17,000 cabin rentals in the PF area

[John Underwood]

Saw this article about the Pigeon Forge area currently having 17,000 rentals!

https://www.wbir.com/article/travel/east-tennessee-airbnb-rentals/51-eb78e72d-ef87-45a5-90a8-089a9eeb32b0

[John Carbone]

Quote from @Mack Lengel:

I also saw that. If you were to use Perato's Principle it means roughly 3,400 of those properties bring in 80% of the bookings/revenue

Everyday on MLS I am seeing old and beaten down homes being listed that used to rent during Covid for a good return. Now these same houses are getting booked only a handful of dates. I think we have a year or so to remove this type of inventory from the STR market (it simply won’t make sense for these people to continue them as STR), and hopefully the higher interest rates will slow down new construction and maybe next year we will be back to a better supply demand situation.