What happens to short term rentals in a recession?

Those are the biggest changes in the last 20 years.Of course there are many factors and it is complex, but having lived through three recessions where unemployment peaked, I can assure you there is a real effect of people losing jobs.

When the next recession comes (they historically happen every 5-10 years and the last one was '08),  I'm not confident that the population growth will outweigh other negative macroeconomic factors...I strongly doubt we will see anything like the '07 crash, particularly because of the affordable housing shortage, labor shortage, lending reforms, and all the positive migration, but that doesn't mean we won't see a pullback. 

None of this is a done deal, but it has potential to be a rare opportunity for RE investors that exercise diligence and intelligence.Intel 10 years ago decided to build there 10 B fab plant in Hillsboro Oregon and brought in 6k workers and single handily took the pdx metro out of the deep recession.. and it just keeps steaming along.. all the other companies that now want to locate there and all the talent they bring in.. some will go on to start thier own companies etc etc..

"Recession-durable RE investing for non-accredited investors" How do you defend against recessions, without sacrificing ambition? 

The DC metro property market seems to be relatively recession proof, making the appreciation strategy less risky.

Especially because we were just recovering from a recession.

During the Great Recession many tenants together demand landlord to reduce rent ~20-30% less in our area.

When the recession hit I never dropped rents on current residents.  

The chip recession of the 1980s was its worst up to that point in its history (subsequent chip recessions have been worse, but not much worse).The strategies and methods I developed became my money habits that define who I am today.