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5/18/20 STR Industry Rundown
STR Bookings Pick Up + Other New Trends

Here's What You Need To Know Today

  • 📊New Data released by Airbnb shows doubling of staycations & last minute booking trendsAirbnb says 65% of their bookings are now made within 1 week of check-in, which is an increase of ~100% since the start of Covid-19. Additionally, Airbnb also reported that since the pandemic began, the percentage of people booking nearby stays has more than doubled from 13% to 30%. Here is the full recap of Brian Chesky's 18 minute Host Update from May 13th, where he also answered questions about the upcoming Cleaning Program.
     
  • 💸The PPP loan forgiveness application has been released by the SBA. The guidelines provide more clarity for business owners on what portion of the loan with be forgiven. If you took the PPP loan or are considering applying, I would highly recommend reviewing the application with your accountant.
     
  • 🤑Airbnb is fixing their massive travelers' insurance problem that was exposed during the Covid-19 crisis. Airbnb has hired Tara Bunch, the executive that was in charge of Apple Pay Insurance, to head Airbnb's operations. This decision is leading many industry experts to speculate that there will be a revamp of insurance options and enforceable cancellation policies to come on Airbnb's platform. In the meantime, Airbnb has also announced they are partnering with reputable travel insurance aggregators to make it easier for guests to consider travel insurance. 
     
  • 📈New data from Airdna.com shows there has been a steady increase in new Airbnb bookings since hitting the bottom the week ending April 19th. The data also shows that 11.4% of Airbnb's listing inventory has been removed since the start of coronavirus. 

Other Vacation Rental News
  • ✈️Airlines have begun to layout their reopening plansAs lockdowns loosen, Airlines are plotting a path out of hibernation, reformulating routes and services, and balancing safety protocols with the challenge of convincing passengers to board the enclosed space of an aircraft in the midst of a pandemic. The bottom line is that air travel will be more difficult than ever for at least the next year. All the more reason to bet on staycations and close-by stays.
     
  • ☀️Florida has finally taken initial steps to remove their unfair state-wide ban on vacation rentals. Starting Monday, vacation rentals will be allowed to host guests again if DeSantis' administration gives the stamp of approval, the governor said during a news conference in Jacksonville. Counties will be able to submit vacation-rental reopening plans to the Florida Department of Business and Professional Regulation, which will have to sign off on the proposals. DeSantis allso mentioned that if VR companies won't be allowed to host New Yorkers
     
  • 🤔🇫🇷 France is building an online booking platform to compete with Airbnb and Booking.com. The initiative is part of government-led stimulus package to revive tourism in one of the world’s top destinations as hotels, restaurants, theme parks, and tour operators are among the hardest hits by lockdowns and restrictions to fight the global coronavirus pandemic.
     
Have a great week,
James von der Lieth

 
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