US: RedAwning has released an in-depth market report that explores the rise of alternative accommodation inventory and demand in Austin, Texas.
Austin saw 30 million visitors and US$8.7 billion in tourism-generated revenue in 2018 with alternative accommodation demand making headway on that of hotels
The report highlights the significant impact travel has had on the local economy in Austin as well as the role the alternative accommodation space has played in meeting the accommodation needs of last year’s 30 million visitors.
According to the report, Airbnb alone saw $482,000 in guest arrivals in Austin in 2018, a 48 per cent growth rate since 2016. Occupancy rates, ADR and RevPar have also seen continued growth, creating an incredibly lucrative market for vacation rental managers and owners in which demand continues to exceed supply YoY.
“Austin’s event focus, coupled with the burgeoning business climate, has created a year-round market with a non-stop flow of people keeping occupancy levels fairly high every season,” said RedAwning’s VP of Market Development Johnathan Robinson. “Regardless of housing type, Austin continues to deliver on vacation rental revenue.”
The report also spotlights the rise of investor attention on the Austin vacation rental market as large companies continue to open offices in the area driving up accommodation demand.
“Key performance indicators continue to trend in a positive direction for RedAwning property managers in Austin with a bookings index increase of 23 per cent. We look forward to seeing continued growth in this region as vacation rental demand continues to make headway in the accommodation market,” said Robinson.
The full report is available to download here.