Calculate Revenue
Research Markets
Find For Sale Properties
Compare My Listing
Airbnb Revenue Calculator
Custom Comp Sets
Submarket Insights
Custom Search Filters
Rate Recommendations
Performance Benchmarking
Competitor Comparison
Property-level performance data
Tourism Insights
Real Estate Investment Analytics
Individual Plans
Business PlansInside the Traveler's Mind: The STR vs. Hotel Experience with Madeline List
Join Jamie Lane as he sits down with Madeline List, Senior Research Analyst at Phocuswright, for a deep dive into the varied preferences and behaviors of guests at short-term rentals versus hotels. Leveraging Phocuswright's extensive market intelligence in the travel and tourism sector, Madeline offers a detailed comparison of these divergent guest experiences.
The conversation unveils that STR guests often don't commit to a single accommodation category, showing a marked difference from the typical hotel guest profile. STR guests tend to be younger and have a higher median income, usually between $75-99k, which contrasts with the $50-74k median income of hotel guests. They also travel more, averaging nearly four leisure trips annually, compared to three for hotel guests, and they are more likely to combine work with leisure, taking advantage of the ability to work remotely while on longer stays.
A notable point of the episode is the discussion of the challenges that STRs face in delivering consistent standards. While hotels are expected to provide a certain level of quality and reliability, STRs operate without the extensive checks and balances that enforce this consistency.
The importance of reviews in the STR selection process is also explored. Madeline and Jamie discuss how these reviews have become a crucial tool for guests seeking assurance about their stay—something that's less of an issue with the established reputation of hotel brands.
Looking towards the future, Madeline shares her insights on the potential impact of economic challenges on the industry, specifically how a recession might alter travel patterns and affect guest loyalty.
~~~~
Check out Phocuswright:
https://www.phocuswright.com/
~~~~
Signup for AirDNA for FREE👇
~~~~
Connect with Jamie on LinkedIn and Twitter:
LinkedIn: https://www.linkedin.com/in/jamiehlane/
Twitter: https://twitter.com/Jamie_Lane
~~~~
Connect with AirDNA on LinkedIn, Twitter, TikTok, and Instagram:
LinkedIn: https://www.linkedin.com/company/airdna/
Twitter: https://twitter.com/airdna
TikTok: https://www.tiktok.com/@airdna.co
Instagram: https://instagram.com/airdna.co
~~~~
Find AirDNA at these upcoming events!
Up Next:
Building a Property Management Powerhouse with Joe Riley
In episode 57 of STR Data Lab, Jamie Lane sits down with Joe Riley, Founder and CEO of Patriot Family Homes. Joe's journey in property management began during his military service, leading to the unique approach of Patriot Family Homes in meeting the specific accommodation needs of military personnel and other traveling professionals.
Patriot Family Homes distinguishes itself from other companies with a focus on 'needs-based' short-term rentals, especially catering to military travel which constitutes more than 50% of their bookings. They offer various stay lengths, from more than 30 days for relocations, 1 to 4-week stays for traveling workers, and shorter stays for events like funerals — their most frequent under-one-week booking.
Joe also highlights their short lead booking time and discusses the current health of the market, noting fluctuations in demand and the significant impact of supply. Patriot Family Homes manages 550 units across 15 core markets, and Joe shares insights on their growth strategy, which includes increasing supply through third-party management, owning homes through affiliated property companies, and rental arbitrage, in response to high property prices and interest rates.
The conversation also touches upon the impact of regulation in different markets, the challenges of working with military lodging regulations, and the importance of looking at real-world occupancy rather than forward-looking occupancy for revenue management.
You don’t want to miss this episode!
~~~~
Signup for AirDNA for FREE👇
~~~~
Connect with Jamie on LinkedIn and Twitter:
LinkedIn: https://www.linkedin.com/in/jamiehlane/
Twitter: https://twitter.com/Jamie_Lane
~~~~
Connect with AirDNA on LinkedIn, Twitter, TikTok, and Instagram:
LinkedIn: https://www.linkedin.com/company/airdna/
Twitter: https://twitter.com/airdna
TikTok: https://www.tiktok.com/@airdna.co
Instagram: https://instagram.com/airdna.co
~~~~
Find AirDNA at these upcoming events!