Congrats on 19,000 posts! Very impressive with a WEALTH of knowledge.
STR have seemed to become the cool thing to do over the last few years, many have jumped in due to FOMO and I think most likely paying more for a property than they may have spent otherwise, due to expectations of a greater return.
I was fortunate to get started in 2015,with additional purchases in 2016, 2018 and 2021(I paid $30,000 more for the comparable 2018 proptery, but the numbers still worked)
I am not in a glamorous market(at least according to the majority of STR's out there) but I do have a specific demographic that I think is a great benefit....retired or want to soon be retired folks!
I have not had any decrease in booking, I have a waiting list, I have booking right now into October 2023, with requests for 2024 and I have many repeat guests.
My overall profits are not what key vacation destinations may be, but each year is better, I have some else paying my mortgage(with pretty good interest rates) and all of the homes have appreciated. I can guess that maybe the prices may come down a little, but I have no plans to sell for many years.
Point being, don't get drawn in by FOMO and make sure the realistic numbers work, even with a lower than expected occupancy and know what you are getting into, STR's are alot more work than long term rentals and you have to like being in the hospitality business.