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2024 Predictions Review
In January this year, I dropped my top predictions for the 2024 STR market. Some of them hit home; others... Well, let’s just say they’re still in the works.
Predicting any market is about as reliable as consulting a tarot card reader for stock tips (I'm looking at you, TSLA stock).
Still, based on my experience and perspective, I shared my thoughts earlier this year on what 2024 might hold for the STR market.
Here's what I nailed:
- Midterm Rentals as the MVP — Turns out, guests love long stays. They’re low-maintenance, easy-going, and pay well. Just like I said: hybrids are the way to go.
- Creative Finance FTW — With mortgage rates in the "spicy" range, creative finance became the tool for keeping those juicy 2021-era profits 💸
- Direct Booking Strategies — Building a direct booking pipeline turned out to be a crucial move. With increasing competition, relying solely on platforms like Airbnb wasn't enough—collecting guest info and encouraging direct bookings helped improve profit margins and build loyalty.
I have to admit, I'm no Nostradamus when it comes to STR predictions—I got some wrong.
Watch the video here and let’s chat about what I got right (or hilariously wrong 😬).
As we near the end of this year, taking a moment to reflect on the 2024 market can help us better prepare for what's to come in 2025.
Catch ya in the next one,
Rob
