In an unprecedented technological shift, the use of artificial intelligence (AI) in the short-term rental (STR) sector has more than doubled within six months. Hostaway’s latest AI Report illuminates this remarkable evolution, showcasing a surge from 43% to 70% in AI tool utilization among property managers and owners since November 2023.
This significant uptick reflects a broader trend where STR professionals increasingly turn to AI to enhance operational efficiency and gain a competitive edge. Today, 41% of property managers employ AI for dynamic pricing, 30% use it to improve guest experiences, and 29% leverage it to refine marketing strategies.
Despite the widespread adoption and practical benefits, not all outcomes are unanimously positive. A substantial 31% of respondents reported no reduction in costs attributable to AI, though 35% have experienced significant time savings—equivalent to gaining an additional four workdays annually. This efficiency becomes even more pronounced among managers overseeing more than 26 properties, with 47% acknowledging marked time savings.
The Hostaway report also illuminates the prevalent concerns within the community—65% of users are apprehensive about AI’s impact on genuine human interactions, and 54% remain sceptical of its ability to handle complex guest issues. Yet optimism prevails, with 75% of property managers and owners feeling optimistic about AI’s role in the industry and 61% recognizing it as a pivotal competitive advantage.
Saber Kordestanchi, Co-Founder and Chief Strategy Officer at Hostaway, remarks on AI’s transformative impact, stating, “Artificial Intelligence is rapidly transforming the short-term rental industry. Our latest survey not only tracks this evolution but also helps property managers understand AI’s practical benefits and limitations.”
Hostaway stands at the forefront of this innovation wave, offering advanced software solutions that integrate seamlessly with major platforms like Airbnb, Booking.com, and Vrbo. The company is renowned for its robust features and exceptional customer support, continually enhancing the efficiency and profitability of property managers worldwide.
To further disseminate these insights, Hostaway has made the full 2024 AI Report available for download, providing an invaluable resource for those eager to navigate the complexities of AI integration in the vacation rental market.
As the STR industry marches towards an increasingly digital future, the role of AI appears not just as a tool of convenience but as a cornerstone of strategic innovation that is reshaping how property management operates in the digital age.
Written by: Christine Nguyen
