What August STR Data Reveals About the Rest of 2026

Welcome to the STR data lab. Hello and welcome to the STR data lab. I'm Jamie Lane, chief economist at AirDNA, and I'm joined today by my good friend and colleague, Bram Gallagher. Bram, good to chat again.

Always a fun time on the data lab, Jamie. Thanks for having me. Yeah. So, we're sitting here at the end of summer, uh, and we're getting close to the end of September. We're going to talk a little bit about August performance and what we've been seeing so far, but and how's the end of your summer been?

Well, it's been exciting. Um, you know, we uh uh, you know, we went to Orlando and and once again, every time it seems like I go to Orlando, something crazy happens in the economy. Uh, we've had a lot of stuff going on in the last month. uh um economically speaking, but also in the short-term rental market, some interesting trends that are coming out that I saw observed over this last August and gives me um actually, you know, it g it's a nice contrast because the news seemed very very glam der um but we've turned to the short-term rental market and things look okay. They they they're still holding up. So, you know, it's been a source of strength and uh comfort these last few weeks.

I'm glad that you see a source of strength because I look at the headline numbers and I see and rev declines, demand declines, occupancy declines, it everything looks pretty negative. So, m maybe you can help unpack that a little bit.

It did. So, if you're just looking at the topline numbers, you probably won't get the the same sort of fuzzy feeling uh that I did. So if recall at the beginning of the year we started out with pretty weak demand compared to the year previous because we had you know snow drought. Since then we've been recovering our occupancy has been following 2025 really really closely which I was really uh uh chuffed about because 2025 H1 performance was really good. So we were following along there and yet now all of a sudden we get to August and our demand has gone down. our occupancy has, you know, it had been holding almost exactly to 2025 for the last uh, you know, five months or so and it shot down 3.3%. So, you might think, oh my gosh, World Cup is over. Uh, the sky is falling. No one is going to short-term rentals anymore. Well, no, it's in fact entirely due to a calendar artifact. to Labor Day, the Labor Day weekend, which is a huge source of uh you know, end of season demand fell uh on August and last year, but this year was entirely in September.

So, that really shifted things. So, you know, when I looked at the demand, I saw that in August leading up to it, every single day in August had significantly higher demand than the same day back in 2025 until you get to that Labor Day weekend and then they diverge very sharply. You see 2026's performance just like any other weekend and of course 2025, it jumps up to a pretty high level. So, if we took out uh if we took out the the Labor Day effect, let's shift it back just a couple days. You know, we'll even let some of the Labor Day buildup stay in there, but let's say July 29th to August 28th. So, most of the month we're just missing the 29th, 30th, and 31st uh and replacing it with some of July. Well, then now our demand change has uh gone up 2.3% which is the strongest increase in demand that we have seen since uh wow uh I think July of 2025. So you know more than a year so you know I don't want to say that well or you know that is the August demand but I'm just saying that if we shift the calendar just a little bit it's extremely sensitive to that that inclusion of that weekend occupancy also it goes from negative 3.2% 2% year-over-year.

Not percentage points, but that's occupancy itself fell by 3.2%. If we just shifted those three days, occupancy goes up plus 2.2%. And again, that is the highest occupancy growth that we have seen in this in this entire year. We started out at about minus 1.5 1.4 something like that. We've sort of we clawed our way back up to, you know, around exactly where we were in 2025. We even saw a little bit of an increase in our occupancy in July, but it was it was minuscule, right? It was a few ten of a percent. Um, so it was really exciting to see that, you know, going from that disappointment of that huge decline in occupancy, we shifted a couple days. Actually, we see this huge boost in it, the largest that we've seen this year.

And it really tells that story that that we had been anticipating, which is that half one of 2025 was very strong, half two was very weak. So, if we held close to that 2025 level for the first half of 2026, that's great. And then if we continue with that sort of level of performance, then we're going to be doing really, really well in in the second half. And it looks like that's what we're anticipating. Now, August numbers, they don't look so great because of that calendar shift, but it's when September rolls around, we're going to see probably higher numbers than uh than we were expecting. Um but again it won't necessarily be because September is is really uh outperforming but because the calendar shift again. So it'll be really interesting to see what that two-month sort of combined perspective looks like. And I get the sense and given your sort of narrative here that it's going to be distinctly positive that demand's going to be up probably greater than 2% uh that ADRs and we did see some deceleration in ADR growth uh from what we had seen uh earlier this summer.

I suspect a good part of that was World Cup. Uh but two and a half% ADR growth is nothing to uh complain about. And that's still I mean growing and close to the rate of inflation. Uh so that's uh helpful. And then our repeat rent index I know is well north of what we're seeing in terms of inflation at over 5%. So we are seeing the effects of flat to positive occupancy that hosts are essentially seeing uh by giving them uh some pricing power. And then I didn't talk about it, but I do think it's and maybe uh relevant to talk about is that it it it and supply continues to um decelerate some. Uh so available listings were up just 2%. Uh which looking at the chart uh looks to be our lowest level of growth since the since COVID.

Right. Yeah. And you know we've adjusted those numbers just you know just a little bit here and there but the trend remains exactly the same uh you know uh as you pointed out as that mortgage rate sort of cranks up uh we've seen that supply growth really clamp down we've seen it's not just us I should point out too so Oxford Economics for instance you know when they started out the year they were going to be really really bullish on housing starts and you know they had it sort of exploding the growth of it sort of exploding out into 2027 into 2028 and of course those have been marked down a lot because uh again we we keep waiting for this housing sector rebound and things keep pushing it off until you know the future. So right now we don't have you know great expectations about you know where the housing market is going. Inventories are very very high but prices are still extremely stubborn.

Mortgage rates we went up 30 another 30 basis points this last month. uh you know we were talking about high rates but with I guess reaceleration of hostilities in the Middle East you know uh you know rates have gone up oil is tough it's a it's kind of a double whammy because it's going to be hitting inflation and uh you know since inflation if inflation's going up then of course all the long-term bond holders are going to want more money uh to replace the value of the currency but the other thing is is that generally speaking when energy gets real expensive growth slows down and when growth slows down your tax receipts start slowing down and then you got fiscal issues which are starting to raise rates also. So in any case we got that sort of that you know increased it to about 7% a little bit above 7% for a while. I don't know exactly where it's landed now that oil has softened a little bit this morning.

I think the markets have calmed down just a little bit you know um but we'll see.

I was I was just looking we have interest rates today at over 72. Uh, so it is considering we were at 67 when we recorded last time like that is that's rough.

I pulled the Fred data you know this morning and it the last it has is September 17th and it was 695. So if it's gone up another 25 basis points just in the last week. That is that's tough. That is a very tough investment environment. You know, I think if you're looking to buy right now, you you know, and you have any power to defer, I think you're going to take a step back and say, "Whoa, whoa, whoa, let me wait till this settles down a little bit with this kind of volatility." Um, now that's a double-edged sword, I should point out. So, if you're an investor and you've been waiting to get into this market, it's a very difficult uh time to do so with those high home prices, high very high mortgage rates. They're going up all the time, I guess. However, uh it was it's good news for the operators out there and I think you're seeing that in some of the stats like you know the occupancy that we were able to hold pretty steady.

Um also the the rates that we saw we saw very very strong rates for the World Cup. Yes. But actually this summer generally speaking we saw really nice rate growth in places that weren't affected by the World Cup too. Right. So, the coastal uh uh mountain lake resorts had really really strong July rate growth. They continued to have good rate growth in August. None of those places were were hosts to the to the World Cup unless we count we don't count Miami as a uh as a coastal destination, do we?

Uh Miami Beach, we do. Uh so we break up Miami into three different location types.

Some of that got in there. um you know, but but it's not Miami dragging the entire nation's coastal resort prices um up. Um yeah, no, rate growth was really hot in July. You know, if we had continued that into August, I think, you know, WASH would be giving us a call asking how we're driving inflation up with these short-term rental prices um because we saw really, really, really strong um rate growth. So, I think all of that, you know, has to do with the fact that yeah, you have less competition uh going on. Although another interesting analysis that we did with this US review is to actually look at supply change in World Cup cities after the World Cup ended. So if I could you know get into that just briefly.

What my thinking was is that we wanted to know um so supply growth has been constrained certainly because of these interest rates but one I guess one spot was the World Cup because we did have a lot of incentive to create new supply there. But we wondered how durable could that supply actually be? you know, are these people going to get in, rent for the World Cup, and then get out uh and take their take their winnings, I guess, and go home. So, I looked up all of the new listings for 2026 in the World Cup cities that had rented during the World Cup period, and I wanted to know which portion of those also rented in August, right? So, some of those folks might continue into August. Some of them packed up and went home um or stayed home if they're renting their home. And what we got is about 80% generally speaking 80% of the World Cup new listings rented in August. So this is actually a pretty durable supply.

Even Kansas City where you know they had huge supply growth, 70% of those went on to rent again in August. So while we did see supply growth fall and we definitely saw it fall in the urban the location type where a lot of these World Cup uh places uh um were located you or that's the location type a lot of these World Cup host cities we saw the World Cup cities those urban areas actually were much much more durable u and that 0.3 0.3 is how much urban locations grew so less than that 2% nationally But if we take the World Cup cities out of urban and just have everyone that's not a World Cup cities, they actually fell by around 4% on a year-over-year basis. So if we recall, I think last year we were wondering about maybe some urban overupp uh and this might be maybe a reaction to that sort of the year after because we have seen outside of the World Cup, we've seen sort of you know difficult price growth in in urban.

We saw that in August as a matter of fact um with you know urban price growth falling pretty dramatically to I think right under right right right above 2% uh somewhere in that range um so you know it took a big uh uh took a big hit uh there but again it's not the world cup cities are sort of pulling back but it looks like sort of the other urban markets are the ones are actually seeing their supply grow uh growth go into negative territory and those World Cup cities are actually still sort of buoying up the urban location type because of that durable supply. So that was very very um interesting to me because it you know it points out it's a further divergence in these urban markets, right? So we've got not only were they um able to attract demand and attract supply for the World Cup, but they they're continuing to now to perform pretty well um even after the fact. Um, so yeah, that was another sort of interesting supply story.

Um, I don't see supply uh growing very very quickly for the rest of the year because of some of those things that we talked about. We know that new listings and mortgage rates have that six-month kind of lag. February is, you know, end of February, that's when rates started increasing very, very quickly. We've reached that sort of six-month horizon. And so anybody that bought earlier in the year hoping, you know, to take advantage of those low interest rates probably have already put their home on the market. But that does again spell, you know, very nice performance, I think, for these the the existing hosts moving forward as we have less competition uh and more pricing power and occupancy as a result.

Yeah. No, that that all makes sense. I was just looking at the data for Kin City as well where and peak supply growth during uh World Cup was up over 50% now it's still and 40%. So absolutely lines and then and you look at occupancy declines like they're continuing I as there's just not the amount of demand now in the Kansas City area to support all that um supply. Yeah, we'll we'll see how that you know how many of these people stick around six months from now. Um but I I would love to see that a lot of these folks are giving it a try. That means they enjoyed the experience enough that they wanted to continue and that that's always nice to see.

So when we think about I you said your sort of expectations on the supply like interest rates are going to continue weighing um on supply growth. I'm not sort of implying predictions, but I I I'm I get the sense that you expect and you don't expect a reaceleration and in the back half of the year now in terms of supply growth given uh the sort of environment that we're in.

Yeah. No, I would not say that there's going to be reaceleration until maybe spring of 2027. That's, you know, and that's if we can start getting these these rates down. Um and that again depends I think a lot on energy prices.

Okay. So now let's talk about the sort of strength of the consumer. The and you sort of talked about how well demand's doing. We're seeing strong demand in both short-term rentals and hotels. So it does feel like there is uh some positive momentum there. Uh you look at the jobs numbers in August saw 160,000 new jobs added. unemployment is at 4.1%. Uh, which is and it's elevated from prior years, but you tell me 4.76 unemployment like and I I wouldn't I I would I don't think I'd ever say that that feels like a weak number. And then you look at inflation um and is hot but generally inflation is and hot in a sort of uh overheating economy or not an economy that is sort of um going into recession I generally say. So I I feel and you look at the stock market like feels pretty good. you look at the bond market and you're like, I I I guess the bond market and the stock market, people aren't talking to each other.

Uh because they maybe two entirely different economies. Uh so, how are you because I went back and listened to last month's episode and you're I felt like it you were feeling pretty dire towards the US economy. Uh that it was it didn't feel uh strong. So, how how are you feeling today? Well, you know, I'll point out last time I said we're not talking about the R word here.

Yeah. Um, [laughter] so, you know, there are some weaknesses and some risks, but, you know, the consumer still is doing pretty good. Like you said, the jobs number was not I would say because of the data collection issues that, you know, they've been having, we should probably average the last two months job reports together, which is great because it's still pretty good at about 90,000 for each month. And because of it too the the you know the US uh working age population is is essentially flat right now. It's not it's not moving very much at all. We don't need as many jobs as we might have in the past. So you know the days of needing a quarter million new jobs every month is is probably is probably behind us. And you're right unemployment is still low. Consumer spending actually ticked up a little bit in uh in August which you know is good. sentiment remains not great, but on the other hand, sentiment and spending definitely have diverged over the last year.

We did just hike the interest rates, but as you point out, why do we hike interest rates? Well, it's generally speaking when the economy is overheating and you know, we do have essentially all of the, you know, the the unemployment rate is so low. We're essentially at full employment, maybe even super uh uh full unmployment, which is to say, you know, higher than the natural natural rate of employment, lower unemployment rate than we would naturally see. So, you know, we we've got that there are a couple, you know, a couple headwinds. Uh but yeah, you know, one of the reasons that these bond uh uh you know, another reason the bond rates have gone up is there's all this demand for capital, right? So we've got all these businesses that are trying to borrow tremendous amounts of money to do what with but invest in capital for productivity gains for the future and also you know that's going to require a lot of you know capital investment today requires a lot of labor today as well.

So I think those things are going to be powering um forward wages that's maybe maybe a sign might be one kind of point of weakness in consumers. It has dipped below inflation. Last time we saw a lot of inflation, we saw wage growth go up to sort of uh uh account for some of that. This time we're not we're seeing uh wages continue to sort of diminish um month by month. So now that they've fallen below inflation, but not too far, you know, not too far. And um that could also turn around pretty pretty quickly, especially if we get inflation under control, which that was the point of these rate hikes after all. So yeah, I say, you know, energy prices, they're going to weigh on growth, but on the other hand, we've got an incredible AI investment boom, which is going to help stimulate some growth. I think we've got a consumer that looks like they're doing pretty well. Uh mortgage the mortgage rates that people are paying locked in at pretty low levels still.

So that, you know, sort of the burden of the the debts that people have are not not getting spiraling wildly out of control. That being said, there are still some pretty significant risks uh that we we should probably keep in mind.

Great. Um, so ma maybe we can and dig in and a little bit deeper on some of the underlying trends that you're seeing and by location type and you talked about some in terms of and what we're seeing in terms of the World Cup uh impact but I mean as you look at sort of underlying ADR growth underlying supply chain Where do you feel and sort of opining now on the the back half the year where do you feel that there's going to be sort of the I most opportunity for operators to continue to push sort of occupancy ADR or where do you see that there's going to be and and continued sort of pressure coming from supply or other other factors playing out?

Yeah, that's a very uh good question. you know, I'm looking at some of sort of the August uh some of the August markets that were able to really, you know, pump rate. Um we do have, you know, still some World Cup markets. They're still sort of seeing

um some,

I guess, sort of leftover enthusiasm. Uh so they were still able to keep rates uh pretty high, but there's also something else we saw in August was that the coastal resorts and mountain lake resorts were the strongest ADR gainers as well. So, we've got places like Sarasota, uh, Hilton Head, these guys are sort of leading up, uh, some of the the ADR gains as well. Uh, Long Island is is is in there. So, so may maybe I'll I'll sort of pivot that a bit of like on the weaker ADR markets because looking at your chart and it it maybe surprises me a bit and market like Austin or Phoenix or New Orleans uh that and even Los Angeles and Big Air that and there are markets that and we haven't necessarily recently been seeing and supply gains. Um, in some ways there's it's been flat to declining supply. A lot of those markets are been some of the more uh challenging ones in terms of overall home values as well.

Uh, with Austin and seeing one of the biggest pullbacks in overall home values over the past year, uh, Phoenix, um, Big Bear, uh, also challenged as well. So do you think that's more idioentratic to those markets or do you think there's any sort of and broader uh sort of weakness playing out there in terms of the markets that are seeing declines or yeah is it events things like that? Yeah, this this is actually really tricky because each one of these markets in turn kind of has their own thing uh uh going on sort of with it and you know we can get back to location types a little bit but you know we've got Las Vegas they've seen a decline in visitorship over the last few years um you know that there have been a lot of speculations as to that some people even said ah the payoffs at the slot machines aren't as good um but you know the expansion of sort of of gambling I guess um and the the greater sort ort of availability of that maybe has hurt some of their demand combined with maybe some of the high prices.

New Orleans, as we know, has got some pretty strict regulations going on. So, the makeup there has been shifting the the makeup of the rentals. Um, Phoenix and Scottsdale always an interesting market, but we did see tremendous supply boom in the leadup to the Super Bowl years ago. It's kind of remained sort of flat at that really really high level since then. You know, it hasn't hasn't uh seen a ton of growth um there. So, you know, that might be, I guess, maybe lingering sort of over supply, but why is it hitting at this period in time? Um, it was a hot uh summer. Uh, so, you know, Phoenix is a not a market that one goes to in August, generally speaking, when it is hot. Uh, same with Austin. So, you know, that that might have something to do with it. So, you know, Big Bear, we saw they're trying to, you know, broaden their seasonality a little bit because, you know, they had a really tough ski season this year.

So they're trying to broaden that out. It looks like it's not taking as well as maybe they would like. So uh I think each one of these mark there's not I think a through line through each one of these markets that really points to you know this is the systematic weakness in this type of of rental but rather you know each one of these markets has got kind of individual uh um kind of stuff going on uh with it. you know, some I think looking at this fall, where are we going to see some additional supply and demand growth? You know, one one location type I would would point out that really hasn't seen kind of any, you know, any sort of big impact from these interest rates is the small city rural which is just still powering ahead as far as their supply growth. Uh even in August where we had this calendar shift, small city rural, you know, demand increased. It was the only location type to continue increasing in August.

So, I think we're still going to see a lot of uh interest in there. And you know, one of the reasons why these are just sort of the last affordable houses um in the US uh is very difficult to buy on the coast right now. You know, we always go to Panama City Beach. My um in-laws are there right now and know they had a big transformation after COVID because of home prices. A lot of people were selling out, other people sort of getting in, but it is an incredibly difficult market to to get in that 30A area. Panama City Beach, Rosemary Beach. So, mountains, mountain lake resorts the same way, but you know where you can still find um hidden gems, if you will, in the small city rural. I was talking to Lindar, our esteemed senior analyst last week about some hidden gems, all of which were located in in small city rural areas, many of them close to national parks. Um, so huge demand generator. Meanwhile, these there's still these small cities, very convenient to the national parks with low uh low housing costs.

So we said, well, this is a no-brainer.

Yeah. No, love that piece and love the analysis. And it it it does I think continue to highlight that a lot of the opportunities for investment today sit outside the sort of core large cities and core sort of traditional vacation rental markets that uh maybe people are are used to hearing and seeing people uh invest in. So, uh, maybe wrapping up a little bit and you can't and get to the end of the review this month and and come away with a without a very uh, strong feeling that the back half of the year is going to be strong with how pacing is looking. So my question to you and and for the listeners I and anywhere from what 8 to 12% growth in in pacing over the next few months for overall uh demand growth and that does seem um a bit abnormal like I expect it for September but I was a bit surprised to see it and continue into October um and even into November and December with the holidays.

So, uh I know and last year we were looking at maybe a um a contracting um lead times. So, and is it a lead time story that people are just booking further ahead and that's making the pacing look good? Um is it favorable and holiday timing that's making things look good? I know we've got what Halloween on a on a weekend this year. So, and that's that's nice if you have kids that you're not going to be sort of trying to uh uh but also that means I'm I'm uh maybe I'm not taking a trip on over Halloween either because we want to be in the neighborhood and want to be be able to do that with friends and family. So, uh yeah, any way that you're explaining this sort of strong growth that we see for the end of the year?

Yeah, there I think there's a bunch of explanations. Uh, one, I think that, you know, if you were going to try to visit a world city or a World Cup city, you know, this summer, you may have deferred your vacation to the shoulder season because those rates, they went up and they went up, you know, nationwide in July as well. So, we might have had uh quite a few people saying, well, you I'm going to try to save a little bit and actually go in November this year. It's so darn hot anyway. Um, there is, of course, the structural reason, the lead times. they have been shortening this year and I think more also there there may be um you know that's the median but there may also be sort of a change in the distribution you've got a blob of people conscientious folks that are booking a little bit earlier uh and maybe the reason for that is you know you want to lock in prices um in an inflationary environment u so that you know tends to especially when you're when you're looking far out say you know January December or something like that a small change in early bookers can have a pretty outsized uh uh bit of of effect.

There's also the structural uh point that last half of last, you know, the last half of last year was kind of weak. So, we're also looking at pretty easy comparisons. Um so, I think all of these things are kind of coming together to create a a nice positive performance boost for the end of the year and the beginning of of of next year as well. So yeah, deferred travel, uh we have um you know, behavioral differences in the lead times. We have weak comps. Um we have strong employment um as well. Everyone's still got a job, so everyone still needs a vacation. Uh and if you put it off through the last couple months, well, you better take it pretty soon. So yeah, I'm I'm pretty bullish. Like I said, I'm This is giving me some some warm fuzzies after looking at the economic data. And it may may just be the case that the economic data, you know, it got like worse this last month and short-term rentals stayed good.

So, you know, relatively speaking, uh, short the short-term rental data is is is starting to look sunnier and sunnier all the time. Awesome. Well, Bram, that is a great and sort of positive note to leave it on. Anything else you want to sort of mention the audience before we leave?

Let's see here. you know, one of the things that we might pay attention to is the types of the the types of places that people are renting. Uh, I think that, you know, there is going to be another, you know, a refocusing on value. We did see that to some extent in the ADR numbers. The RARI coming in so much higher than ADR. What that tells me is that, you know, all the new entrance or the churn people coming back in, we're trying to position themselves under the market, uh, you know, rather than on top of it. Um so I I think you know as sort of inflation uh uh maintains the sort of high level if gas prices continue to increase then people are going to be looking towards the value. Now it's not going to be you know high gas prices may not you know crush people uh uh right away but it does sort of give these marginal decisions. I want to stay a little closer to home maybe a little bit shorter trip maybe a little bit more affordable.

So you know that's uh something to look at. Um, we even I even noticed that when I was looking at that Austin uh Grand Prix I was talking to you about before then when I think of Grand Prix and I I usually think of the the well-healed international traveler. They're fresh off the plane from Monaco. Um, and you know, they got lots of lots of cash to spill around. But when we were looking at the Austin uh short-term rental market during the Grand Prix, a couple things stood out. One of them is that uh uh we had really big revenue growth, which is, you know, really positive. A lot of strength there. But what we saw was that the lower price economy midscale budget listings they were filling up first. Their occupancy was starting to hit ceilings mean so some of that was causing spillover into the luxury segment. So it was very interesting luxury and upscale not really able to raise prices very much but were able to capture a lot more occupancy.

Meanwhile, on the lower end, these places filled up um and then were able to increase ADR, you know, as their as their sort of occupancy was was increasing to that sort of full level. Some of the people were able to squeeze in some nice um ADR boost. So, there was a bit of convergence. You know, the people on the really high end were not doing as well. The people on the low end were doing really, really well as far as their growth. Um the strongest performance though was in the midscale. That turned out to be the sweet spot. they were actually able to accommodate more visitors. They were able to have a lot more occupancy and they were able to also raise the race a little bit. So even for an event like the Grand the F1 Grand Prix which you know it does uh um often I think attract maybe a little higher income fan than uh some events like you sports or something like that.

Even then you know Midscale was the real uh was the real hot point. You know they were they increased their revenue by the most by about 26% on a year-over-year basis. And I will point out last year's F1 in Austin was a little bit weaker. Uh so it's that easier cop thing playing uh into this as well, but that midscale did see the largest revenue growth. So, you know, if you're thinking about where am I going to position my um short-term rental coming up for the next six months, maybe, you know, also point out that I'm convenient, uh I provide good value, um and you know, you can have a really great time and not break the bank staying at the short-term rent.

Awesome. Well, Bram, I always learn something um when we talk, so I I appreciate it. We're getting into fall conference season. Uh do you have any conferences you're going to be going to this fall?

Uh there was a couple small sales ones that I'm going that I was going to, but they canceled at the last minute. So, you know, unfortunately, I'm not going to be able to uh to to to make it I think maybe until the marketing outlook forum in January. I think this is the next kind of possibility for some travel. I know you're going to be going uh to New York today or tomorrow if I'm not mistaken.

I'll be in uh New York this week for skiff conference and then Nashville for Verma uh and then Leon and France for the vacation rental world summit. So if any of our listeners are going to be at any of those events uh please reach out. And with that, uh, thank you all for joining, listening, uh, and we'll catch you on the next one.

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