We're entering the dog days of summer and not only is the heat and humidity rising, so are short-term rental markets across the country.
Recently, we took a look at what’s happening in New Orleans. Here are the key takeaways that what we found:
- Pacing trends are in line with what we saw in 2019 (the last similar year we have data for, given the 2020 pandemic)
- Occupancy rates are strong for 2021, and for property managers and owners who aren’t seeing late Summer months booking up yet—don’t worry—all market signs point towards them filling up in the coming weeks
Want to see how you’re faring against the market?
In the New Orleans 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 each market.
In the near term, we can see that short-term rentals in New Orleans are pacing a bit behind in booking pace when compared to the same period in 2019. This means that more last-minute bookings were being made at this point in 2019 compared to this year. Property managers should ensure that their last-minute discounts are properly set to maximize occupancy in the short term where high-priced inventory may go unsold.
Looking forward towards the summer months, we can see that booking pace is in line, and even sometimes ahead, of the same time in 2019. Most weeks in September are actually picking up stronger now than in 2019, which is a good sign for extended Summer demand later this year.
Property managers and owners who are concerned about booking pace for late Summer and early Fall at this point in the year shouldn’t be worried, based on this 2019 market pace data.
In terms of overall occupancy, the New Orleans market has definitely recovered since the beginning of the year. Monthly occupancy has met or surpassed 2019 levels for the market since the beginning of 2021. A continued increase in demand is expected for most markets in the United States through the Summer as domestic travel demand remains higher than usual.
Beyond Customers Benefit With Additional Insight
Be sure to consistently review individual market data to stay on top of the latest trends in your market and how your revenue management strategy should adapt accordingly. Beyond users can easily see how their portfolio stacks up against the market in our Insights tool: