The North Carolina Coast is a popular vacation destination known for its vast beaches, world-class seafood, and historic towns. If you're a vacation rental property manager in this hot short-term rental market, read on to find out key vacation rental data that can help you optimize your revenue management strategy in our latest edition of MarketMinute.
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Average Occupancy: 58%
According to our data, the average occupancy rate for vacation rentals in the North Carolina Coast is 58%, which is the same as the average across the United States. This means that demand is consistent in this market compared to other parts of the country. To maximize occupancy, consider investing in proactive pricing that helps you adjust rates based on supply and demand.
Average RevPAN: $105
The average Revenue per Available Night (RevPAN) in this market is $105. This metric gives you an accurate picture of your revenue management performance as it takes into account both occupancy and rates. A higher RevPAN indicates that you're able to generate more revenue per night. To improve RevPAN, consider experimenting with pricing strategies that optimize for demand-based pricing, seasonal pricing, and dynamic rates.
Booking Lead Time: 87
Guests booking vacation rentals in the North Carolina Coast tend to book 87 days in advance, which is higher than the average across the United States (55 days). This means that proactive pricing strategies can help you capture bookings well in advance. Consider experimenting with early-bird discounts, last-minute deals, or other marketing tactics that incentivize guests to book early.
Top Distribution Channel: Direct
39% of bookings in the North Carolina Coast come from direct bookings, whereas Airbnb is the top distribution channel across the United States (36%). This means that it's important to have a strong direct booking strategy in place to capture more revenue. Ensure that your website is optimized for direct bookings, and consider investing in search engine optimization (SEO), social media, and other marketing channels that can help you attract more direct bookings.
Average Number of Reviews per Listing: 21
On average, vacation rental guests in the North Carolina Coast tend to be less vocal than the average reviewer in the United States. Properties in this market have an average of 21 reviews per listing, compared to 26 across the United States. While reviews are important for building credibility with potential guests, it's important to realize that guests may not always leave reviews. By providing excellent hospitality and following up with guests, you can maximize the likelihood of receiving more positive reviews.
Average Length of Stay: 5.1 Days
According to our data, the average length of stay for vacation rental guests in the North Carolina Coast is 5.1 days, which is higher than the average across the United States (4.3 days). This means that this market is great for longer stays, which can help you boost revenue. Consider offering discounts for longer stays, and provide guests with local recommendations and experiences that can encourage them to extend their stay.
The North Carolina Coast is a vibrant vacation rental market that presents unique opportunities for vacation rental property managers. By leveraging insights such as average occupancy, average RevPAN, booking lead time, top distribution channels, average number of reviews per listing, and average length of stay, you can optimize your revenue management strategy and maximize profitability. Remember to stay flexible, experiment with pricing and marketing tactics, and prioritize excellent hospitality above everything else.
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