Covid vaccine results boost rental bookings

Worldwide: Following the promising news regarding the effectiveness of potential Covid-19 vaccines from Pfizer and Moderna, data from property management software platform Guesty hints at a rise in consumer travel confidence and an uptick in short-term rental bookings.

New York-based Pfizer CEO Albert Bourla told Sky News that the company would be able to send out its vaccine within “hours” of approval; a vaccine which it claims is “94 per cent effective in over-65s”. Likewise, the Moderna vaccine is “94.5 per cent effective” against coronavirus, according to early data released by the company.

vaccine
[Credit: Guesty]
According to Guesty, there was an uplift of six per cent in Q1 2021 short-term rental reservations across the globe, while there was a three per cent growth in reservation volume created within one week, globally, compared to the average weekly reservation volume in 2020. The platform also revealed a seven per cent boost in reservation volume created within one week, in the US, compared to average weekly reservation volume in 2020.

The trend of travellers making reservations closer to check-in is continuing, though it is not as prominent as it was at the end of the summer. 14 per cent of bookings are being made on the same day, the majority of bookings [32 per cent]  are made within one to seven days of the booking itself, and 30 per cent of bookings are made between eight and 30 days in advance of the reservation itself.

The data from Guesty furthermore suggests that people will travel for holidays in the United States, paying more and staying for longer periods of time.

For Thanksgiving, reservation volume is reported to be 12 per cent more today compared to this same time last year. The average nightly rate is 3.5 per cent more than it was last year and the average nightly stay has increased by 15 per cent – going from four to 4.6 days.

Ahead of Christmas, reservation volume is 15 per cent lower today compared to this time last year – though that is a slight boost in reservations compared to what Guesty saw at the end of summer.

The average nightly rate has increased by 13 per cent and the average nightly stay has increased by six per cent.

Globally, reservation volume is still significantly lower now than it was at this time last year – 38 per cent lower.

The average nightly rate has increased by 20 per cent and the average nightly stay has increased by 15 per cent, going from 4.9 to 5.7 nights.

Then for New Year’s Eve,  reservation volume is 20 per cent lower today compared to this time last year.

The average nightly rate is 3.5 per cent higher and the average nightly stay is 20.6 per cent longer, from 6.8 days to 8.2.

Globally, reservation volume is 40 per cent lower today compared to this time last year.

The average nightly rate has increased by seven per cent and the average nightly stay has gone up by 41.5 per cent, from 5.3 days to 7.5 days.