AirDNA just published their first-ever Short-Term Rental Investor Survey, polling over 650 investors. Here are the most interesting charts:
This relates to two findings we’ve been talking about for a while: overall purchase sentiment is uncertain, but acquisition intent rises with portfolio size.
The small operators are hesitant. The experienced ones are still buying. And the investors who are buying aren’t rushing, they’re doing it slowly and deliberately.
This one’s really interesting. The top constraints for buying a STR depends entirely on where people are in their journey:
- Investors with 1-4 properties say price is the biggest barrier.
- At 5-9 properties, it’s rising operating costs.
- At 10+ properties, it’s regulations and market competition.
Financing tells the same story. The majority of investors with one property use a conventional mortgage. But there’s a sharp rise in creative financing (DSCR loans, portfolio loans, seller financing) as portfolios grow.
This tracks. Conventional loans get harder to qualify for after your third or fourth property. Investors who keep growing have to get creative. And the fact that DSCR loans show up so prominently tells you the lending market has matured alongside the investor base.
Over 50% of first-time investors have less than $100K allocated for down payment + setup costs + reserves. Expect more new competition at the lower end of the market, because that’s what most new entrants can afford.
Coastal and beach markets are the single most popular market type in the survey. If you operate in a beach market, you already know it’s competitive. This data says it’s not slowing down.
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