Our global property manager survey 2023 has landed! What better way for short-term rental property managers to understand strategy & sentiment than from their peers?
Below we share a few highlights on booking revenue, data benefits and technology adoption. Click to view the full report where we dive into performance, distribution, technology, services and sentiment surrounding operation, regulation and sustainability.
Booking revenue growth exceeds expectations
The biggest global take home is that booking revenue throughout the course of 2022 far exceeded expectations set by PMs in our survey from last year (79% growth over 35% expected). This has led to a more ambitious expectation of 97% growth in 2023.
Interestingly, when drilling down into different PM segments, there are differences. Growth is greatest in North America (both achieved in 2022 and expected in 2023), and lowest, but still significantly positive, in Latin America. Latin American PMs did see the most inventory growth through 2022 however, so could be in for a step up in revenue through 2023. By market type, rural and particularly coastal property managers found their revenue growth to be greatest. Furthermore, increases also generally grew with the number of properties managed.
Crucially, all experienced and expect positive revenue growth over 2019.
Global property manager survey 2023: Revenue increases with data adoption
Now on to a compelling statistic for those engaging with data to shape their strategies.
Our survey found that property managers using a data provider experienced 85% revenue growth on average through 2022 compared to just 49% for their non-adopting counterparts. This goes some way to explaining our additional finding that 60% of survey respondents plan to increase their utilization or spending of data in 2023.
There are strong correlations between short-term rental revenue growth and data usage, and also rate update frequency, making both crucial to PMs.
If you’re unsure of how to make data work for you, you’re in the right place! Click here to learn about our solutions.
Tech adoption is increasing
Once again, the proportion of property managers adopting or considering the adoption of ‘fundamental’ technology has increased.
While last year, an average of 74% of respondents were using or planning to use PMS, channel manager, keyless entry, dynamic pricing and data providers, this year that number has grown to 80%.
Keyless entry systems have seen the biggest uptick; just under half of PMs used them last year (49%), which is up to 64% this year. They even overtake dynamic pricing in terms of adoption, which has also grown. This is followed by data adoption, which has seen a 17% increase year on year. Data providers were used by just 13% of PMs in our 2019 European survey, however, they are now used by 48% of vacation rental property management companies globally.
Global property manager survey 2023
Our 2023 report follows on from our 2022 survey and our recent blog on previous survey trends where you can see historical data.
So there you have 3 highlights from the full survey of 175 short-term rental property managers. Below you can click to access more insights that will help to inform you on strategy and sentiment as we continue into 2023!