Is the Short-Term Rental Industry Moving to This?

In this video, Matt reacts to the statement that there is only one way for short-term rentals such as Airbnb to be successful in 2024. Like most absolute statements, Matt disagrees and gives his opinion.

There are tons of people out on social media giving business advice. Some of it is good advice, but most of it isn’t good. In this series watch CapForge’s owner react to different advice videos. He’s an expert in all things business and has 20+ years of experience under his belt. Some of the things he reacts to might even surprise you!

Video Transcript: 

Business Advice Video: 

This is the only successful short-term rental play in 2024. The new generation of renters, short-term renters, is looking for that experience. Whether it be a tiny home whether it be a glamping site. Look at the location that you’re in. Let’s say if you’re in Nashville with the Dolly homes. Or let’s say you’re in Orlando with the Disney theme. Try to take that particular property that you own or trying to buy and convert it into something novel for the place that you’re looking to invest.

Matt’s Review:

I hardly say that’s the only strategy in 2024 that’s gonna work. There is something to being novel and unique and having an offering that’s differentiated from what the rest of the market has. But I would hardly again say that’s the only way to do it. There’s tons of people who want a regular three-bedroom two two-bath house because they have two kids and they need some space. And they don’t wanna be in a tiny home. And they don’t wanna be glamping. And they don’t want it covered with Mickey Mouse stuff. There’s space for everybody. But I think the point could be that if you differentiate what you’ve got, you’re more likely to figure out a target market that you can go after and capture more effectively than somebody with a generic offering. So take that for what it’s worth. But anytime somebody says this is the only or the best or the way to go, I’m always a little skeptical. Cause there’s just so many different things you can do that it’s very rare that there’s only one best way to do anything.