STR Data Lab™ by AirDNA

After several challenging years for short-term rental operators, are things finally starting to turn around? In this episode of The STR Data Lab, AirDNA’s Chief Economist Jamie Lane and Bram Gallagher break down September’s STR performance data and explore what slowing supply growth, improving occupancy, and stronger nightly rates mean for hosts, property managers, and investors heading into the holiday season and 2027.

The conversation explores the economic forces shaping the STR industry, from elevated mortgage rates and cautious consumers to a housing market that’s limiting new competition. With supply growth slowing dramatically and pricing power improving in many markets, existing operators may finally be getting some breathing room. But the outlook isn’t the same everywhere. The hosts examine why Western ski markets are facing a different booking trajectory, how lead times affect demand forecasts, and why New Year’s could present a particularly strong opportunity for operators.

Will supply growth turn negative? Which markets are showing signs of recovery? And what should hosts be watching as they prepare for the months ahead? Jamie and Bram unpack the latest data, discuss the risks and opportunities, and share their outlook for the remainder of the year and beyond. You don’t want to miss this episode!

Key Takeaways

• Why slowing STR supply growth could improve occupancy and give operators more pricing power.

• How rising mortgage rates and economic uncertainty are affecting new listings and investment decisions.

• Why forward booking trends are improving nationally while Western ski markets face a different outlook.

• How calendar effects could make New Year’s a major opportunity for higher occupancy and nightly rates.

• Why STR supply growth could remain extremely low—or even turn negative—heading into 2027.

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Connect with Jamie on social media

LinkedIn: https://www.linkedin.com/in/jamiehlane/  

Twitter: https://twitter.com/Jamie_Lane

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Connect with Bram on social media

LinkedIn: https://www.linkedin.com/in/bram-gallagher/

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Connect with AirDNA on social media:

Instagram: https://instagram.com/airdna.co

LinkedIn: https://www.linkedin.com/company/airdna/

Twitter: https://twitter.com/airdna

TikTok: https://www.tiktok.com/@airdna.co

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Episode 201

The short-term rental industry is entering a new era—and the old playbook for growth may no longer work. In this milestone 200th episode of The STR Data Lab recorded live at the VRMA conference, AirDNA Chief Economist Jamie Lane takes a data-driven look at where the industry stands today, from slowing supply growth and stabilizing occupancy to shifting traveler demand and a challenging housing market. For hosts, property managers, and STR professionals, the message is clear: when industry-wide growth slows, outperforming the competition matters more than ever.

Jamie then looks ahead at the five forces that could define the next few years: the economy, online travel agencies, the “sorting” of STR businesses by quality, the housing market, and AI. He explores why strong reviews and operational performance are becoming increasingly important, how AI-powered travel agents could reshape discovery and bookings, and why the next wave of AI-driven productivity could ultimately create more demand for travel.

The biggest opportunity may be learning to distinguish between what you can control and what you can’t. From choosing your markets and distribution channels to improving property quality and preparing for AI-driven changes in how travelers search and book, this episode offers a practical framework for navigating a slower-growth, more competitive STR landscape.

You don’t want to miss this 200th-episode look at what’s next for the short-term rental industry.

5 Practical Takeaways

• Prepare for slower supply growth. With U.S. STR supply growth dramatically below the levels seen in recent years, winning market share increasingly requires outperforming competitors rather than simply riding industry-wide growth.

• Treat reviews as a business metric. Higher property and management ratings can have a meaningful impact on RevPAR, owner retention, and the ability to attract new properties.

• Diversify your distribution strategy. OTAs remain a major source of demand, but emerging AI travel agents could change how travelers discover and book accommodations. Make sure your listings can be found and understood by these new systems.

• Keep an eye on housing and local opportunities. A weak housing market can constrain overall supply growth while also creating opportunities in markets where motivated sellers and changing home values open new investment possibilities.

• Use AI strategically—not automatically. Automating repetitive work can improve productivity, but the premium experiences travelers value may depend on human interaction, personalization, and service. The goal is to automate intelligently while preserving what guests are willing to pay more for.

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Connect with Jamie on social media

LinkedIn: https://www.linkedin.com/in/jamiehlane/  

Twitter: https://twitter.com/Jamie_Lane

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Connect with AirDNA on social media:

Instagram: https://instagram.com/airdna.co

LinkedIn: https://www.linkedin.com/company/airdna/

Twitter: https://twitter.com/airdna

TikTok: https://www.tiktok.com/@airdna.co

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Episode 200

What happens when a vacation rental executive who has experienced the industry at virtually every level decides to go back to the basics? In this episode of The STR Data Lab, Jamie Lane sits down with Bob Milne, COO and President of First Chair Destinations, to unpack decades of lessons from building, scaling, and reshaping vacation rental management businesses. From running thousands of homes in Steamboat to navigating Wyndham and Vacasa, Bob shares why he believes vacation rentals are ultimately a hospitality and relationship business—not simply a technology business.

The conversation explores the tradeoffs between scale and local operations, what can—and can't—be centralized, the challenges of proprietary technology, and what Bob learned from Vacasa's rapid growth and transition to a more localized model. He also dives into why ski destinations offer opportunities beyond the traditional winter season, how events and summer demand can reshape seasonality, the role professional managers can play in local regulation, and why First Chair is pursuing moderate, deliberate growth rather than growth for growth's sake.

You don’t want to miss this episode!

Key Takeaways

• Why vacation rental management is fundamentally a people and hospitality business, and where technology can—and can't—replace local expertise.

• Which parts of a vacation rental business actually benefit from scale, from technology and marketing to operations and owner communications.

• What the transition from Vacasa's national model to more localized operations reveals about the importance of boots-on-the-ground teams.

• How ski destinations can reduce seasonality by tapping into summer travel, weddings, events, outdoor recreation, and improved air access.

• Why sustainable growth may require a different approach than rapid expansion, particularly when balancing owner retention, local relationships, and operational quality.

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Connect with Jamie on social media

LinkedIn: https://www.linkedin.com/in/jamiehlane/  

Twitter: https://twitter.com/Jamie_Lane

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Bob Milne, President/COO at First Chair Destinations

LinkedIn: https://www.linkedin.com/in/robertemilne/

Website: https://www.firstchair.com/

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Connect with AirDNA on social media:

Instagram: https://instagram.com/airdna.co

LinkedIn: https://www.linkedin.com/company/airdna/

Twitter: https://twitter.com/airdna

TikTok: https://www.tiktok.com/@airdna.co

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Episode 199

The U.S. short-term rental market may look weaker at first glance—but the latest data tells a more nuanced story. In this episode of The STR Data Lab, Jamie Lane and Bram Gallagher unpack August performance and explain why headline declines in demand and occupancy don't tell the whole story. A calendar shift around Labor Day significantly affected year-over-year comparisons, while underlying demand, ADR growth, and slowing supply point to a market that remains surprisingly resilient.

The conversation also digs into what rising mortgage rates mean for future STR supply, why World Cup-related listings have proven more durable than expected, and where operators may find opportunities as the market evolves. From coastal and mountain destinations continuing to see strong ADR growth to small-city and rural markets attracting demand and investment, the data reveals a growing divergence across markets—and a potential shift toward value-conscious travel.

You don’t want to miss this episode!

Key Takeaways

• Look beyond headline numbers. Calendar effects, including the timing of Labor Day, can dramatically change year-over-year comparisons for demand and occupancy.

• Supply growth is slowing. Rising mortgage rates are putting pressure on new STR supply, which could give existing operators more pricing power and reduce competition.

• World Cup supply is proving durable. Roughly 80% of new listings in World Cup host cities that rented during the event also rented in August, suggesting much of the new supply is sticking around.

• Opportunity is shifting geographically. Small-city and rural markets—particularly those near major demand generators like national parks—continue to show strong supply and demand growth.

• Value may matter more. As consumers face persistent inflation and higher costs, well-positioned midscale and affordable properties may be especially well placed to capture demand.

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Connect with Jamie on social media

LinkedIn: https://www.linkedin.com/in/jamiehlane/  

Twitter: https://twitter.com/Jamie_Lane

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Connect with Bram on social media

LinkedIn: https://www.linkedin.com/in/bram-gallagher/

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Connect with AirDNA on social media:

Instagram: https://instagram.com/airdna.co

LinkedIn: https://www.linkedin.com/company/airdna/

Twitter: https://twitter.com/airdna

TikTok: https://www.tiktok.com/@airdna.co

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Episode 198

Doubling your property management portfolio is one thing. Doubling it while maintaining top-tier guest reviews is another. In this episode of The STR Data Lab, Jamie Lane sits down with returning guests Joe and Max Bachmeier, whose property management business grew from roughly 120 to 260 listings in just 12 months—while remaining among the highest-rated property managers in the country. They break down what actually drove that growth, from consistent local marketing and referrals to building a team capable of scaling the operation without sacrificing the guest or owner experience.

A major theme of the conversation is scaling intelligently rather than simply scaling quickly. Joe and Max explain how they use their “three C’s”—cash, care, and communication—to stay focused on what owners value most, while keeping guests, owners, and their team as three equally important priorities. They also share how AI and automation have changed their approach to guest communication, operations, and revenue management, allowing their team to spend less time answering repetitive questions and more time solving the issues that can have the biggest impact on guest satisfaction.

The Bachmeiers also dive into what it takes to compete in an increasingly sophisticated STR market. From redesigning properties around specific guest demographics to using technology to identify listing-level revenue opportunities, they share practical lessons for property managers approaching the 100+ listing mark. Throughout it all, their philosophy remains consistent: build the right team, stay close to your market, and don't let growth come at the expense of quality.

You don’t want to miss this episode!

Key Takeaways

• Scale your team before you scale your portfolio. Build a management structure where team members can grow into new roles and train their replacements rather than making the founders the bottleneck.

• Use the “three C’s” to understand owner priorities: cash, care, and communication. Identify what matters most to each owner and build your service around it.

• Let AI handle the repetitive work—not the relationship. Automating routine guest questions can free staff to focus on complicated issues and guests who need more hands-on attention.

• Stay local as you grow. The Buchmeiers have continued concentrating their business primarily in Fredericksburg and Austin rather than expanding indiscriminately into new markets.

• Invest strategically in the property experience. Thoughtful design, distinctive amenities, and targeting a specific guest demographic can help a property stand out as competition increases.

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Connect with Jamie on social media

LinkedIn: https://www.linkedin.com/in/jamiehlane/  

Twitter: https://twitter.com/Jamie_Lane

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Connect with Bach Bros Property Management

Website: https://www.bachbrosproperties.com/

Instagram: https://www.instagram.com/bachbrosproperties/

Facebook: https://www.facebook.com/bachbrosproperties/

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Connect with AirDNA on social media:

Instagram: https://instagram.com/airdna.co

LinkedIn: https://www.linkedin.com/company/airdna/

Twitter: https://twitter.com/airdna

TikTok: https://www.tiktok.com/@airdna.co

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Episode 197

What does it take to scale a property management business without sacrificing the guest experience? For Steve and Kim Resnick, co-founders of HeavenlyRez and AirDNA’s 2026 #1 Property Managers, the answer starts with one principle: hospitality comes first. What began with managing their own Ocean City, New Jersey vacation rental evolved into a 100+ property operation built around five-star reviews, operational discipline, and a relentless focus on improving the guest experience.

In this episode, Jamie Lane sits down with Steve and Kim to unpack the systems behind their growth—from centralized linen operations and three-point property inspections to interior design, proactive guest communication, KPI tracking, and the strategic use of AI. They also explain why they’ve chosen to stay focused on a single market, how they think about property-level ROI, and why scaling doesn’t have to mean letting service quality slip.

Whether you’re managing a handful of properties or building toward a much larger portfolio, this conversation offers a practical look at how better processes, the right people, and a hospitality-first mindset can create a more scalable and profitable STR business.

You don’t want to miss this episode!

Key Takeaways

• Build systems before you scale. Standard operating procedures, clear accountability, and consistent processes can help maintain quality as your portfolio grows.

• Treat hospitality as the foundation. From proactive communication to 24/7 support, creating a great guest experience requires more than simply providing a clean place to stay.

• Centralize what you can control. HeavenlyRez’s decision to bring linens and consumables in-house gave the team greater consistency, quality control, and operational visibility.

• Use data and AI to improve—not replace—the human experience. AI can help identify trends in reviews, surface property information, and monitor KPIs while people remain responsible for meaningful guest interactions.

• Invest in the property experience. Thoughtful design, durable furnishings, smart bed configurations, and consistent amenities can improve marketability, guest satisfaction, and ultimately owner returns.

  
  

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Connect with Jamie on social media

LinkedIn: https://www.linkedin.com/in/jamiehlane/  

Twitter: https://twitter.com/Jamie_Lane

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Website: www.heavenlyrez.com

Instagram: @heavenlyrez

Facebook: HeavenlyRez

TikTok: @heavenlyrez

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Connect with AirDNA on social media:

Instagram: https://instagram.com/airdna.co

LinkedIn: https://www.linkedin.com/company/airdna/

Twitter: https://twitter.com/airdna

TikTok: https://www.tiktok.com/@airdna.co

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Episode 196

Revenue management is getting faster, smarter, and more accessible—but building the next generation of pricing technology comes with a surprising challenge: how do you get operators to trust the numbers? In this episode of The STR Data Lab, Chief Economist Jamie Lane sits down with AirDNA’s Data Science Manager Marc Moreno and Senior Product Manager Jordon Myers to go behind the scenes of building AirDNA’s new revenue management platform, Adapt.

The conversation explores what AirDNA learned from hundreds of conversations with STR operators, including the surprising number of hosts still managing pricing manually and the widespread frustration with opaque pricing recommendations. Marc and Jordon explain why explainability became a core design principle, how millions of listings and noisy data shaped the modeling process, and why some of the most promising AI approaches had to be reconsidered. They also unpack how AI has fundamentally changed the product development process—from months-long handoffs to rapid prototyping, testing, and iteration with real users.

Looking ahead, the team discusses where revenue management is headed as AI agents, APIs, and new data interfaces become more common. The future may not be about forcing operators into another dashboard—it could be about making reliable revenue management data and recommendations accessible wherever operators already work.

You don’t want to miss this behind-the-scenes look at how the future of STR revenue management is being built.

Key Takeaways

• Trust is just as important as accuracy. A pricing recommendation is only valuable if operators understand where it came from and feel confident acting on it.

• Clean data is the foundation of good pricing. With millions of listings across multiple channels, filtering noise and engineering the right signals can be just as important as the model itself.

• Events require proactive pricing. Rather than waiting for demand to appear in the data, revenue management systems need to identify external signals early enough to adjust pricing before bookings happen.

• AI is changing how products are built. Rapid prototyping and AI-assisted development allow teams to test ideas with real data and users much faster than traditional product-development cycles.

• The future may extend beyond the UI. As operators increasingly use AI agents, APIs, and their own internal tools, revenue management data needs to be accessible wherever decisions are being made.

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Connect with Jamie on social media

LinkedIn: https://www.linkedin.com/in/jamiehlane/  

Twitter: https://twitter.com/Jamie_Lane

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Jordon Myers - Senior Product Manager: https://www.linkedin.com/in/jordon-myers/

Marc Moreno - Data Science Manager: https://www.linkedin.com/in/mmorenol/

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Connect with AirDNA on social media:

Instagram: https://instagram.com/airdna.co

LinkedIn: https://www.linkedin.com/company/airdna/

Twitter: https://twitter.com/airdna

TikTok: https://www.tiktok.com/@airdna.co

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Episode 195

The short-term rental industry is entering a new phase—and the old playbook of growth at all costs may no longer be the answer. In this episode of The STR Data Lab, Jamie Lane sits down with Annie Holcombe and Alex Husner, to unpack how the industry has evolved, what operators have learned from the post-COVID growth boom, and why professionalism isn't necessarily about managing hundreds of properties. From individual hosts to large property managers, success increasingly comes down to building sustainable operations, delivering great guest experiences, and understanding what actually drives profitability.

The conversation also dives into some of the biggest forces reshaping the industry: AI, property management technology, local vs. national brands, and the changing relationship between operators and OTAs. Alex and Annie share their perspectives on where AI is already making an impact, why smaller operators may actually be better positioned to adopt new technology, and how property managers can balance direct bookings with the reach of OTAs and emerging AI-driven search. They also explore what professionalization really means—and why the industry needs to do a better job of bringing newer and smaller operators into the broader conversation.

The future of STR is changing quickly—and you don’t want to miss this episode!

Key Takeaways

• Growth isn't the only measure of success: Sustainable operations, stronger margins, and better owner and guest experiences can be more valuable than simply adding units.

• Professionalization is about fundamentals: Strong accounting, guest safety, consistent service, profitability, and intentional operations matter more than hitting a specific property count.

• AI adoption will depend on the operator: Smaller businesses may have an advantage because they can implement new tools without having to overhaul a massive existing tech stack.

• Local expertise still matters: The future may be less about choosing between local and national models and more about combining local market knowledge with the efficiencies of scale.

• Marketing is becoming more complex: Operators need to think beyond individual OTAs and direct bookings, with SEO, reviews, social content, repeat guests, and AI-driven discovery all becoming part of the demand-generation strategy.

  
  

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Connect with Jamie on social media

LinkedIn: https://www.linkedin.com/in/jamiehlane/  

Twitter: https://twitter.com/Jamie_Lane

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Connect with Alex and Annie on social media

Alex Husner, Founder and CEO of Directly Alex: https://www.linkedin.com/in/alex-o-husner%F0%9F%8C%8E-1844306/

Annie Holcombe, Founder and CEO of Annie & Co. : https://www.linkedin.com/in/annie-holcombe-vrgal/

Podcast page: https://www.alexandanniepodcast.com/

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Connect with AirDNA on social media:

Instagram: https://instagram.com/airdna.co

LinkedIn: https://www.linkedin.com/company/airdna/

Twitter: https://twitter.com/airdna

TikTok: https://www.tiktok.com/@airdna.co

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Episode 194

The way travelers discover short-term rentals is changing—and the biggest shift may be happening before they ever visit Airbnb, Vrbo, or a property manager’s website. In this episode of The STR Data Lab, AirDNA Chief Economist Jamie Lane sits down with Jason Cincotta, co-founder of Kismet, to unpack how AI-powered search is reshaping travel discovery, how much revenue it may already be influencing, and why traditional attribution models could be missing a huge part of the picture.

The conversation goes beyond the headline numbers. Jamie and Jason explore why AI-driven guests may convert at higher rates, why so much AI research happens “in the dark” without appearing in traditional analytics, and how the rise of AI could change the long-standing balance between OTAs and direct bookings. They also discuss what property managers and hosts can do today—from improving imagery and website experiences to making their property data easier for AI systems to understand.

You don’t want to miss this episode if you want to understand where STR distribution is headed next.

Key Takeaways

• AI search is already influencing STR bookings. Traditional referral and UTM data may dramatically undercount the impact of AI-driven travel research.

• The travel “front door” is changing. Guests are increasingly using AI to research destinations, build itineraries, compare properties, and determine where they want to stay before visiting a booking platform.

• Direct bookings could gain an advantage. AI can potentially compare OTAs with direct channels and surface properties based on the individual traveler’s needs, preferences, and previous experiences.

• Your website still matters. More AI visibility only helps if your direct booking experience can convert the traffic. Strong imagery, compelling copy, mobile functionality, branding, and a seamless booking engine are becoming increasingly important.

• Make your property easy for AI to understand. Structured, accurate information about your homes—including amenities, imagery, availability, pricing, and other commercial data—can help ensure your inventory is discoverable in emerging AI-powered search environments.

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—————

Connect with Jamie on social media

LinkedIn: https://www.linkedin.com/in/jamiehlane/  

Twitter: https://twitter.com/Jamie_Lane

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Connect with AirDNA on social media:

Instagram: https://instagram.com/airdna.co

LinkedIn: https://www.linkedin.com/company/airdna/

Twitter: https://twitter.com/airdna

TikTok: https://www.tiktok.com/@airdna.co

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Episode 193

The U.S. short-term rental market is showing surprising strength—even as the broader economy sends mixed signals. In this episode of The STR Data Lab, Jamie Lane and Bram Gallagher break down July’s performance and explore what’s really driving growth across the STR market. U.S. RevPAR jumped 7.2% in July, with ADR emerging as the biggest contributor, while occupancy also moved into positive year-over-year growth.

The conversation goes beyond the headline numbers to separate the impact of the 2026 World Cup from broader market trends. While World Cup host cities saw significant gains in both rates and supply, the rest of the country also delivered strong rate growth—and supply growth outside host cities remained below 2%. Looking ahead, Jamie and Bram discuss why higher interest rates could keep supply growth constrained, why improving occupancy and ADR could support strong unit-level performance through the rest of 2026, and what changing booking behavior means for pricing strategy.

One of the most encouraging signals for operators is a reversal in the long-running trend toward shorter booking windows. Lead times have increased or held steady for four consecutive months, with coastal markets seeing particularly notable gains. For hosts and managers, that shift could create new opportunities to capture demand earlier and price more strategically.

You don’t want to miss this episode if you’re planning your STR strategy for the rest of 2026.

Key Takeaways

• RevPAR is accelerating: U.S. RevPAR increased 7.2% in July, driven primarily by stronger ADR and supported by improving occupancy.

• The World Cup boosted rates, but it wasn't the whole story: Rate growth was especially strong in host cities, but gains were broad-based across the country.

• Supply growth is likely to remain limited: Outside World Cup host cities, supply growth was below 2% in June and July, with high mortgage rates and expensive real estate continuing to constrain new listings.

• Longer lead times could change pricing strategy: Travelers are increasingly booking further in advance, reversing a years-long trend toward last-minute bookings. Hosts should pay attention to pacing and adjust pricing accordingly.

• The outlook for unit-level performance remains strong: With occupancy trending upward, ADR growth remaining healthy, and limited new competition expected, operators could see continued gains through the remainder of 2026.

  
  

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—————

Connect with Jamie on social media

LinkedIn: https://www.linkedin.com/in/jamiehlane/  

Twitter: https://twitter.com/Jamie_Lane

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Connect with Bram on social media

LinkedIn: https://www.linkedin.com/in/bram-gallagher/

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Connect with AirDNA on social media:

Instagram: https://instagram.com/airdna.co

LinkedIn: https://www.linkedin.com/company/airdna/

Twitter: https://twitter.com/airdna

TikTok: https://www.tiktok.com/@airdna.co

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Episode 192