US: In collaboration with All the Rooms, Home To Go and Beyond Pricing, Hostfully has released its 2020 Holiday Season market report.
The report hopes to provide data that property managers and owners can use to stay head of competition.
The report covers five categories:
- The likely motivations behind domestic travel
- Changes in search interest from international to domestic travel
- Guest booking trends
- Top markets and property types appealing to domestic travellers
- How to capitalise on this new trend
Hostfully and their partners have found a series of finding demonstrating a potential resurgence for the short-term rental market. Searches for Vacation rentals are up from this point in 2019, with both Airbnb and Home To Go data confirming that these searches are for properties within 50 miles of their homes.
These insights have also revealed a shift away from urban travel, as city accommodation dropped by 50 per cent. Private room offerings have dropped by 99 per cent, while options like villas and bungalows have grown.
Occupancy rates have fallen since 2019, but their stabilisation by September seems to show hope for normalisation. Furthermore, near-term occupancy rates are just beneath 2019 levels, demonstrating that guests are open to booking in near term situations.
Many of the markets which have risen in response to lifted restrictions have been on the east coast, coinciding with cultural traditions of heading to the coast for the summertime. Many of these are in states like Georgia, South Carolina, and Florida, where there are both many vacation destinations, and lighter lockdowns.
The report recommends a series of reconfigurations to help businesses capitalise on this rise and recover.
The global vacation rental market continues to recover as the global economy begins to reopen. States like Georgia, Alabama and Florida have seen recovery, while in the UK, vacation rental bookings spiked by 718 per cent over the April/May period.