Latest / STR Unpacked / The STR Story Nobody's Telling
Transcript
- Ben: Good morning and welcome to your short term rental bulletin. So two weeks today, the EU's biggest short term rental regulation in history goes live. And every headline you read is going to be about Barcelona, Amsterdam, fines, crackdowns and the death of the industry in general. But I wanted to have a look today to see if there was a little bit of a glimmer of hope if there was a bit more of a positive story that I could find emerging from it. And I think What I found is while everybody's looking at Southern Europe generally, I think the best thing to do is actually look at Northern Europe. So Norway, for example, revenue is up 68 % year on year and listings are up 27%. So that's the highest growth on the continent. Switzerland luxury demand is up 14 % and premium pricing is holding. In the UK, Airdna's Rohit has said himself at the short stay summit last month that summer pacing is up 15 to 16 percent in demand. Poland is up 37 percent. Czech Republic 30 percent. Belgium and Germany are up 24 percent. None of these markets are doing Barcelona style license phase outs. None of them are banging in the entire unit let's. Most of them aren't even in the EU framework it kicks in on the 20th. So The story beginning to be sold as short term rentals dying in Europe, I would argue that the data says the opposite. The market is growing and it's just growing in places that aren't trying to kill it. So when the new regulation kicks in, ask yourself one thing. Are you reading the story or are you reading the data? That's your short term rental update and I'll see you tomorrow.