Short-Term Rentals Near 2019 Levels in RevPAR, Says Research
Segment outperforms hotels, according to analysis of 27 global markets by STR and AirDNA >>
by: Harvey Chipkin
Short-term rentals are nearing last year’s levels in revenue per available room (RevPAR), according to a joint analysis of 27 global markets by STR and AirDNA. To measure the impact of the global pandemic on the two hospitality segments, STR and AirDNA analyzed performance of traditional hotels, hotel-comparable short-term rentals (studios and one-bedroom units) and larger short-term rentals (two bedrooms or more). The analysis used weekly data from January 2019 through the week ending June 27, 2020. Among the key findings: at the end of the studied period, hotel RevPAR in the 27 markets was 64.8% lower than the previous year while short-term rental RevPAR was down 4.5% year over year; hotels bottomed out at 17.5% occupancy for the week ending March 28 while short-term rentals fell to a low of 34.3%; occupancy decreases were felt uniformly within all 27 of the markets covered; and through the early stages of performance recovery, regional markets have performed better than their urban counterparts for both hotels and short-term rentals.
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