Happy Friday!
It’s been a while since we posted a piece of industry news, but we are thrilled to announce that we will be providing you with an industry news blog every Friday. We mean it, EVERY Friday. So, let’s dive into it.
Friday vibes are in full swing here at OwnerRez, and so is our excitement for the new unified inbox we released last week. Have you had a chance to check it out? Discover the remarkable features that make it stand out—find out more here.
Hawaii is heated this week, and we aren’t talking about weather conditions. Hawaii short-term rental operators are facing an uncertain future, causing travelers to worry about their upcoming accommodations. Hawaii’s vacation rentals have been experiencing a decline in occupancy at 52%. To make matters worse, Maui County is considering shutting down 7,000 vacation rentals, specifically ones in apartment-zoned areas. Visitors are already adjusting plans and booking hotel stays due to the uncertainty of vacation rentals. Hotels are stoked and enjoying the wave of increased bookings (no surprise there), while many short-term rental operators intend to ride out this wave. In an effort to entice visitors, some operators are decreasing their rates, while others are standing firm in hopes that they will stay in business. The County Council is currently reviewing a 2024 economic impact study, which has yet to be released to the public. While the results of the study are being considered, the proposed bill is on hold.
Speaking of waves, let’s discuss the tsunami of AI-powered travel trends and the future of vacation rentals. While some hosts are experiencing a drop in bookings, others are flourishing by adopting AI-powered tools. An Arizona-based boutique mini-resort achieved a 90% occupancy rate in its early months by implementing AI-powered pricing strategies like “Name Your Price” and “Price Alert”. The owner of this boutique resort claims that operators using direct booking strategies and AI-driven tools are outperforming the industry average by 20%. So, what AI tools are fueling this smart-bot tsunami? Tools such as 24/7 virtual concierge, dynamic pricing, AI gap scheduling software, and AI scheduling software for housekeeping. Seem like a bit much here? After all, we are in the hospitality business, and AI will never replace genuine hospitality. However, we can agree that artificial intelligence is simply enhancing the business. This article claims that hosts integrating AI are boosting revenue by 15%. That’s a plus! Are you riding the AI wave? It looks like most OwnerRez users are already halfway there because the vast majority utilize one of our dynamic pricing integrations. Let us know in the comments how you’re implementing AI in your business.
Check back next Friday for another industry news update!
