How are everyone's STRs doing right now?

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How are everyone's STRs doing right now?

Bruce WoodruffPro Member
Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes

Thought I would check in again, it's been a few months since someone asked this question. Of my 2, one is pretty full, but it has a nearby attraction that supports it. The other is just dead. One booking next week, but nothing after that, Nothing.

It's not an urgent situation, my cost to hold this property is low, but I am thinking of looking a MTRs, and LTRs. The income would be about the same regardless.

How's everyone else doing....?

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Trent Reeve
Atlanta · Member since 2022 · 706 posts · 634 votes
3y
Quote from @Bruce Woodruff:

Thought I would check in again, it's been a few months since someone asked this question. Of my 2, one is pretty full, but it has a nearby attraction that supports it. The other is just dead. One booking next week, but nothing after that, Nothing.

It's not an urgent situation, my cost to hold this property is low, but I am thinking of looking a MTRs, and LTRs. The income would be about the same regardless.

How's everyone else doing....?


dont go on any STR facebook groups. This question comes up 10x a day easy

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  • Jacob SloopBusiness Member
    Rental Property Investor · Virginia Beach, VA · Member since 2020 · 274 posts · 111 votes
    3y

    Sorry to hear that Bob!   I think perhaps we have hit the over saturation point, and too much inflation, people are tightening the belt

    [email protected]757-235-0369
    Jacob Sloop538 Reviews
    WebsiteView Page
    1Reply
  • Trish Mccoy
    Real Estate Agent · Grass Valley, CA · Member since 2017 · 185 posts · 198 votes
    3y

    Slow... on of my bigger prop country rented for 4 mo - my beach prop which is always book has nothing for Feb or first part of March.   My little ones - some are rented some are not. 

    1Reply
  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    3y

    Mountain cabin in PF if filling up for the year rapidly.

    Lake house is slower right now.

    2Reply
  • Collin Chan
    Investor · Dublin, CA · Member since 2019 · 167 posts · 134 votes
    3y

    Pretty strong.  #1 is 90% booked for Feb and 80% booked in Mar.  #2 is also 90% booked for Feb and 80% booked in Mar.  The open days are all orphan days so will drop the price possibly to fill occupancy.

    The others have less bookings in the 40-50% over that same time frame but they typically book last minute.

    Getting ready to launch another for peak season in a week or so.

    Location Northern AZ.

    1Reply
  • Conner Olsen
    Real Estate Agent · Austin, TX · Member since 2020 · 1k+ posts · 941 votes
    3y
    Quote from @Bruce Woodruff:

    Thought I would check in again, it's been a few months since someone asked this question. Of my 2, one is pretty full, but it has a nearby attraction that supports it. The other is just dead. One booking next week, but nothing after that, Nothing.

    It's not an urgent situation, my cost to hold this property is low, but I am thinking of looking a MTRs, and LTRs. The income would be about the same regardless.

    How's everyone else doing....?

     Cabin in Sevierville is pretty dead. Planning on making more upgrades in the slow season. All the competition is stepping up our game. @John Underwood Glad to know it's just me and it's not the market lol

    1Reply
  • Trent Reeve
    Atlanta · Member since 2022 · 706 posts · 634 votes
    3y
    Quote from @Bruce Woodruff:

    Thought I would check in again, it's been a few months since someone asked this question. Of my 2, one is pretty full, but it has a nearby attraction that supports it. The other is just dead. One booking next week, but nothing after that, Nothing.

    It's not an urgent situation, my cost to hold this property is low, but I am thinking of looking a MTRs, and LTRs. The income would be about the same regardless.

    How's everyone else doing....?


    dont go on any STR facebook groups. This question comes up 10x a day easy

    5Reply
  • John Carbone
    Realtor · Gatlinburg · Member since 2020 · 1k+ posts · 957 votes
    3y
    Quote from @Conner Olsen:
    Quote from @Bruce Woodruff:

    Thought I would check in again, it's been a few months since someone asked this question. Of my 2, one is pretty full, but it has a nearby attraction that supports it. The other is just dead. One booking next week, but nothing after that, Nothing.

    It's not an urgent situation, my cost to hold this property is low, but I am thinking of looking a MTRs, and LTRs. The income would be about the same regardless.

    How's everyone else doing....?

     Cabin in Sevierville is pretty dead. Planning on making more upgrades in the slow season. All the competition is stepping up our game. @John Underwood Glad to know it's just me and it's not the market lol

    I think mr underwood has one of those 2 mil dollar cabins that’s ultra luxury, so not sure on the comparison to overall. 

    Most people I think are down about 20 percent in the smokies. March April  and summer though seem to be booking at higher rates than last year for the larger cabins. 

    1Reply
  • Pete GalyonBusiness Member
    Realtor · Member since 2022 · 32 posts · 23 votes
    3y

    Great discussion, I wanted to throw my hat in the ring based on my personal experience with my STRs. I own 2 in North Georgia (Blue Ridge). One is renting well and booked into March, with occupancy rolling year being 72%. The other is not complete but has a ridiculous amount of equity and projections are better than the first. 

    I've helped MANY clients purchase homes in that area as well as Gatlinburg, Pigeon Forge, Sevierville. As everybody knows, those areas are a little pricier, but even more lucrative with occupancies in the high 80 - 90% Range year after year. I can attest that the STR market is not slowing down (my phone rings constantly) as investors are starting to re-kindle their searches.


    Check my property out... If you have questions, Holler. 

    Click Here to check out my AirBnb

    1Reply
  • Brooklyn McCarty
    Investor · Member since 2022 · 1k+ posts · 754 votes
    3y

    In most markets, it’s slow season right now.

    Totally depends on the market. 
    my places in The Smokies it’s business as usual. My place in Alabama won’t see a guest until late Feb, which is to be expected. 

    2Reply
  • Brooklyn McCarty
    Investor · Member since 2022 · 1k+ posts · 754 votes
    3y
    Quote from @Jacob Sloop:

    Sorry to hear that Bob!   I think perhaps we have hit the over saturation point, and too much inflation, people are tightening the belt

    He also didn’t say what markets he was in and in most places right now, it’s slow season. I don’t necessarily think it’s over saturation. 

    people just spent all their money and PTO on the holidays. Spring break is coming though. 
    1Reply
  • Joel Case
    Rental Property Investor · Ocean Springs, MS · Member since 2022 · 349 posts · 301 votes
    3y

    Opened in October on my beach town STR along the Gulf Coast. I knew that I was opening in slow season which would allow me to work through the kinks before the summer boom.

    October was 32% occupancy

    November was 43% occupancy

    December was 23% occupancy

    January so far has been 10% occupancy

    I am in the process of heating the pool which should boost off-season occupancy quite a bit, so far I have turned away close to $10,000 in bookings as a result of the pool not being heated. Looking forward:

    February has 71% occupancy

    March has 58% occupancy

    So far I am happy with my occupancy coming up as we are still in the slow season and the numbers are strong. My break-even point is somewhere around 35-40% occupancy and in my area peak months are June and July. 

    2Reply
  • Paul Erickson
    Realtor · St Paul, MN · Member since 2022 · 20 posts · 15 votes
    3y

    Hey everyone, I am not all that familiar with any of the regions you guys are located, so my only comments are more anecdotal than specific to your markets or how hot or cold the market is in any of those sub markets. My thought on your short term rental being "dead" right now and looking at migrating to MTR or LTR is a good idea, I would also pose the question, what is your equity position on that property, and would now be a good time to 1031 exchange that property and move on to a property more like your other property to keep the higher rates of return by having 2 similar properties (maybe in the same sub market, where you could maybe reduce your management efforts also in the process by having the same maintainance teams, cleaners, etc. able to service both areas. If you are truly only making MTR returns on your STR property, the property is likely misallocated as STR anyway. if you cannot make more money, i would be trying to reduce your overhead in terms of your TIME. managing your STRs should be taking more effort than your MTRs and the reduced effort makes those a more passive income item where STRs are much more active and your increased rates should be paying you for that additional time.
    We all have different income, different costs, different values, but we all still only have 24 hours in a day, so use it wisely.  

    Sorry this became a rant, but with my investors I always want them to treat their decisions as business decisions and include their hard and soft costs into those decisions and many people undervalue their time. 

    3Reply
  • John Mausteller
    Real Estate Agent · Outer Banks, NC · Member since 2019 · 168 posts · 116 votes
    3y

    My properties in the Outer Banks are slow right now but that is typical and ramping up for a great season ahead.  My mountain properties are doing great.  Winter is typically my slowest season but I still have all the weekends booked.  Competition has increased but I tell my clients there are always ways to set your rental apart from your competition and get more rentals.  

    1Reply
  • Bruce WoodruffPro Member
    OP
    Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
    3y
    Quote from @Brooklyn McCarty:
    Quote from @Jacob Sloop:

    Sorry to hear that Bob!   I think perhaps we have hit the over saturation point, and too much inflation, people are tightening the belt

    He also didn’t say what markets he was in and in most places right now, it’s slow season. I don’t necessarily think it’s over saturation. 

    people just spent all their money and PTO on the holidays. Spring break is coming though. 

     I am in Northern Arizona 

    0Reply
  • Michael BaumPro Member
    Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
    3y

    So as you may or not be aware, our house is on Lake Coeur d'Alene in north Idaho. Right now it is 28 degrees and snowing. It isn't much of a place to visit at this time of year. We are not close to skiing or things like that so this is the time we have no bookings. We probably won't get a booking until April/May.

    Now, our prime time is April to Oct. Weather is great, the bike trail is ready to ride, etc. The lake is freezing cold in April, May and June, but is good to go in July.

    Bookings are coming in at about the normal pace as per usual. We are about 60% full for our season. I will say that we are getting some weird communications from some guests. All AirBNB. Some just take forever to reply to questions. One doesn't appear to get what they are renting. They booked, I approved after talking with them. Then they canceled. Said it was too far from town. We have good info on the sites but people still don't read it I guess.

    0Reply
  • Mark S.
    Real Estate Investor · Saint Paul, MN · Member since 2017 · 543 posts · 474 votes
    3y

    @Pete Galyon You are probably the only owner in Pigeon Forge/Gatlinburg running at 80-90%. I own in that area and know many other owners and no one is running at that level. What is your approach to drive that occupancy rate? Thanks

    2Reply
  • Brian Barch
    Member since 2022 · 272 posts · 253 votes
    3y

    I’m in the N GA mountains, but the quieter eastern side near N/S Carolina.

    We Acquired in late November 22.December was 22 days, January 18, feb at 17 currently. We are very happy with that performance as it’s slow season in my area.

    0Reply
  • Leslie Anne Morris
    Real Estate Agent · Smoky Mountains, TN · Member since 2022 · 1k+ posts · 984 votes
    3y

    Seeing good booking pace now in the Smoky Mountains.  January has been a lot slower than even historical (pre COVID years).  Due to the size of my personal portfolio and property management company I have been assigned an account manager with the Expedia group - VRBO, etc.  I will be working on a blog post to share the findings soon!

    3Reply
  • Mike Shemp
    Rental Property Investor · Stewartsville, NJ · Member since 2016 · 418 posts · 280 votes
    3y

    Outer Banks Cottage is almost sold out until November.

    White Mountains cabins a little slower than last year, but still booking.

    Mike

    1Reply
  • Stephanie Walker
    Realtor · Charlotte, NC · Member since 2023 · 245 posts · 231 votes
    3y

    I manage MTRs in the Charlotte market. Most of them are doing fantastic but we have 2 properties that are located in areas that are over congested with competition. I’m seeing a handful of furnished listings go up for sale on a daily basis. I’m seeing individuals (especially those with arbitrage units) sell off their furnishings on a daily basis. 

    3Reply
  • Loren Clive
    Residential Real Estate Broker · Paia, HI · Member since 2016 · 479 posts · 311 votes
    3y

    Everything is great, raised rents 10% since COVID, going strong on Maui. But it's paradise

    0Reply
  • Eliott Elias
    Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    3y

    Slow this month for me. 

    1Reply
  • Chad McMahan
    Residential Real Estate Broker · Sedona, AZ · Member since 2017 · 751 posts · 504 votes
    3y
    Quote from @Bruce Woodruff:

    Thought I would check in again, it's been a few months since someone asked this question. Of my 2, one is pretty full, but it has a nearby attraction that supports it. The other is just dead. One booking next week, but nothing after that, Nothing.

    It's not an urgent situation, my cost to hold this property is low, but I am thinking of looking a MTRs, and LTRs. The income would be about the same regardless.

    How's everyone else doing....?

    I'm assuming your successful one is the ranch style place with the retreat/getaway experience.
    Have you thought about having a strong STR PM consult on the other one- or selling it? I have a gem of a PM- if you want the details, reach out privately.
    1Reply
  • Ron Brady
    Rental Property Investor · Burlington County, NJ · Member since 2019 · 540 posts · 771 votes
    3y

    Hey Bruce,

    I cannot speak to STR demand as we don't have any. However, we own 3 MTRs and I am in several groups with MTR owners. My sense is that generally MTR is also going through a slower point now. We're seeing that in one of our properties. We presume its seasonal but we've not done this long enough to be sure. Worth considering as you try to decide how to weather your current STR situation. Best wishes.

    1Reply
  • Pete GalyonBusiness Member
    Realtor · Member since 2022 · 32 posts · 23 votes
    3y
    Quote from @Mark S.:

    @Pete Galyon You are probably the only owner in Pigeon Forge/Gatlinburg running at 80-90%. I own in that area and know many other owners and no one is running at that level. What is your approach to drive that occupancy rate? Thanks


    0Reply
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