As a savvy player in the short-term rental industry, you know how important historical and real-time data can be to assess the health of your portfolio's performance.
It's also important to be aware of what's going on in your corner of the market.
Recently, we took a look at what’s been happening in Cornwall so far this year, and what to expect for the rest of 2021.
Key Takeaways:
- Booking pace is returning to pre-pandemic patterns in Cornwall as guests are booking more stays, exceeding 2019 pace for the first half of summer
- Updated travel restrictions and availability of vaccinations contribute to a promising future of increased short-term travel plans
- Ahead of summer, Cornwall has returned to normal booking pace as it is in line with 2019 and overall occupancy levels look promising as travel continues to be on the rise.
In the Cornwall market, for example, the chart above displays all bookings that have been made over the past 21 days by their check-in week. Additionally, the same values for 2019 are included to provide pacing context for the entire market.
In the short term, average booking lead time for the Cornwall market is higher than average with more guests booking closer to their arrival dates in 2021. At this same time in 2019, more guests were booking further out for the third and fourth week of July and into August, likely due to events in the area and a longer booking lead time on average. This pacing is largely due to eased restrictions for Covid in Cornwall so far this year.
Overall, the Cornwall market is booking up in the short term over the next four weeks with an additional bump in September. We can see that this is a regular pattern compared to a “normal” year like 2019 for the remainder of 2021. That being said, property managers that have not seen an increase in bookings for late summer (mid July into August) this year need not worry as the average booking window for the market is pacing well in line with 2019 data.
In general, the Cornwall market has continued to recover in 2021 with occupancy levels finishing in line with 2019 totals for April.
For a more detailed look of your properties against the market, check out our Insights tool today.
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