We wanted to share these two great blog posts from our KeyData partner that discuss some of the short term rental trends we’re seeing. You can scroll through each one to read, or click the button below to go directly to their website page.
Summary
These articles re-affirm that across the board, the demand for short term rental properties has declined and is moving toward the pre-covid patterns of booking (and pricing) in the United States. Guests are waiting until closer to arrival dates to book, and in some cases are expecting to pay less for the same stays last year or the year before. With that in mind, we are working with experienced revenue managers at both Rented and KeyData to ensure that we are properly pricing the condos to stay ahead of the market and to minimize any lost opportunities for revenue. Discounting is not always the answer – in this market, we sometimes just have to wait a little longer for the booking. But as rates decline, we must focus on increasing occupancy to maintain our RevPar.
Thank you for providing this valuable insight!
Thanks so much for the background information and data about the current rental market.