Beyond – the global revenue management system for the vacation rentals industry – has shared exclusive data with Holiday Cottage Handbook about four locations in both the UK and US which are experiencing continued growth as short-term rental destinations.
According to Beyond, London, Glasgow, Liverpool, and Manchester are continuing to perform exceptionally well for hosts and property managers in the UK, with each city benefitting from high occupancy rates and strong daily rates.
Over in the US, Los Angeles, Houston, Miami, and San Diego are powering forwards, with Miami showing notable growth by delivering average daily rates above $300.
Growing UK markets
London
Occupancy: 61.44%
Average daily rate (ADR): $291.35
Revenue per available night (RevPAN): $183.58
Booking lead time: 17.4 days
Average length of stay: 4.5 days
Glasgow
Occupancy: 79.43%
ADR: $154.60
RevPAN: $123.85
Booking lead time: 24.2 days
Average length of stay: 3.4 days
Liverpool
Occupancy: 63.57%
ADR: $175.76
RevPAN: $115.01
Booking lead time: 15.7 days
Average length of stay: 3.3 days
Manchester
Occupancy: 76.07%
ADR: $148.41
RevPAN: $115.72
Booking lead time: 10.5 days
Average length of stay: 3.4 days
Growing US markets
Los Angeles
Occupancy: 61.62%
ADR: $241.92
RevPAN: $152.65
Booking lead time: 12.8 days
Average length of stay: 3.6 days
Houston
Occupancy: 48.4%
ADR: $137.55
RevPAN: $68.04
Booking lead time: 11.1 days
Average length of stay: 3.5 days
Miami
Occupancy: 54.13
ADR: $314.35
RevPAN: $173.08
Booking lead time: 16.1 days
Average length of stay: 4.3 days
San Diego
Occupancy: 59.73%
ADR: $276.93
RevPAN: $172.87
Booking lead time: 24.8 days
Average length of stay: 3.9 days
How hosts in trending markets can utilise data to stay competitive
To optimise revenue management strategies in growing short-term rental markets, hosts can leverage these key metrics to stay competitive. Here’s how:
Occupancy: Monitor market trends regularly to track occupancy rates to understand market demand and adjust pricing accordingly. Implement dynamic pricing strategies by increasing rates during high-demand periods and try offering discounts during low-demand periods.
ADR: Compare your ADR with competitors to ensure your pricing is competitive, yet profitable.
Seasonal adjustments: Adjust your ADR based on seasonal trends and special events that drive up demand.
RevPAN: Regularly review RevPAN alongside occupancy and ADRs to gauge overall performance to make informed pricing decisions.
Booking lead time: Knowing your booking lead time is crucial when optimising your pricing during ideal booking windows. And when it comes to last-minute discounts, ensure they are outside your typical booking window.
Average length of stay: Adjust minimum stay requirements during peak times to maximise occupancy and revenue, ensuring they are aligned with your guests’ typical length of stay.
Beyond
Since pioneering dynamic pricing for the vacation rental market a decade ago, Beyond has supported millions of listings globally and helped customers increase their annual revenue by an average of 40%. Beyond’s unparalleled access to, and analysis of, real-time data for the vacation rental industry powers its ability to drive revenue, maximise profitability, and save time for hosts and property managers around the world. Beyond also provides a vast number of free resources for hosts and property managers on its website – click here to find out more.
Comentarios