and expansion of Airbnb into U.S. cities and cities around the world carries large potential economic benefits and costs, the costs to renters and local jurisdictions likely exceed the benefits to travelers and property owners

Personal Development - A Worthwhile Pursuit

Personal development has received significant attention in the past decade. For the most part, the increased attention stems from a growing tendency for people to want a quick fix. It’s a popular topic, and many people aspire to evolve. However, the journey may not be as exciting as writers and life coaches would have you believe.

People pursue personal development toward different ends, but the overarching goal is usually to create and sustain positive habits. It may sound like a grand undertaking, and for some it can seem overwhelming. However, a complete overhaul of one’s life is not needed for meaningful personal development to occur. What most people need for self-growth is simple, obtainable goals and consistent action.

Effective personal development is a lifestyle. It may mean different things depending on one's life circumstances and goals. Still, to achieve it, you need to make it a lifestyle. It’s a challenging undertaking. This means commitment and consistency are key.

The first step toward personal development is goal-setting, followed by action-taking. For example, if your goal is to improve your writing skills, you may decide that reading one blog or chapter of a book and writing 500 words every day for 90 days is needed to improve your writing.

Whichever action you decide is needed to improve your life, follow through with it till it becomes a habit. It won't be easy at first, but it's possible.

If routines bore you, you may have a hard time improving, and that’s okay. The work required may not be exciting. If self-improvement were easy, everyone would be working toward it. Many people would rather not put in the work needed to improve their situation, in spite of stated goals.

Self-improvement can be somewhat boring. If you’re lucky, you may find yourself walking an interesting personal development path. Mostly, though, it involves consciously executing the same tasks day in and day out.

To push through boredom and psychological blocks, personal development coaches and trainers recommend you identify and tap into your source of motivation.

A good way to stay motivated is to tie your personal development goals to your broader life purpose. People find fulfillment in pursuing a mission. The personal development path becomes worthwhile when it's aligned with one's overarching purpose in life. It also makes it easier to stay focused and motivated.

There’s no one-size-fits-all approach to personal development. To set yourself up for success, you will have to have a goal and take consistent action toward it. Everything else in between depends on your unique situation. The path to self-actualization is unique to the person and non-linear, even for a nearly universal goal like financial freedom.

A specific personal development process is a sustainable one. Tailor your approach to your unique circumstances, abilities, and motivations. Ask yourself what, when, how, and why you want to improve? To arrive at actionable answers to these questions, you need to be self-aware of where you are in life and what needs improving.

The personal development space has attracted a vast following. And while the idea of self-improvement is appealing, it’s also demanding. Fortunately, however, it is doable. To set yourself up for success in the quest for self-growth, set goals and identify actions that reflect your unique situation. Also, it's key to align your personal development goals with your broader life mission.