The short-term rental industry has evolved from a scrappy startup sector into a sophisticated, global marketplace. But with that growth comes complexity: regulatory challenges, guest safety concerns, and the constant pressure to deliver five-star experiences across distributed properties.
In this conversation, Leo Walton, co-founder of Truvi (formerly SuperHog) and vice chair of the Short Term Accommodation Association (STAA), shares his journey from washing dishes in a seafood restaurant to building one of the industry's leading risk management platforms. His insights reveal how the sector has matured, where he thinks it's headed next, and why the balance between guest experience and property protection has never been more critical.
Not everyone finds their calling in a straight line. For Leo, the journey began with a childhood dream of playing professional football for Manchester United — a dream that reality quickly adjusted. "When you realize that you're at the sort of middle to lower part of the ability in a local village team, you realize that going on to represent your city is probably a fantasy," he reflects.
But that early pivot led somewhere unexpected. At the age of 13, Leo started washing pots and waiting tables at a local seafood restaurant, working alongside his brother. What began as a way to earn pocket money became a formative lesson in customer service. "We realized that the more we smiled, the more we tried to charm people, the more pounds came out of their pockets and into our tip jar." It was, he says, “this idea of being in service to somebody that I found really appealing.”
This early exposure to hospitality planted a seed. Years later, after moving to London and working at a restaurant owned by MasterChef's John Torode, Leo discovered One Fine Stay, a pioneering company attempting to transform central London homes into luxury holiday rentals. The concept was revolutionary: turning people's primary residences into short-term accommodations while they traveled, rather than relying solely on second homes or investment properties.
What made One Fine Stay unique wasn't just the properties, but the approach. Leo and his Truvi co-founder Humphrey Bowles spent years going door-to-door in West London, having tea and biscuits with homeowners, explaining the service, and addressing concerns. The onboarding process cost thousands of pounds per property, but it created something valuable: a quality bar and deep insights into what hosts truly worried about.
"The first thing people want to know is how much money they can make," Leo notes. "The second thing they want to know is what happens if something goes wrong."
That second question would eventually become the foundation of Truvi.
The short-term rental landscape today looks dramatically different from a decade ago. One of the most significant shifts has been the meeting of two previously distinct worlds: the traditional rent-by-owner market, and the tech-enabled platforms like Airbnb. This convergence has introduced both opportunities and challenges.
"It brought hosts from traditional vacation rental markets into this tech-enabled space where it was all about instant book, and the fact that you had to be listing on multiple channels," Leo explains. "And as a consequence of that convergence, you're also seeing the problems that people are experiencing being highlighted at a global level."
These problems vary by market — spring break destinations may deal with property damage from young guests, urban centers may face fraud or drug usage — but the industry now discusses these challenges collectively, sharing solutions and best practices.
Perhaps the most dramatic change has been in distribution. It wasn't always inevitable that listings would appear on Airbnb or be syndicated across multiple platforms. Companies were building their own websites and trying to create independent brands.
"Now it would seem ludicrous to start a property management business without being on Airbnb, without being on Vrbo, without being on Booking.com," Leo observes. "That wasn't necessarily the case."
Despite the global nature of distribution platforms, successful property management remains fundamentally local. This creates an interesting tension: how do you compete on global platforms while maintaining the local authenticity that makes short-term rentals special?
Leo's advice is clear: start with your neighborhood. Understanding your local market should inform everything from property styling to pricing strategy, so consider what draws visitors, what makes your area unique, and what amenities matter most.
"Supply remains a very, very local game in our industry, and I think it will do for the foreseeable future," he emphasizes. "What can I do to pull in the best of my neighborhood? Be that in how I style a property, the type of guests I'm focused on, the things I'm recommending that they do when they're in market."
In addition to improving the guest experience, this local-first approach also builds the foundation for a healthy direct booking website. Properties that authentically reflect their location attract repeat guests and word-of-mouth referrals, reducing dependence on OTA commissions.
But there's another layer to consider. While location matters, sometimes guests fall in love with a property first and discover the neighborhood second. This means operators need to think beyond just serving their obvious market.
"Lots of buying journeys start with somebody falling in love with a property, not necessarily knowing which part of outer London they want to go to with their friends that weekend," Leo points out. "So how do you make sure it's your property they choose? Well, that's amenities, and styling."
The most successful properties balance local authenticity with aspirational appeal, both of their place and special enough to draw guests who might not have initially considered the area.
Not every community welcomes unlimited tourism. Cities like Edinburgh, Barcelona, and Venice have struggled with overtourism, leading to tensions between residents and the short-term rental industry. But Leo argues that the solution isn't blanket restrictions, but rather smart, localized policy.
Leo advocates for registration schemes that are "light touch in nature" but provide crucial benefits: understanding the volume of short-term rentals in an area and giving consumers protection against subpar properties.
"Every host should aspire to be a professional host, whether it's the two weeks a year when they leave Wimbledon because the tennis is on or whether it's I've got 100 units and I'm managing it as a full time job," he explains. “It all starts there and then I think the government should be looking to make sure that there is a light touch registration scheme and then you can add into that, reacting to what you see on the ground in terms of satisfaction scores.”
The goal isn't to create impossible checklists that prevent people from renting their homes. It's to establish standards around safety and quality while giving local areas the data they need to make informed decisions.
Some cities have found creative solutions. Porto's mayor, for instance, only allows short-term rental licenses in areas that need economic development. This approach channels tourism to neighborhoods that benefit from the investment, while protecting areas that are already saturated.
"You build the short term rentals or you convert the short term rentals. What happens next? The cafes, the restaurants, the people, the charm. People see what's beautiful about that area," Leo describes. "And then at some point, they might go, do you know what? I think we've got enough short term rentals here."
Perhaps the most inspiring example is Margate, a coastal town that was once considered down-at-heel but has transformed itself through strategic investment in arts, culture, and tourism infrastructure.
"Twenty years ago, a town like Margate was seen as a very down at heel, a problem town," Leo recalls. "But it's two hours on the train to London, and it's got an amazing beach. They ran successful campaigns. They built an art gallery. They encouraged artists to come, and they built a community there."
The result is a thriving destination that attracts both residents who work remotely and tourists seeking weekend getaways. The lesson: with the right infrastructure and marketing, secondary markets can absorb tourism demand while improving local economies.
One common criticism of platforms like Airbnb is that they extract wealth from local communities. But Leo argues the reality is more nuanced, and often the opposite.
When One Fine Stay brought American tourists to London, those tourists weren't just staying in Zone 1. They were venturing into Zones 2 and 3, spending money in local cafes, shops, and pubs that might not otherwise see tourist traffic.
"We were not taking things out of the UK economy, far from it. We were putting more in because we were putting money in the pockets of the house in Central London and other cities around the world," Leo explains.
This distribution of tourism benefits neighborhoods that traditional hotels don't serve. Areas like Stoke Newington in London or Brooklyn in New York have become internationally recognized partly because short-term rentals made them accessible to visitors.
Beyond economic impact, short-term rentals have made travel more accessible to younger, less wealthy travelers. This demographic diversity enriches cities culturally and economically.
"A lot of young people won't be able to afford to go and have a holiday in New York or London or Paris," Leo notes. "And what does that do? Well, it means those cities become less dynamic. The art and the culture reflects that aging population, not that young dynamic population that is really important as well."
The key is balance, ensuring tourism benefits communities during shoulder seasons and spreads beyond already-saturated areas during peak times.
The inspiration for Truvi came directly from Leo and Humphrey's years of addressing homeowner concerns at One Fine Stay. The most common objection wasn't about money, but risk.
"The number one reason that a short term rental contract is ripped up in my experience is because a bad guest gets in and significant damage happens," Leo states. "And that's no good to anyone."
The consequences ripple outward. Property managers lose contracts and damage their reputations. Neighboring residents turn against short-term rentals. And the industry as a whole suffers when high-profile incidents make headlines.
But the problem isn't just dramatic events like unauthorized parties. It's the everyday wear and tear that happens when guests treat properties differently than they would their own homes.
Leo describes what he calls "holiday brain," the mindset shift that happens when people are on vacation. This is when "someone is using your home for the first time, and they're probably using it in more of a consumer 'I'm gonna get the most out of this property' versus, well, I'll be careful with my suitcase when I'm going up the stairs," he explains.
These aren't malicious acts, but they create real costs for property owners and managers. A combination of guest screening, clear expectations, and comprehensive protection can mitigate this risk.
Truvi's platform addresses both sides of the trust equation: screening guests before they book and providing protection when things go wrong. This dual approach helps professional hosts operate with confidence while raising standards across the industry.
"We're far from just the fun police trying to stop parties, although that's an element of it," Leo clarifies. "It's very much that we're trying to create an environment where you can safely transact."
One of the most interesting tensions in the industry is the imbalance between host and guest expectations. Hosts face increasingly high standards while guest accountability has remained relatively static.
Why does this imbalance exist? Leo suggests it's partly about platform dynamics. OTAs are more focused on keeping guests loyal than hosts loyal, which can lead to policies that favor guest complaints over host concerns.
"You hear stories of certain booking platforms instantly taking the guest's word for it," he notes.
This creates a challenging environment for hosts who feel they have little recourse when guests behave poorly or make unreasonable complaints.
But Leo sees potential for change as the industry matures. If property managers can build strong direct booking channels and become more selective about their guests, the power dynamic shifts.
"If it does occur in some way, shape, or form, I think the guest does come into play as a feature," he predicts. "But while we're in this dynamic of OTAs dominating, I think the guest will always be able to control."
The key is building a brand strong enough that the host has options of which guests come to stay.
The relationship between landlords and tenants in long-term rentals offers an interesting contrast. Prospective tenants often compete for properties and work to present themselves favorably. While that extreme isn't desirable for short-term rentals, some middle ground might emerge.
The old Airbnb model, which required conversation between hosts and guests before booking, created a relationship that instant booking has largely eliminated. As the industry evolves, we may see a return to more personalized interactions.
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On the future:
The short-term rental industry has matured from a disruptive startup sector into an established part of the global tourism ecosystem. But with that maturity comes responsibility: to communities, to guests, to property owners, and to the long-term sustainability of the model.
Leo's journey from restaurant server to industry leader illustrates what makes this sector special: it's fundamentally about service, about creating memorable experiences, about connecting people to places in authentic ways. The technology enables scale, but the heart of the business remains deeply human.
As the industry continues to evolve, the operators who thrive will be those who balance professionalism with personality, who protect their properties while welcoming guests, and who see themselves as stewards of their communities rather than just managers of inventory.
The challenge, as well as the opportunity, is to maintain that balance as the industry grows. To keep the smile on guests' faces while ensuring hosts can operate sustainably. To embrace innovation while preserving what makes short-term rentals special in the first place.
It's a challenge worth rising to. Because at its best, this industry doesn't just provide accommodation. It democratizes travel, strengthens local economies, and helps people discover places they might never have visited otherwise.
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