Short-term rental operators run networks of professional Airbnb stays, providing accommodations with hotel-like amenities and trendy decor to tourists and business travelers.Join BI PrimeThe short-term rental industry has seen two big trends during the pandemic: a collapse in demand leading to liquidity challenges for urban operators, and a surge in demand for rural properties.
But with some downsizing their portfolios, landlords have been eager to offload those properties to other operators with experience running a short-term rental business. Surviving players say that's creating an environment where they can scoop up new locations to bet on an eventual comeback in urban-focused travel.
"We view the next 12 to 18 months as a really great time to grow," Davidson said. Sonder has been able to bring back over 100 employees since slashing staff at the height of the pandemic, he said. Brian Ferdinand, the CEO of CorpHousing Group and SoBeNy said that the company has actually doubled the number of units it operates since the start of the pandemic, with potential to grow even larger because of partnership deals it has signed with 26 different landlord partners.
Guesty's software helps short-term rental operators big and small manage their properties, acting as the digital connection between operators, guests, and the marketplaces like Airbnb that they operate on. As a result, the company has a close view on operators' inventory, pricing, and occupancy. Ferdinand said that CorpHousing Group is continuing to focus on urban markets because they are operationally easier to run at scale, and because he expects their original strategy to hold true after a recovery.
To be sure, with money likely to still go out the door, the firms also had to think of firming up their balance sheet.
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