Airbnb and Vrbo owners should brace for 2023. There's more competition than ever and hosts will have to work harder to stay booked.
Economist Jamie Lane says that if Airbnb or Vrbo hosts over the past two years were able"to operate on autopilot," then 2023 is the year they should"turn that off." according to a 2023 outlook released today by short-term rental analytics firm AirDNA
The interest in short-term stays will still be there, according to the report. Hosts, however, might expect to cut nightly rates to keep the same occupation numbers as last year or see a small drop in revenue compared to 2022, Lane said. but it is certainly the end of the road for investors who were looking to get-rich-quick in the post-vaccination travel boom.
Lane says Gatlingburg, Tennessee is a"poster child" for the expected phenomenon — a pandemic hotspot whose blistering growth is expected to cool off. Supply is not expected to keep up with that astronomical pace, Lane says, as rising interest rates deter investors from acquiring new properties. The barriers to international travel that persisted through 2021 and strong U.S. dollar exchange during 2022 kept the number of foreign visitors suppressed, Lane explained, but there are signs they are finally returning.
Instead, his team expects consumers to pull back on"goods," like furniture and cars, but still put their money towards"experiences."
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