NEW YORK – AirDNA is the world’s leading provider of short-term vacation rental data and analytics, tracking the daily performance of over 10 million listings in 80,000 markets globally on Airbnb, HomeAway, and more. One of the founders, and AirDNA CRO, Tom Caton, has worked throughout Europe, Asia, and the U.S., bringing a global perspective to AirDNA, sharing the insights that big data on short-term rentals can bring to the travel, hospitality and PropTech industries in emerging markets. He shared his thoughts on the short-term vacation rental market in a recent interview.
When asked about the rising market for short-term vacation rentals and the market review for 2018, Caton said, “In Greece, the total number of Airbnb (Entire Home) and HomeAway listings increased significantly (24% YOY November 2017 – November 2018) while the occupancy rate has shown growth (+1%) country-wide.
“Over 55,000 Airbnb hosts in Greece had at least one reservation day in the last year. Over 30% of hosts manage 2 or more properties, but just 1.3% manage 10 or more listings over the country.
“We expect to see an increase in multi-listing hosts as property managers compound on their hospitality experience and utilize technology to professionalize, take on more listings and provide higher-quality service.”
Asked if the rise is going to continue and about the challenges this market is going to face in the next few years, Caton said, “One of the most evident trends in the evolution of the vacation rental industry in Greece is the professionalization of hosts. With so many accommodation options in Greece, travelers will increasingly expect a property that can offer them a unique experience at a lower price. And, with competition rising, the race is on to provide the highest quality service for guests whilst ensuring the highest financial returns for property owners.
“The main challenge for vacation rental managers will be to optimize their costs while adapting to customer expectations thus ensuring the highest occupancy rate possible. We see this in many markets – as nightly rates go down outside the summer months, to keep the same level of revenue, vacation rental managers will have to work on increasing occupancy to ensure the same rate of returns.”
The sharing-economy market offers many opportunities both for individuals and businessmen. When asked why is it worth cooperating with AirDNA, Caton replied, “As W. Edwards Deming says, ‘Without data you’re just a person with an opinion.’
“AirDNA helps hosts, property managers and investors make the most of the short-term vacation rental market. By collecting data on 10+ million vacation rental listings in 80,000 markets worldwide, our data services empower both individual and businesses to analyze easier, invest wiser, list smarter and succeed faster.
“Vacation rental managers across Europe use AirDNA data to optimize their listings, increase revenue and grow their businesses. Instead of having to ‘go with their gut’ or manually trawl through Airbnb and other booking sites for information, property managers can use AirDNA’s MarketMinder tool or raw data products to predict and demonstrate property performance, improve pricing strategies and map key success factors in the regions in which they operate.”
AirDNA is the word leader for inside data from platforms such as Airbnb and HomeAway. Among the other services it offers for individuals and businessmen in hospitality sector of the Sharing Economy market, Caton noted, “Individuals and smaller companies that manage less than 10 vacation rentals typically use AirDNA’s online interactive dashboard MarketMinder. Here are some of the ways in which property managers rely on MarketMinder:
- Pricing and Occupancy
Using monthly performance data segmented by size, location and percentile of properties, vacation rental managers can adjust pricing to improve property performance in the future.
Reading the seasonality calendar, they can see how demand changes daily, measure the impact of events on the market, and leverage this information to better optimize prices.
- Top Properties
The city map allows their analysts to easily compile the top-earning properties in each area and better understand the key success factors in a given neighborhood.
- Revenue and Rental Analysis
This feature illustrates how supply and demand is changing over time, allowing them to predict future pricing trends and advise clients on the best markets to invest in a short-term rental.
Larger vacation rental management companies utilize AirDNA’s raw data services (Property Performance Data and Raw Data Feed), which provide property-specific historical and future performance metrics (e.g. occupancy rate, revenue, average daily rate, etc.) for Airbnb and HomeAway properties in a given area.”
When asked if AirDNA is a platform only for individuals and businessmen in hospitality sector of Sharing Economy market or if hotels can also work with it, regardless of their size, Caton said, “In fact, we have an entire report designed specifically for tourism boards and hotels. We work with the likes of Marriott, Hilton and Accor to help them better understand how the short-term rental market is affecting their bottom line.
“Similar to the STR reports for the hotel industry, the AirDNA Trend Report allows hospitality professionals to see the changes in the Airbnb market YOY, and includes data on the number of listings, revenue, Revenue Per Available Rental (RevPAR) occupancy rate and day of the week.”
About what we can expect from AirDNA at the first BnB Guest Conference in Athens, Caton said, that the company “will be enlightening vacation rental managers and hosts on how to optimize their listings, acquire new properties, and adapt to market changes in the hospitality sector across different markets in Greece.”
More information about AirDNA is available online: airdna.co.