2023 Vacation Rental Predictions
With 2022 coming to a close, we know we aren’t the only ones scratching our heads, wondering what 2023 will bring. To make it easier on ourselves, we brought together three industry experts to dish on their predictions for the short-term rental space in 2023.
We were lucky enough to land three of the coolest people in the STR space to help us predict what 2023 will bring. Our rockstar guests include Know Your Guest by SUPERHOG CEO, Humphrey Bowles, Touch Stay CMO, Kate Stinchcombe-Gillies, and Mount CEO, Madison Rifkin. The trio takes on some hot takes and real head-scratchers of the industry while bringing different points of view to light; whether it be generational, marketing vs sales, vendor vs host, we get a little dose of it all.
One of the first questions Michael asked was about how the current economic climate might affect the drive-in and fly-in destinations for 2023. While Madi and Humphrey didn’t quite agree, both could agree that the state of the economy would have some effect on how travelers will travel in 2023.
We got to hear everyone’s thoughts on which direction direct bookings would take in 2023. While Kate, Humphrey, and Madi were on different pages on who would come out victorious, the OTA’s or the individual host, they seemed to at least be reading the same book, (It was probably The Book Direct Blueprint). Everyone could agree that there would have to be a level of education on all sides to see some success.
One thing that has become a huge question mark is whether or not remote working was just a fad
that’s on its way out, or something hosts should continue to cater to. We’ve all seen LinkedIn posts this year about companies wanting to have their employees go back to the office and employees refusing or flat-out quitting in droves. So is the power in the hands of the employees or the companies?
Even if remote working will thrive on, is it still in the best interest of hosts, investors, and property managers to keep marketing to remote workers and digital nomads? Madi and Humphrey had some differing ideas on remote work and some similar ones, but the pair ultimately agreed that remote work will still very much be around in 2023. What do you think? Is remote work so 2020?
When we got to the topic of guest experience and add-ons, all three agreed that 2023 is the year for the guest experience! With the supply of vacation rentals increasing this year, it is clear that the only way hosts will be able to differentiate their property from their neighbors, is through what they can offer to make their guests’ stay unforgettable.
As a closer, Michael hit our guests with a 2023 hot take on the travel and STR industry. LET ME TELL YOU…the takes were hot! But don’t take my word for it, check out the full discussion here and let us know what you think! Was there anything you agreed or disagreed with?
If you are a host or property manager, looking to educate yourself and your team on how to increase revenue with direct bookings, you must check out The Book Direct Blueprint. The Book Direct Blueprint features our very own Madi Rifkin, Humphrey Bowles, and Kate Stinchcombe-Gillies plus eight other amazing companies in the STR space, and educates hosts on different ways they can be successful without OTA’s!