Breaking the All-Time Demand Record with Paralee Walls
In this week's episode, Jamie sits down with Paralee Walls, the new co-host at STR Data Lab and the brand-new VP of Marketing for AirDNA. Before unpacking July's data, Paralee shares her excitement about her new role at AirDNA and her vision for leveraging data to enhance the lives of people across the industry.
July was not only a hot month in terms of temperature, but also in booking trends. The month set a new record for nights spent in short-term rentals across the US, with 35.4 million nights – a 9.4% increase from the previous record set in July 2022. Although demand remains robust, its acceleration is showing signs of slowing. The first half of the year saw a 12-15% surge in demand, but July marked the first month of single-digit growth, coming in at just under 10%. Additionally, occupancy dipped by 1.3% to 69.5%, and average daily rates declined by 1% year-over-year. Given the current interest rates, finding investment properties is becoming more and more challenging.
Internationally, demand is hitting record highs as travelers are increasingly willing to splurge on experiences and travel. However, travel to the US seems to be slowing, likely influenced by fluctuations in the US dollar. This trend is particularly impacting major metro cities and coastal areas that typically attract a significant volume of international visitors.
We also review our rankings for the top property management companies in the US and delve into what sets these managers apart.
You don’t want to miss this episode!
July US Market Review:
Best Airbnb Property Management Companies in the US for 2023:
Signup for MarketMinder for FREE👇
Connect with Jamie on LinkedIn and Twitter:
Connect with AirDNA on LinkedIn, Twitter, TikTok, and Instagram:
Find AirDNA at these upcoming events!