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March 20, 2024
Beyoncé went country, and so did festival-goers! In the lead-up to one of Southern California’s biggest annual events, Coachella ticket sales were slower than previous years while Stagecoach tickets sold out in 2023. This shift in popularity affects more than just festival-goers, but also impacts short-term rental hosts in the region.
In recent years, the anticipation of Coachella turned the desert into a goldmine for vacation rental hosts. However, it might not continue to be the lucrative opportunity it once was. On the other hand, the growing popularity of Stagecoach is creating new avenues for hosts to explore.
Evolving consumer trends and constantly changing market trends highlight the significance of being proactive with your revenue management strategy. More than ever, hosts need to harness the power of real-time, predictive data to stay ahead of the curve. Whether you're a seasoned host or a novice, understanding these shifts could be the key to unlocking your property's potential.
In the last few years, the once-mighty momentum of Coachella has shown signs of a slowdown in ticket sales, while its country music cousin, Stagecoach, is enjoying a sell-out streak. Coachella has even yet to reach a sold-out status.
This difference in popularity is also reflected in short-term rental market trends and actual booking data.
Vacation rental hosts and property managers are doubling down on the hope of a windfall in bookings and profits for Coachella and Stagecoach, with a surge in available short-term rental properties. Over the last few years, we can see the supply of vacation rentals grow more and more, almost doubling in the last two years.
Stark contrasts also emerge when looking at the average daily rates (ADRs) of vacation rentals for both festivals. Despite the push in supply, vacation rental ADRs for Stagecoach this year enjoyed a 7% increase compared to the previous year, while those for Coachella have seen a year-over-year decrease – Coachella Week 1’s ADRs dropped by 36% year-over-year.
What's even more intriguing is the fluctuation in occupancy pacing for both events. Occupancy for Coachella Week 1 is pacing behind last year by 13%, and for Week 2, it's pacing behind by 14%. Stagecoach, on the other hand, is pacing 2% higher compared to its 2023 numbers and a significant 8% above Week 2 of Coachella.
So what can hosts and property managers do to get bookings in the face of these evolving market trends? It’s time to leverage predictive data, like search data, to get ahead of trends. Instead of simply reacting to bad bookings, no bookings, and changing guest preferences, hosts and property managers need to be proactive, using real-time search data to predict demand and adjust strategies accordingly.
As a short-term rental host or manager, you can no longer afford to rely solely on gut feelings or past performance indicators. Search data is now an essential layer in predicting actual demand, ensuring that you don't miss the booking trends that might take you by surprise.
The dynamic landscape of festival hosting is a lesson in staying flexible and adapting to real-time data. With Coachella's slower bookings and Stagecoach's sold-out status, the 2024 festival season has already shown significant changes in consumer behavior and event popularity. By incorporating search data into hosting strategies and keeping a keen eye on occupancy pacing, hosts and managers can make intelligent decisions that align with the ebb and flow of festival demand.
To truly succeed in increasingly competitive, ever-changing short-term rental markets, hosts and managers must adopt a combination of real-time analytics and flexible strategies.
By interpreting data trends and leveraging consumer search behavior, you can stay ahead of the curve. Want to learn more about search data? Let’s chat!
Since pioneering dynamic pricing for the short-term rental market in 2013, Beyond has helped thousands of users price millions of listings and generate billions of dollars in revenue. Beyond’s unparalleled access to and analysis of real-time, advanced global short-term rental data powers its ability to unlock, inform, and automate action for every kind of hospitality business.
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