Vacation rentals used to be the new kids on the block for hotels. How has this changed in the wake of COVID-19? As the travel climate adjusts, Transparent have teamed with Amadeus to launch their 2022 report – how do vacation rental & hotel performance compare in 2022?
We cover occupancy, pricing, demand and demand characteristics in the full report, which is available here:
Read on for a some highlights from the report, including a review of occupancy and pricing trends.
How do vacation rental & hotel performance compare in 2022?
Our report aims to compare the plights of the 2 main sectors of travel accommodation through the pandemic. The organic disparities between hotels and short term rentals have carved different paths for the sectors; different challenges and different strategies.
Visualising the comparative data & trends is a valuable exercise in understanding the recovery process and current climate. So, we have covered occupancy, reservations, pricing, length of stay and booking window in our full report.
Vacation rental & hotel occupancy in 2022
Although analysis found that occupancy was comparable across the sectors throughout the pandemic, traditionally higher occupancy hotels have recovered occupancy over the course of 2021 to return to levels in excess of rentals.
However, relative recovery was stronger in short-term rentals, with occupancy in the last half of 2021 matching 2019.
Vacation rental occupancy has also been boosted by a sustained increase in length of stay.
Vacation rental & hotel rates in 2022
A contrast in rate management sees short term rentals priced 18% higher in 2021 than 2019.
Despite an uptick in Q4, an 11% decrease has been seen in hotel rates. This has closed the gap, however, prices remain higher in hotels.
Conclusion
Ultimately, these findings suggest that the travel industry is well on the road to recovery, and reinforces the belief that demand is there as long as conditions continue to allow it. Vacation rentals are finding longer stays at a higher ADR to capitalize on that demand and build revenue. Hotels have seen a significant recovery in global reservations and occupancy throughout 2021.
For the full data report, click here:
For more information on how a whole vacation rental business intelligence suite can empower your business, visit seetransparent.com