Charleston’s historic charm and southern hospitality have long drawn visitors from around the globe, making it a prime spot for vacation rentals. This picturesque city boasts a robust market for hosts looking to provide a home-away-from-home experience.
In our latest MarketMinute, we'll dive into the latest market data that every Charleston vacation rental host needs to know to stay competitive and maximize their earnings.
Looking for actionable data about your market? We've got you covered!
Average Occupancy: Beating the National Standard
National Average: 58%
If you're a rental host in Charleston, give yourself a pat on the back! Charleston's average occupancy rate surpasses the US average, indicating a healthy demand for rentals in the city. This is a clear signal that your property has the potential to attract even more guests provided you continue leveraging the right marketing strategies and pricing models.
Revenue per Available Night (RevPAN): The Metric that Matters
RevPAN isn't just another acronym to navigate. It's the key to understanding your revenue management performance. By tracking the average revenue generated per available night, you can grasp how well you're utilizing your property compared to the potential earnings it could generate. If your RevPAN is below Charleston's average, it’s time to revisit your pricing strategy and promotion efforts.
Booking Lead Time: Proactive Pricing Wins
Charleston: 117 days
US Average: 55 days
The data speaks volumes about booking habits in Charleston; guests are planning their stays well in advance. This longer lead time suggests travelers to Charleston are meticulous planners. For hosts, this means it's essential to set your rates and availability ahead of time to ensure you're not missing out on these early birds and their potential to boost your earnings.
Top Distribution Channel: Airbnb Takes the Lead
Charleston: Airbnb, 21%
US Average: Airbnb, 36%
Like the rest of the US, Airbnb remains a top player in Charleston's vacation rental market. If you haven't listed your property on Airbnb yet, now might be the time to consider it. However, don't put all your eggs in one basket—diversifying your distribution across multiple platforms can increase your property's visibility and fill in any gaps in bookings. This includes creating an efficient and user-friendly website.
A Community of Reviewers: Engaged and Expressive Guests
Charleston: Average of 37 reviews per listing
US Average: Average of 26 reviews per listing
In Charleston, guests are more likely to leave a review than in other parts of the country. This active feedback culture is a goldmine for hosts seeking to improve their service and highlight their rental’s best features. Positive reviews can boost your property's credibility and entice potential guests seeking reassurance from peer experiences.
Average Length of Stay: Short and Sweet
Charleston: 4.7 nights
US Average: 4.3 nights
Short stays are the norm, making quick turnovers a priority. This data emphasizes the importance of creating memorable stays; since guests are there for a brief time, each impression counts. By focusing on exceptional experiences, you can encourage positive reviews and repeat visits, even within a limited timeframe.
Finding Vacation Rental Hosting Success in Charleston
Charleston's vacation rental market shows promising signs of growth. By understanding and acting on key metrics like occupancy rates, RevPAN, booking lead times, and review activity, hosts can strategically navigate and excel in this market. Every piece of data is a part of the puzzle in your rental strategy, offering insights to make informed decisions that align with guest behaviors and market demands.
Whether you’re just getting started or looking to refine your hosting approach, keep your eyes on market trends, listen to your guests, and adjust your strategy as needed. Your guests are awaiting an unforgettable stay in Charleston, and you have the blueprint to deliver just that.