2024
[Credit: Tim Mossholder on Unsplash]

2024 STRz resolutions: What industry leaders are saying

Worldwide: As we move into a new year, industry leaders from across the global short-term rental segment offer their professional resolutions for 2024, as well as their insights into how the space needs to adapt to move forward in the next 12 months.

Simon Lehmann, co-founder and CEO, AJL Atelier: “As we enter 2024, I, Simon Lehmann, commit to driving sustainability and innovation in the vacation rental industry. I pledge to embrace eco-friendly practices, leverage AI for exceptional guest experiences, excel in revenue management, create added value for guests and property owners, and cater to the needs of digital nomads and remote workers. Together, let’s shape a future where vacation rentals are synonymous with sustainability, excellence and adaptability.”

Rebecca Cribbin, founder and CEO, Holiday Rental Specialists: “When I reflected on my 2023 and thought about all the fabulous things that I’d done and what I had achieved, I was pretty proud of myself, it was a great year. So, I decided to make my new years resolution just one thing. BE BETTER. I am going to work every day to be better. A better mother, partner, friend, entrepreneur, boss and philanthropist plus to generally be better to myself and my wealth health and mindset. It sounds simple as its only two words, but it encompasses everything. My mission – Be Better.”

Marc Ribail, founder and CEO, QALIA [Ethical and Responsible Tourism]: “Here are three of my resolutions at QALIA: 1) Advocate that responsibility leads to sustainability for all stakeholders; 2) Seek collaborations as a key solution to positive impact; 3) Practise gratitude through meaningful contributions to those in need upon clients’ success and company milestones.”

Annie Holcombe, director of business development US & Canada – Homes & Villas by Marriott Bonvoy: “The resolution I think the industry needs is to work to bring STR and VR together as a more unified group. STR doesn’t think VR is modern and adaptive enough and VR thinks STR is not hospitality focused or professional enough. We can learn from each other and be stronger for it.”

Ivan Marenco, VP travel partners non-air & vacation rentals, Despegar: “We see that by 2024, the accelerated professionalisation of the market will continue, especially in regions that are still lagging behind, such as Latin America. This is very positive for sustaining the growth trend and adoption of this type of accommodation by travellers. It will be crucial to stay vigilant regarding any developments in terms of regulation, but it is not clear which direction governments will take.”

Marie Pistinier, president, SPLM: “If I could express a few wishes for our vacation rental industry, I hope that regulatory policies for short-term rentals will be crafted thoughtfully and in collaboration with stakeholders rather than at their expense. It is crucial that real data, encompassing housing numbers, job creation, taxes and incomes, is fully considered. Furthermore, I aspire to witness more industry players wholeheartedly embracing sustainability practices, thereby contributing to shaping a more environmentally conscious future for our sector. And last but not least, let’s ensure that we continue to have fun whenever we come together.”

Pierre-Camille Hamana, founder and CEO, Hospitable: “Hospitable has already managed to remove the need to send the same message manually more than once. One of our resolutions for 2024 will be to increase the usefulness of AI in our product so that every automated message is also personalised to the specific guest and their stay so that no two messages are the same and the guest experience is enhanced, without any setup required by hosts.”

Mahwussh Alam, co-founder and CEO, One Perfect Stay: “Today, there is more than ever, a need to have more diversification within the holiday home industry across the world. It’s time we get honest about what’s working and what’s not. Almost nothing in the disruptive space is sticky and that is what’s needed the most to keep any business healthy. One Perfect Stay’s 2024 vision is all about navigating the global hospitality scene with a dynamic approach. We’re diving into a hybrid model—scaling unit management in the Middle East, securing prime real estate in Barcelona and Rome on master lease, and building solid community living through a ‘build to rent’ model. In a $4.7 trillion industry with a seven per cent CAGR, adaptability is key. At OPS, we’re staying agile, pivoting strategically, and shaping the authentic narrative of alternate hospitality.”

Steve Davis, CEO, Operto: “2024 will be filled with considerable M&A activity, and PE / venture money flowing towards operators who are growing efficiently despite broader macro-headwinds. “The Great Consolidation” will pick up considerable steam over the next 12-18 months, both for property management companies swallowing up smaller operators, and smaller technology providers running out of funding runway. Buckle up, it’s going to be a very interesting year!”

Justin Panzer, vice president marketing, TravelNet Solutions: “In 2024, Track will not only introduce new innovations to the short-term vacation rental industry; we’ll continue on a shared journey of transformation and growth with our customers. I’m dedicating myself and my team to share resources, insights, and strategies that complement our technology, empowering our customers to elevate experiences for guests, employees, and owners. We’re committed to co-creating a future that redefines what’s possible in our dynamic space.”

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