Short-term rental summer bookings are looking up! Guesty take us through the all-important data for US & UK property management strategy.
With vaccine distribution well under way and travel recovery on the horizon, property management companies across the globe are hoping to recoup some of the losses they incurred throughout the pandemic. Fortunately, based on the trends we’re seeing among our users, the sector isn’t just bouncing back. After a year characterized by the need for more flexibility, space and distance shed light on the major selling points of private accommodations, the short-term rental is emerging front and centre as a mainstream hospitality option, attracting more demand than ever before. Let’s take a look at the US and the UK.
US Holiday Bookings
First up, Memorial Day weekend has drawn 217% more bookings than it had at this time last year and 29% more than it had in a pre-COVID 2019. What’s even more noteworthy is that this demand comes in spite of nightly rates that are 68% higher than they were in 2020 and 7% higher than they were in 2019. Travelers have been won over by short-term rentals and are willing to shell out more per stay.
July 4th numbers are also promising, with reservation volume currently sitting at 160% higher than that of 2020 and 22% higher than that of 2019. At an average of $356 per night, bookings cost the same as they did last year and more than in 2019 (9%).
US Short-Term Rental Summer Bookings
Summer bookings in the US follow a similar pattern. Reservation volume for the months of June, July and August overshadow those of last summer by a whopping 400%, and those of the pre-COVID 2019 summer by 50%. This tells us that people are not just ready to get back to travel-as-usual, but are craving a change of scenery more than ever after a year of confinement.
So much so, that they’re willing to book lengthier stays in spite of elevated pricing. Stays are not only costlier than those of last June, July and August by 24%, 18% and 19%, respectively, they are also longer, with the average length of stay for late summer sitting at 5 nights.
UK Summer Bookings
We know that Europe has been rebounding at a slower pace than the United States, but though UK bookings made in week 17 were still 15% lower than 2019 levels, the industry is showing definite signs of recovery, with summer reservation volume among Guesty users dwarfing those of last summer by 180%.
Surges of 152% week on week in bookings followed announcements that clarified the timeline for the easing of travel regulations, and we anticipate that reservations will continue to climb as bans are lifted.
- At an average of £156 per night in June, £192 per night in July and £200 per night in August, UK summer bookings will earn property management companies more than they did in both 2020 and 2019.
- June bookings are 54% costlier than those of 2020 and 6% more than those of 2019.
- For July bookings, prices exceed those of last July by 36% and those of July 2019 by 28%.
- August rates are coming in at 16% more than those of 2020 and 16% than those of 2019.
So, despite the still notable gap in bookings when compared to the summer before the pandemic, UK property management companies can enjoy a profitable season thanks to higher price tags on properties. And those reservations are continuing to rise and recover.
A New Era for Short-Term Rentals
Throughout COVID-19, the short-term rental has provided travelers with a safe, low-touch alternative to more traditional accommodations, and cemented its place as a rising star in hospitality, explaining why we are already seeing greater booking numbers than we did before the pandemic hit. With short-term rental summer bookings at a new high, all that’s left is for property management companies to ensure they have the resources in place to capitalize on it and secure as many bookings as they can while also providing quality guest experiences.
Guesty, is a short-term rental property management platform that provides professional hosts and property management companies with an end-to-end solution to automate and streamline the complex operational needs of managing flexible inventory. With Guesty, users can manage listings from multiple online travel agencies including Airbnb, Booking.com, Agoda, Vrbo and TripAdvisor, and utilize the company’s guest-centric tools including: Unified Inbox, Automation Tools, 24/7 Guest Communication Services, Accounting, Payment Processing and more. For more information, visit www.guesty.com.
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