One Law, 27 Systems

Up 13.6 percent!

+13.6%. That's UK short-term rental demand for this summer, versus last. Italy: +11.6% France: +8.7% Across Europe's top 20 markets: 6.4 million additional guest nights already booked for June to August. Seventeen out of twenty markets are pacing ahead of last summer. This is after the EU regulation went live. After Spain's national registry got struck down. After Barcelona's 2029 phase-out. After Amsterdam, after Florence, after Paris. Now here's the bit nobody's reporting. Spain, the most aggressively regulated market in Europe, is up 1.9%. The slowest of any major market. Germany has gone backwards. So while politicians keep telling us short-term rentals are the problem, guests are voting with their wallets in the opposite direction. And the harder a market regulates, the slower the growth. The demand is there. The question for operators isn't whether the summer comes. It's whether you're compliant enough to capture it when it does. What do we think as an industry? Is the data finally going to shift the conversation, or will the housing narrative keep winning?

Built From the Front Lines: The STR Software Forged in Switzerland and Bali

I sat down with Reto from Elevate Software, and the origin story is what makes this one worth a listen. Reto and his team weren't software people who guessed at what operators need. They were running short-term rentals across two very different markets, Switzerland and Bali, hit the same operational walls every operator knows, and built Elevate Suite to solve them. That product is now what they take to market: software built by operators, for operators. We got into: → Operating STRs across two completely different regulatory worlds → How hospitality expectations differ between the Alps and the islands → Why being operators first shaped a sharper product → How automation is reshaping property management, and where Elevate goes next If you build or buy STR tech, the "built by people who actually ran it" test matters. This conversation is a good example of why.

They Sold Us Plumbing. The Weapon Comes Next.

Eight days ago the EU's short-term rental data regulation went live. Most of the industry filed it under "compliance admin" and moved on. That was the wrong thing to watch. Remember how this was sold to us? "It's just a data rail. It doesn't ban anything. It doesn't cap anything. It only makes local rules enforceable." Now look at what's being built directly on top of it. The Affordable Housing Act lands this year. It will give national and local authorities tools to identify "areas under housing stress" and apply caps on overnight stays, seasonal restrictions, even temporary freezes on new licences. So the thing that was "just data" eight days ago becomes the foundation for the thing that can switch your market off. The data layer was never the destination. It was the plumbing. The policy weapon was always the point. And here's the part that should sting. The same regulation sold to us as harmonisation is, by Airbnb's own EU affairs lead, already splintering into 27 different national systems. One law. 27 portals. And the compliant operator carries the cost of every single one. I'm not saying it's all downside. If you run a clean, licensed portfolio, stressed-area caps quietly remove your unlicensed competition and hand you pricing power. That's real. But don't let anyone tell you the regulatory story ended on 20 May. It didn't end. It just moved up a floor. The arguing has stopped. The building has started. How are you reading the housing act for your markets? Defensive moat, or the beginning of the squeeze?

Don't Brace. Organise.

The mainstream take is that regulation is coming for short-term lets and operators should brace. I think that misses it. Regulation being undecided is not a threat. It is a window. And here's what should worry operators: look at the rest of Europe. Spain, Italy, Greece, the Netherlands. In almost every case the sector only mobilised after the rules landed, when the leverage was already gone. England is the rare market where the detail is still being written. That advantage doesn't last. So the move isn't to brace. It's to organise. I'm a member of the STAA and I'd point anyone serious about this in their direction. They're already in the room on the use class and registration questions, with the relationships across Westminster to actually shape the detail. The more operators behind them, the louder that voice is. Shaping this now, before the statutory instruments land, is worth more than any amount of fighting it later. Are operators going to shape this, or wait to be shaped by it? What's your read. The window's open now, so what should operators be doing to get behind the people already fighting this?

Spain Built It First. Its Own Court Just Killed It.

pain built it first. Its own court just killed it. Spain's Supreme Court has struck down the national short-term rental registry, the one Madrid built to be the first EU country to comply with Regulation 2024/1028. The ruling is straightforward: the central government overstepped. Tourism is a regional power in Spain, and the state had no authority to run a parallel national system on top of registers the regions already controlled. A few numbers worth sitting with: → ~111,000 homes had applications rejected under the system. Many may now relist, if they hold the right regional licence. → FEVITUR puts the average loss per affected owner at ~€33,000. → Compensation claims against the state could reach €160 million. It's worth being clear on what this isn't, though: it isn't deregulation. The Digital Single Window and platform data-sharing survived. Reporting continues. What changed is who holds the reins, the fight moved from Madrid back to the regions, where Barcelona still plans to revoke all 10,101 tourist licences by 2028. So this isn't simply a win for operators. It's a reminder of what happens when a government races to be first and builds on contested ground. Full breakdown in today's episode.