Hostaway
Hostaway has published an AI Report

Hostaway publishes 2024 AI Report findings

Canada: The number of short-term rental property managers and owners using artificial intelligence [AI] tools has more than doubled in just six months, according to new research by vacation rental property management software platform Hostaway.

AI use among property managers and owners has climbed 63 per cent since November as the AI revolution took hold, according to Hostaway’s AI Report, which provides an in-depth analysis of artificial intelligence adoption within the STR industry.

Other top findings include:

  • Increased AI adoption: A significant rise in AI usage has been noted, with 70 per cent of respondents now using AI tools, up from 43 per cent in November 2023. This marks a pivotal shift in the industry’s approach to modern technological solutions.
  • Strategic AI applications: Property managers are deploying AI for dynamic pricing [41 per cent], enhancing guest experiences [30 per cent], and improving marketing strategies [29 per cent]. These applications are proving essential for operational efficiency and competitive advantage.
  • Time and cost efficiency: While 31 per cent of respondents have not observed a reduction in costs due to AI implementation, 35 per cent reported substantial time savings, equivalent to four additional workdays per year. This figure increases to 47 per cent among those managing over 26 properties.
  • Prevalent tools and concerns: The most widely used AI tools include both the paid and free versions of ChatGPT. Despite the advantages, 65 per cent of participants expressed concerns about AI’s ability to foster genuine human connections, and 54 per cent were sceptical about AI handling complex guest issues.
  • Optimism about AI’s future: Overall, 75 per cent of property managers and owners are optimistic about AI, with 61 per cent recognising it as a competitive edge in the marketplace.

 

The report aims to offer STR managers and owners a valuable perspective on how peers are leveraging AI to streamline operations, improve guest experience and enhance profitability. It addresses common concerns and highlights areas where AI may not fully replace human interaction, particularly in managing nuanced customer relations.

Hostaway surveyed 500 property managers and owners, revealing critical data on the integration of AI technologies in their operations.

Saber Kordestanchi, co-founder and chief strategy officer of Hostaway, said: “Artificial intelligence is rapidly transforming the short-term rental industry. Our latest survey not only tracks this evolution but also helps property managers understand the practical benefits and limitations of AI.

“As leaders across the vacation and short-term rental sector, we’re committed to equipping our customers with the tools they need to succeed in a digitally driven market,” he added.

In December 2023, Hostaway released a trends report highlighting that property management companies with portfolios under ten properties were lagging behind their larger counterparts when it comes to AI adoption.

To download Hostaway’s 2024 AI Report, follow this link.

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