US: Vacation rental property network RedAwning has released two comprehensive market reports analysing lodging demand trends in Florida’s ‘Miracle Strip’ Panhandle region and the Florida Keys.
The reports highlight an overall increase in occupancy year-to-year in both regions despite noticeable fluctuations caused by extreme weather patterns.
According to David Demarest, director of communications for South Walton Tourism Development Council, Florida experienced the most growth over the autumn and winter seasons, through from October to March.
RedAwning VP of market development, Johnathan Robinson, said: “It’s interesting to see more travellers flocking to Florida during colder seasons. Vacation rental managers who are used to seeing a lull during fall and winter are definitely going to want to revisit their marketing and rate management strategies as calendars start filling up year-round.”
According to RedAwning’s report, 2018 RevPAR in the Florida Keys went up by nine per cent over 2017 and 44 per cent compared to 2016. Vacation rental managers in Florida Keys oversaw a 257 per cent YOY increase in bookings and a 28 per cent drop off in cancellations between 1 October 2018 and 31 March 2019.
One reason for this peak in short-term rental demand is the fact that the recently-implemented rate of growth ordinance has capped hotel supply growth on the island. As a result, Key West has become the highest RevPAR market for vacation rental managers in the country.
Redawning’s presence in the Florida Panhandle has grown by almost five per cent YOY in 2019 and the percentage of unique properties booked has already surpassed the national average by more than 145 per cent during this year’s second quarter for Panhandle-based vacation rental managers.
The report also highlighted a lodging trend whereby guests are preferring to stay in vacation homes and condos in this market, particularly in South Walton, where almost three quarters of visitors stay in vacation rentals and ten per cent stay in hotels.
The full report for the Florida Panhandle is available to download here.
The full report for the Florida Keys is available to download here.
For more information, visit the RedAwning Group website here.