AirDNA adds new features to analyse Covid-19 impact
Barcelona: Short-term rental industry data provider AirDNA has added a number of new features to its flagship tool MarketMinder which are designed to empower users to understand the impact of COVID-19 on Airbnb and the short-term rental industry worldwide .
The company aims to provide users with insights into when, and where, the short-term rental market might start its road to recovery.
The coronavirus crisis has caused unprecedented shockwaves across the travel industry. Short-term rental hosts, property managers, hotels and destinations have been scrambling to understand the true impact of coronavirus and when the tourism and hospitality sector might get back on its feet.
With such unparalleled slumps in short-term rental demand, historical analysis does not provide industry professionals with enough context, nor the comparable data to put together a complete picture of the crisis real-time.
Key to understanding the full impact of Covid-19 – and the industry’s road to recovery – is looking forward, to bookings and demand in the future. With the Pacing tab, MarketMinder users can begin to take action to mitigate the negative impact of coronavirus, by utilising new features that provide market-level insights into booking behaviour and pricing for specific dates in the future.
Booking Trends shows the number of bookings for each day for the next six months that were made in the last seven, thirty and sixty days.
The Booking Trends chart will empower users to:
See what dates guests start booking for in bigger numbers for specific markets. Despite a drop in bookings now, are guests planning vacations in the future?
Track how far in advance guests are making these reservations. When can hosts be confident of a recovery in the short-term rental market in their location?
Rate Analysis uses AirDNA’s pricing and reservation information to display the difference between the average available rate versus the average booked rate for up to six months in the future.
The Rate Analysis chart will empower users to:
Monitor how hosts are pricing for future dates in response to coronavirus, and the rates that guests are actually booking at. How will hosts price for specific events when the recovery begins?
Spot pricing trends ahead of time. Are hosts still using inflated pricing for busy holiday weekends? Are guests making large numbers of new bookings before hosts have removed coronavirus discounts?
Discern the long-term impact of the coronavirus. How do rates compare to last year, prior to the coronavirus crisis?
AirDNA has also created a free-to-use online resource to help users understand the impact of Covid-19 on the short-term rental industry worldwide. Covid-19 Data Centre provides visitors with a series of high-level interactive charts to help users understand the impact of the coronavirus on Airbnb and the short-term rental industry nationwide across the globe.
Visitors will be able to select any country globally from the drop-down menu to see how the number of new bookings, average daily rates and occupancy rates have changed since February 2020. They also have the option to hover over each week as the crisis develops to see metrics for particular dates, or calculate percentage drops over time.
Data within the graphs is updated on a weekly basis.
AirDNA CEO Scott Shatford said: “There is no doubt that the impact of coronavirus on the travel industry has been swift and painful. We’ve been contacted by large numbers of small-time hosts and larger industry players who are trying to get a handle on the developing impact of Covid-19.
“We wanted to make these high-level metrics available to everyone so that together as an industry, we can start to analyse the severity of the impact of coronavirus, and quickly identify opportunities when the sector begins to recover,” he added.
For more information, visit AirDNA’s Covid-19 Data Centre here.