Short-term Rentals are Nearly 'Booked Out' and Occupancy is on the Rise in U.S. Destinations
DENVER, April 12, 2021 /PRNewswire/ -- AirDNA's monthly review reported all-time high U.S. short-term rental occupancy in March as travelers took advantage of easing restrictions and headed to the beach.
March 2021 marked a return to travel as the U.S. saw occupancy rise to 60.9% for the month - the highest March occupancy on record. Spring Break crowds flocking to coastal destinations was the key driver behind March demand with the four highest markets in terms of occupancy levels coming from Florida. Sarasota registered the highest occupancy of the Top 50 largest short-term rental markets at 77.2%, followed by Cape Coral/Fort Myers (75.2%), Fort Lauderdale (74.1%), St. Petersburg (73.5%), and the Big Island, HI (72.5%).
"High occupancy levels in traditional Spring Break markets in Florida were not surprising," said Jamie Lane, VP of Research for AirDNA. "The most distinctive shift we noticed was the 30% gains in occupancy in markets like Cape Cod and the Lower Hudson Valley. These markets usually see a lull in demand until summer but due to their close vicinity to New York and Boston they have become a sanctuary for city dwellers craving a fresh sea breeze, even before the unrelenting heat hits."
The Outlook Looks Bright for Summer
Reservations made during March 2021 reached another record, exceeding last month's all time high. With this unmatched surge in future reservations during the first three months of the year, now April, May, June, and July 2021 has more demand booked than it did in early April 2019.
"Looking at this data we are expecting a record summer for the short-term rental industry" AirDNA's CEO Scott Shatford said. "For the first time, we see guests confident enough to book both near-term trips and plan further out into June and July."
As summer travel nears and vacation homes reach peak occupancy, we expect to see additional supply added to popular markets. Excess demand and increased traveler confidence should also encourage guests to rediscover the urban markets that lost favour during the pandemic, as they offer ample supply and availability.
CONTACT: [email protected]
SOURCE AirDNA
Share this article