Worldwide: In the latest of a bi-weekly data analysis series that we are launching on ShortTermRentalz for the duration of the Covid-19 coronavirus pandemic, we look at the latest cancellation trends compiled by Transparent Intelligence consultant Jade Tinsley.
In the midst of an international pandemic which has already claimed more than 20,000 around the globe, the short-term rental data provider has highlighted the knock-on impact on businesses, caused by factors such as restrictions on movement and travel and flight bans.
The company has launched a short-term rental coronavirus impact tracker, which can be viewed here, to analyse how individual countries and markets are faring in spite of the lockdown and how leisure markets compare with those in urban environments.
How has your area been affected?
Below is an interactive data studio containing the ratio of cancellations to bookings in different markets across the world. Percentage values over 100 per cent indicate a higher proportion of cancellations [newly available inventory], while those values under 100 per cent are indicating an excess of bookings [newly unavailable inventory].
To view the infographic, visit the full tracker page on the Transparent website here:
According to Transparent’s analysis, North America is starting to feel the full impact of the coronavirus, with the continent seeing a higher degree of booking cancellations than anywhere else in the world, despite the outbreak appearing later than in Europe and the Middle East, for example.
Other conclusions include:
- Ireland has the highest level of cancellations of the default European countries.
- In North America, all default countries analysed are experiencing around 350% cancellations except for Canada which is faring slightly better with around half the proportion of cancellations than its North American counterparts.
- The cities of Clearwater in Florida and New Orleans in Louisiana are among those markets in North America to be most heavily impacted by cancellations, particularly in the former’s case due to Florida’s indefinite ban on short-term rentals.
- In Europe, the well-known ski resort of Val Thorens saw cancellations shoot up after resorts in the French Alpine region were forced to close on 15 March.
Markets also behave very differently according to their situation and the type of guest they serve, as the following section explores.
Urban Vs. Leisure
Below is a further breakdown of the data by market type. Transparent has categorised each market in the selection as urban or leisure in order to track the progression of cancellations in each of the sectors.
The key takeaway from this infographic is that leisure markets are trailing behind urban markets in terms of cancellations. Though cancellations have increased more gradually in the leisure sector, they have now reached a level comparable to the urban market space.
Transparent says it collates data from more than 32 million listings globally in order to serve short term rental property managers with market and competitor insights into demand, rate, supply and performance, and empower them to optimise their operations.
For more information, visit the Transparent website here.