Updated on August 29, 2024
Short-term rental (STR) owners are often portrayed as greedy investors snapping up several properties, absentee hosts who allow raucous parties, or villains who otherwise have no regard for local communities.
These misconceptions couldn’t be farther from the truth; new data brings this to light.
Statistics from the 2024 State of the Short-Term Rental Industry Report reveal the real people behind the properties: Two-thirds of STR owners have just one property. Four in five use their short-term rental personally for part of the year. About 9% of owners purchased or built their STR properties as homes to live in when they retire. An overwhelming 94.6% actively support local businesses through referrals, personal recommendations, and purchases.
The following profiles of four STR owners bring these numbers to life. Their stories reveal individual homeowners deeply connected to their properties and communities. They are not faceless corporations but people who invest in their local areas, use their rentals as personal retreats and remote offices, and prioritize the well-being of their communities. Their stories highlight the human side of short-term rentals, showing that these owners are far from the profit-driven caricatures often portrayed. Instead, they are responsible stewards of their properties and active contributors to the local economies and communities where they operate.
A memorial to a lost love
Just two months after Debi Schwartz and her husband, Dale, purchased a historical property in Spokane, Washington, he passed away suddenly and unexpectedly.
Debi transformed her grief into a labor of love, channeling her energy into completing their shared dream – renovating the 100-year-old guesthouse on the property, originally the groundskeeper’s home, into a charming two-bedroom, two-bath cottage.
Debi relied on a close-knit support system, including a local handyman and her housemate, to manage the renovation while she traveled extensively for her job as a clinical informaticist. The renovation became a healing process, allowing her to create something beautiful to share with others amidst her personal loss.
Today, Debi runs the idyllic cottage as a short-term rental while living in the main house. She uses the fruits of her labor to support her local community. She partners with a local cleaning business and recommends neighborhood eateries and specialty markets to her guests.
One of her favorite connections is with a nearby cider house, where she donates apples from her property’s orchard, adding a personal flavor to the cider produced there.
In doing so, she has also become part of two of the largest communities in STRs: the two-thirds of owners with just one STR, and the near 100% who support local businesses.
Reflecting on the accomplishment of their shared dream, Debi believes Dale would be proud of her. “He was always so encouraging,” she says. “It feels good knowing he would be impressed with what I’ve done.”
A home for retirement
In 2019, Peggy Norton and her husband purchased their Poconos home – a foreclosure in dire need of renovation – with the long-term goal of making it their permanent residence after retirement, two of the 9% of hosts who short-term rent for this future goal.
“We always liked the Poconos and fell in love with the community,” Peggy said. “We like to do kayaking, and there are lakes in the community that we’re in.”
They have since invested considerable time, effort, and resources into transforming it into a beautiful retreat, adding new siding, a roof, and air conditioning.
“We completely gutted it,” Peggy said.
Part of reaching their long-term goal involves temporarily renting the property to guests while raising funds for upgrades and maintenance.
“We were never looking to make a killing; we just wanted to break even,” she said.
The couple plans to make this house her permanent home, moving from New Jersey once her youngest child leaves for college.
The home is the couple’s only STR property, and their investment extends beyond their property to the local community. Peggy consistently promotes nearby restaurants and shops, even creating personalized welcome gifts with local products for her guests.
“I definitely support the local businesses, whether I’m up there or I pass on information to my renters,” she said.
A mountain retreat
Tennelle Wood owns a single short-term rental in Divide, Colorado, a quaint mountain town with a population of around 6,000. Tennelle’s approach to short-term renting is deeply personal. Nicknamed the Stilt House, the property she built with her husband in 2022 serves primarily as a second home. They use it about one week each month as a peaceful retreat from urban life in Denver. They also work remotely at the mountain retreat.
Tennelle and her husband are among the four in five who use their STR personally for part of the year.
When renting the property, Tennelle takes pride in supporting local businesses and fostering a sense of community among her guests. By sharing her love for Divide and its surroundings, she offers her guests a unique, immersive experience in a place she and her family hold dear.
“Divide is a tiny town,” she said, “so we try to support that immediate community by recommending hidden gems, like a bakery in an old log cabin that makes humongous cinnamon rolls.”
Tennelle is also an active participant in the local homeowners association, attending events like game nights and the annual fishing derby, which helps her stay connected to her neighbors. This involvement enriches her experience and ensures her rental contributes positively to the local community.
A second home
Amy Bobrick’s connection to northern New Mexico’s Enchanted Circle runs deep. As a child, Amy learned how to ski on the snow-swept slopes of Angel Fire, where her parents owned a mountain cabin. So, when she bought a second home nestled in a canyon between Taos and Angel Fire in 2021, it felt like a homecoming.
Aptly called the Taos Cliff House, the home features wraparound decks and resembles a treehouse.
During peak seasons, she and her partner share the home with skiers and nature lovers. The rents from these guests help them maintain the property and pay the mortgage.
Amy’s career in hospitality spans more than two decades, beginning when she opened The Bobcat Inn, a seven-room bed and breakfast in Santa Fe, New Mexico. Amy sold the inn in 2015 and purchased a property near the city’s Canyon Road art galleries.
Recognizing the potential for short-term rentals, she transformed the primary suite into Casita De La Luz, a unit with a rooftop deck and private entrance, and added a studio. She manages the casita and studio herself. Her efforts have garnered recognition: Reader’s Digest named the casita the best-value Airbnb in New Mexico in 2022.
Like Tennelle and most other owners, Amy and her partner use their home as a getaway.
“I liked that I could get away from the rentals in Santa Fe and still be close enough if there was an emergency,” Amy said.
“I enjoy having a second home, and financially, renting it out a few times a year makes sense.”
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