Where are Short Term Rentals Headed?

[Kenny Smith]

Hello BP Community!

I would love to get some thoughts on where you think the STR market is headed as a whole. I have a few myself, but are considering to move some of them to MTR's to cater to the ever growing travel nursing market, and more importantly, be a little more hands off with our investments.

Do you feel the market is going to get oversaturated with STR's? Are the "golden years" for STR's behind us? OR, do you see more and more consumers catching on and the demand continues to increase? Do hotels go the way of the cabbies when Uber came into the picture?

Looking forward to your responses!

[Desta Sillerud]

Quote from @Dave Stokley:

Yeah I think a lot of places are getting over-saturated. At BPCon in October I honestly think that every single person I met either owned one or was planning to buy one.

Curious where you are seeing evidence that the travel nurse market is "ever growing." My understanding is that that market is actually shrinking as demand abates "after COVID." It doesn't make sense to me why a hospital would pay a nurse's salary AND their cost of living if they could just hire locally, so I feel like long-term this trend will decline. If you google "travel nurse industry" you will find tons of articles about it, with varying outlooks.

I am a nurse myself, and recently picked up a travel contract. I can tell you working in management/ administration for the past 7 years, and now as a travel nurse, I don't see it slowing down. There are not enough local nurses to staff the hospitals, so they are relying on (and budgeting) for travel nurses to fill these holes long term. In talking with administration, their needs have only increased. The needs from even a year ago have gone up over 30% at my facility. Nurses are burnt out and leaving, causing a bigger problem than pre-pandemic. It could very well be area dependent, but it sounds like this is an issue nation wide.