Key insights and takeaways from the STRz Summit 2025

UK: The third STRz Summit returned to London on 5 November, bringing together senior leaders, policy specialists, investors, operators and technologists from across the global short term rental sector. Held at the Bankside Hotel, the event explored the forces shaping performance, regulation, capital flows, operating models and traveller behaviour.

Across the day, a clear message emerged. The industry is maturing. Rules are becoming clearer, booking windows are shortening, operating costs are rising, and technology is now central to day to day performance. Here are some key insights from the 2025 Summit.

The State of the Short Term Rental Market: What now and next

Moderator: Sally Henry, VP of business development, EMEA, Key Data

Opening the day, Sally Henry provided a data rich review of global performance trends, drawing on real time reservation metrics from Key Data’s network of more than 15,000 property managers. Her session set the tone for the Summit, grounding discussion in how demand, distribution and traveller behaviour have shifted over the past year.

Henry explained that Europe has emerged as the most stable region in 2025, while markets in North America and Oceania continue to recalibrate. She also highlighted the increasingly late nature of bookings and the pressure this places on pricing decisions and owner expectations. Henry closed with practical guidance for operators, including building late booking playbooks, adjusting owner communications, monitoring supply trends weekly and maintaining a balanced channel strategy.

Key takeaways:

• Europe is leading recovery. Occupancy and ADR are rising steadily, delivering an eight per cent uplift in RevPAR year on year. North America remains flat as oversupply conditions unwind.

• Booking windows keep shrinking. Twenty three per cent of European bookings now take place within seven days of arrival, significantly up on pre pandemic patterns.

• Distribution patterns are shifting. Airbnb and Booking.com are gaining share, even in previously direct heavy markets, while direct bookings have slipped slightly across most regions.

• Events create volatility. The Paris Olympics showed how a surge in supply can outpace demand. Operators in some districts saw rates fall sharply and revenue drop by up to 24 per cent during the event period.

• International travel trends matter. US outbound travel remains significantly above 2019 levels, supporting performance in Europe and other long haul destinations.

The Bigger Picture: How real estate, investment and urban trends will shape STRs in 2026

Moderator: George Sell, Editor in chief, International Hospitality Media
Speakers: Dr Joseff Vollmayr (Limehome), Maxime Leufroy Murat (CityRelay), Valentina Shegoyan (Opreim)

The second session turned to the forces reshaping urban STR markets. Investors, operators and advisers explored how planning frameworks, conversions, capital availability and technology are influencing strategies across Europe’s major cities. The discussion highlighted the growing gap between platform led operators and smaller independent players, as well as the rise of office to short stay conversions. The panel agreed that the most successful urban operators are those who pair strong operating systems with data led underwriting and a clear understanding of local planning dynamics.

Key takeaways:

• Platforms continue to outperform single asset strategies. Scaled operators with strong systems and predictable cost structures remain more attractive to investors. Single assets cannot rely on cap rate compression, making underwriting more difficult.

• Regulation is improving investment quality. Cities with established frameworks, such as Madrid, Valencia, Amsterdam and Barcelona, remain highly investable. Clear rules often support both pricing and long term planning.

• Office to short stay conversions are increasing. Across continental Europe, redundant retail and office space is being repurposed into apartment style hospitality. Where the structure allows, these projects can move faster than hotel conversions.

• Hotel margins remain tight. In countries such as Germany, operating costs have risen faster than ADR since 2019. By contrast, many STR platforms report lean cost bases due to automation and centralised operations.

• Stay patterns continue to shorten. Operators are adapting to later demand and more frequent short bookings. Some pursue a pure short stay model, while others incorporate mid term stays to meet planning conditions.

STRs Under Pressure: Regulations and predictions for 2026

Moderator: Priya Khaira, Editor, Short Term Rentalz
Speakers: Moriya Rockman (Smiling House), Charlie Reith (Expedia Group), Nadia Milligan (Keystone Law), Scott Leggat (Inhabit)

Regulation has become one of the defining issues of the sector, and this session brought together legal, advocacy and industry voices to unpack how policy is evolving and what operators should expect in the year ahead. The tone was frank, reflecting both the speed of regulatory change and the uneven enforcement landscape across global markets. The panel encouraged operators to take a more active role in advocacy and to prepare for a regulatory environment defined by greater visibility and more coordinated oversight.

Key takeaways:

• More regulation is coming, and quickly. Policymakers are introducing measures at pace, often in response to housing pressure. The STR sector remains fragmented compared with hotel industry advocacy.

• Tax is becoming the sharpest pressure point. UK examples included higher council tax liabilities and tightening rules around business rates relief.

• Registration is the beginning, not the end. National schemes will provide consistency, but the real influence will come when local authorities use the data to adjust planning, enforcement and taxation.

• Housing politics drives regulatory severity. Markets where housing affordability is a leading political issue tend to adopt faster and stricter restrictions.

• Professionalisation will determine resilience. Clear documentation, compliance systems and health and safety standards will be essential as enforcement increases.

CEO Question Time

Moderator: Nam Quach, Managing Director, DC Advisory
Speakers: Gregory Sion (Pierre and Vacances), Steve Schwab (Casago), Matthew Price (Awaze), Tim Gunstone (HotelPlanner)

The CEO panel provided a candid look at market sentiment, growth priorities and the realities of leading large organisations through a period of economic and regulatory change. While the outlook differs by region, the leaders struck a broadly positive tone. The discussion underscored that the industry is not slowing down, but maturing. Investing in people, brand trust and efficient operations will remain central to sustainable growth.

Key takeaways:

• Market sentiment is cautiously positive. Conditions are described as strong overall, with some patchy performance depending on geography and asset type.

• Growth must be profitable. Capital allocation, asset light structures and disciplined M&A are now central to expansion strategies.

• Guest experience remains fundamental. Memorable stays and personalised service continue to drive repeat business and long term brand strength.

• AI supports teams rather than replacing them. The most effective applications involve analytics, rapid response and operational consistency.

• Culture becomes harder to protect at scale. Fast promotion, clear values and training for new technology are increasingly important.

New Rules of Travel: Behaviour shifts, airlift challenges and the modern traveller

Moderator: Eloise Hanson, Editor, Hospitality, IHM
Speakers: Eva Satkute Stewart (GSIQ), Sandrine Zechbauer (RMS), Alex Grant (Travel Curious), Olivier Ponti (ForwardKeys)

Traveller behaviour continues to evolve and this session explored how choices are being shaped by airlift availability, value perceptions, motivations and the growing importance of curated experiences. The panel agreed that the notion of a single modern traveller no longer applies. The panel encouraged operators of all sizes to think beyond the property and consider how the full trip can be shaped, packaged and communicated.

Key takeaways:

• There is no single modern traveller. Motivations range from wellness and culture to adventure, events and multigenerational travel.

• Experiences now influence both choice and loyalty. Guests expect accommodation brands to curate itineraries and in stay moments.

• Airlift is a vital constraint. Limited aircraft availability and route rationalisation are placing destinations in increased competition for capacity.

• Value seeking behaviour remains strong. Travellers are mixing low cost flights with higher quality stays and shifting to shoulder seasons or better value markets.

• Data needs to be connected. Operators who merge market insights, airlift trends and PMS data can forecast and package more effectively.

Attendee testimonials: 

“I have attended 40 industry events over the past year, this was by far one of the top events I have attended.  All of the presenters were excellent and well qualified as was the audience.” – Scott Leggat, director of government affairs and advocacy, Inhabit.

“It was an absolutely brilliant event, flawlessly organised, packed with great content, and full of wonderful people. I left with lots of new ideas and learnings, and it was fantastic to meet so many engaged attendees.” – Eva Stewart, partner, GSIQ.