Beyond continues our analysis of how the vacation rentals market is performing in South Florida, this time focusing on the Gulf Coast side of the peninsula.
If you want to see how your portfolio is performing against the market, request a demo with our Insights tool today!
Key Takeaways:
- Compared to 2019, fewer last-minute bookings are being made currently in the short term for South Florida Gulf Coast markets. Alongside this trend, 2021 occupancy continues to recover with 2021 monthly occupancy finishing in line or ahead of 2019.
- Summer months are continuing to book up in line with 2019 pace data through the end of July, with a slight increase in bookings for the month of August compared to 2019.
- Property owners and managers who are not seeing strong pickup for late Summer need not worry, as booking pace for late Summer was also not very strong at this point in 2019.
In the South Florida Gulf Coast market, for example, the charts above display 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 short term, we can see that the South Florida Gulf Coast is 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.
What’s In Store for the Beach House Rentals Market
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 August 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 South Florida Gulf Coast market has slowly recovered since the beginning of the year. Recently, April and May monthly occupancy surpassed both 2019 and 2020 occupancy levels for the same months. A continued increase in demand is expected for most markets in Florida through the Summer as domestic travel demand remains higher than usual.
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.
For a more detailed look of your properties against the market, check out our Insights tool today.
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